When you buy an apartment in Monaco, the purchasing costs are as follows :
- The registration and Notary fees are 6% of the selling price.
- The agency fees are 3%* + VAT** of the selling price.
- A payment of 10% of the selling price is paid as a deposit on the day the apartment is reserved.
The balance of the price and the charges mentioned above are payable by the buyer on the day of the final signature before a Notary established in the Principality.
When you rent an apartment in Monaco, the rental costs are as follows :
- Three months' rent (payable quarterly in advance).
- Provision for 3 months' charges (payable quarterly in advance).
- Deposit of 3 months' rent.
- Registration of the lease (1% of the amount of the rent + charges on the term of the lease).
- Les honoraires d'agence sont de 10%* du montant du loyer de la première année + TVA**.
The term of a lease is 1 year minimum and a maximum of 3 years in general.
The management of your property can be summarised in several points :
- Collection of rents.
- Timely payment of rent collected..
- Administering repairs and maintenance of the apartment.
- Attendance at co-owners' general meetings.
- Looking for new tenants.
The agency fees are 5%* of rent collected + VAT**.
* According to the rate of the Chambre Immobilière Monégasque (Monegasque Real Estate Chamber.).
** VAT = 20%