Monaco is home to the world’s most expensive property market, with an average price per m2 of over €48,000, not to mention some of its finest and most highly sought-after residences. At just 2km2, the Principality is also limited in the amount of property it can offer, bolstering its exclusivity. So, it naturally follows that the Principality’s market is very competitive, particularly amongst high-net-worth and ultra-high-net-worth individuals.
As you may imagine, it takes a lot more than the average estate agency to live up to the task of selling property here. Agents need to have an all-encompassing understanding of real estate in Monaco and the wider world, speaking multiple languages to meet the Principality’s international requirements, and working flexible hours to accommodate for the busy schedules of their clientele. Below, discover the art of selling property in Monaco.
Here’s what it takes to sell real estate in Monaco
Reputation & history
Reputation is everything when it comes to Monaco’s estate agents. The small size of the Principality means that word of mouth travels fast, and only the best agencies will be consistently recommended. This is especially impressive if the estate agents have been operating for a long time, meaning that they have spent many years building up their trust. As well as signalling client satisfaction, a well-established reputation within the industry may also mean that an agency gains access to off market properties before everyone else, through their informal networks.
One of the oldest real estate agencies in Monaco is Dotta, having been founded in 1894, meaning it has been serving property clients for over 125 years.
Seniority & professionalism
Of course, it is one thing for the estate agency itself to have a great long-standing history, but without a senior and highly experienced team of realtors this may not last. Understanding the complexities of the real estate market and its various trends takes time, typically requiring professionals to work in the industry for several years to gain a full comprehension. The most sought-after agencies are those that are driven by professionals with a decade or more of experience.
Reputable estate agencies in the Principality should also be a member of the Chambre Immobilière Monégasque, Monaco’s real estate chamber and the official representative of real estate professionals to the Public Authorities and to the Monaco Employers’ Federation. In order to join the Chambre Immobilière Monégasque, members must meet selective admission criteria, regarding their quality of advice, expertise in their fields of activity, and other considerations.
Property for sale in Monaco is acquired by an array of international clients, whether they are purchasing an investment property or looking to move to the Principality themselves. This is because of the highly sought-after nature of Monaco residences, as well as the desirability of Monaco as a place to live: the Principality’s favourable tax policies, high security and excellent healthcare system are just a few common reasons cited for moving here.
As well as this, the population of Monaco is very international, playing host to no less than 139 different nationalities. French, Italian and British individuals may make up the majority of foreigners living in the Principality, but there are also large communities from other parts of the world.
With all that in mind, it is vital that any successful Monaco real estate agency has a team that is fluent in many different languages. This may include French, English, Italian, Spanish, Russian, Dutch, Serbian, German, and more.
Flexible, considerate hours
Real estate clients in Monaco are typically very busy and may only be available at specific times. The best estate agents will reflect this in their working hours, opening before most people typically start work and closing an hour or two after to fit around the schedules of their clientele. They will also offer appointments on the weekends if necessary, ensuring that they are offering the utmost convenience.
Whether you are looking for Monaco apartments for sale or selling a property in the Principality, it is important to know what makes a successful Monaco real estate agency. Hopefully, this article has helped illustrate the art of selling property in Monaco.