Lying along the Mediterranean is a little glimmering gem for the elite. Further adorned by splendid scenery and magnificent recreational facilities, the Principality of Monaco truly shines for such a small country in the French Riviera. Year after year, tourists of high social standing flock to this city state, for all its charms that doesn’t seem to want to let them go.
Monaco occupies a 2.05 km2 landmass, and is inhabited by around 36,000 transient and permanent residents. As such, it is named the second smallest independent state in the world. However, its size is compensated for with its wealth, which is driven in most part by its visitors and residents of high social strata.
So what brings people to Monaco? You can argue it’s the scenery or the entertainment. However, those two things only bring in folks who leave after a few nights. What really makes people come and stay in the principality is the fact that the city’s residents are not obliged to pay income tax and a large police presence that ensures high levels of security. Monaco’s status as a secure tax haven has been found favorable for many, especially celebrities and individuals of considerable wealth.
Assuming that you have enough cash and patience to travel and set up, you might want to take advantage of the principality’s safe, tax-free environment as well. Admit it, staying in a cozy city assured of your safety and without being bothered by taxes is a truly sweet deal. Now the only problem is where in Monaco you will settle down.
Finding a Good Real Estate Property in Monaco
Actually, looking for a Monaco real estate property is not that difficult. The bad news is that you won’t find a good one for a cheap price. Monaco is one prestigious city so you should expect to spend huge sums for one if you want to enjoy good standards of living.
Most of the Monaco real estate properties you can avail of are apartment-type residences. The sizes of these properties vary, and so does their corresponding costs. For instance, small studio-type living spaces can cost around half a million dollars, while larger and more luxurious ones can be purchased at a seven-digit price.
What Makes a Monaco Property Expensive?
One of the main factors that drive the property costs is the presence of nearby amenities. The proximity of shops, schools and medical facilities can increase the cost of the living space. Parking spaces are particularly valuable and it gives a good raise to the property’s value.
Another factor that adds up to a property’s value is the views. Rooms that overlook places of interest like the harbor or the Grand Prix circuit tend to be rather expensive, but are definitely worth the price.If you consider the relief from stress that the scenic outlook can bring, as well as all the other comforts that come with it, the million dollar price tag is justifiable.
If you want to experience a life of luxury that used to be reserved for the elite, look no further than Monaco. Sure Monaco real estate properties may come off as expensive, but what’s the one-time price compared to the comfort and freedom from taxation and crime?