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Real Estate Investing in Monaco
Monaco is a sovereign state in the heart of Europe between the Italian border and Cannes. Its population stands at 35,000 approximately with an ethnicity of 20% of the original inhabitants, the Monegasque, and the remaining 80% being Italian, French, British, Canadians, Americans, Australians, Middle East Nationals and South Africa.
Monaco is reputed for its residential, business, safety and its temperate weather and lenient taxation. French is the official language with English been used in the education curricula of high rated schools. A strong police force offers a high level of security in the city, with trained 24 hour concierges and security guards posted in apartments.
market is flexible
with available properties in form of apartments, studio to luxurious penthouses, supermarkets, office suites and triplexes. Comfortable, expensive and exclusive villas and townhouses with parking space allowance of one or two vehicles are highly rated.
Land in Monaco is scarce and part of the city is built on top of the sea. Cities surrounding the capital, such as Roquebrune Cap Martin, Cap d Ail and Beauoleil offer attractive real estate services. Prestigious properties commonly sought out go for 100,000 per square meter, but vary considerably with luxury apartments having specific views.
Provision of CCTV security cameras, one police officer per 100 individuals coupled with high quality hospital service, supermarkets, schools and infrastructure complete the well-deserved investment package. Enduring charms include
, fashion houses, hotels and recreation facilities.
Buying costs are high with extra fees for realtors and lawyers. Acquisition is straightforward and there are practically no restrictions for foreigners. Signing a contract and execution of a transfer deed in the presence of the notary are the initial stages.
A deposit of 10% of the total price is submitted to the estate agent or notary by the buyer. A pre-contract signed by the buyer is a common practice. Due to the flexible nature of real estate, there is no cooling off allowance that entitles a buyer to reconsider and recover their deposit.
Transactions include, registration tax of 4.5% and VAT at 20.6%. Notary fees are inclusive of expenses for stamps and copies at a rate of 1.5% to 2.5%. The real estate agent s fee is partly catered for by the seller at a rate of 5% plus 20.6% VAT while a buyer pays 3% plus 20.6% VAT.
Real estate investing in Monaco is popular and although the city is not large, it incorporates beautiful sandy beaches, marinas, shopping centers, tennis courts and private beach clubs. A bus network services all areas. Walking from the center of Monaco to the other side takes approximately 30 to 40 minutes.
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