Image via Wikipedia

Monaco is made up of four districts : Monaco Ville the historical seat of the Principality, situated upon the Rock where the Prince’s Palace stands, Monte Carlo the district surrounding the Casino, La Condamine around Port d’Hercule, Fontvieille the new industrial district, built on ground gained from the Sea (22 ha.). Property prices from district to district but are generally highest in Monte Carlo and in the Condamine if you happen to overlook the famous Grand Prix circuit. Anyone who has ever watched the F1 Grand Prix will have seen the hordes of people standing on the balconies overlooking the track. If you are lucky enough to find a property with a good view of the circuit then you can use it for hospitality for your friends or business clients or if so inclined rent it out for Grand Prix week for a small fortune. If you are looking to buy a Monaco property in order to set up a business in Monaco you should first take advice about setting up a business as generally you will need to apply for a license or set up a local company and this may take some time and will generally require that you rent or buy a Monaco office or premises.

Image via Wikipedia

Property transactions in any jurisdictions are notorious targets for shady characters. If you are considering entering the Monaco property market, which just happens to be one of the most expensive in the world you would be well advised to get good local advice. Due largely to Monaco’s income tax free status, its low level of crime, great climate and easy access to the major European cities property in Monaco ranks among the highest per m2 in the world. The official language in Monaco is French, however there are a large number of English speaking residents including UK, US and Australian expats as well as many residents who speak fluent English as a second or third language. This means that getting by on a day to day basis is straightforward even if you do not speak any French. If however you are considering buying a Monaco property all the legal documentation will be in French and you will have to deal with a local Notary. It is therefore advisable to use a local agent to represent you in any major Monaco property transaction.