The Cost of Living in Monaco
Monaco is undoubtedly the most attractive city on the French Riviera. From its billionaire yachts to its Formula 1 Grand Prix, it exudes luxury.
What is the cost of living in Monaco?
Life on the Rock isn’t necessarily smooth sailing. While a short visit to Monaco may give the impression that the cost of living is quite reasonable, the reality is quite different. Restaurant meals, coffee, and parking fees are all fairly affordable. However, the one thing that stands out on the Rock is, of course, the price of real estate. It’s when you consider living in Monaco that the cost of living skyrockets. In this article, we’ll break down the cost of living in Monaco point by point.
Why is real estate so expensive in Monaco?
The high cost of living in Monaco is largely due to the extremely limited land in the Principality. There is almost no land available for new construction. The only option is to reclaim land from the sea, but this approach is both risky and extremely expensive. Another possibility is to demolish existing buildings to build upwards.
Additionally, Monaco attracts a wealthy international clientele, often seeking favorable tax status. This demand for a haven at the heart of Europe inevitably drives up real estate prices to unprecedented levels. Here, a studio apartment sells for around one million euros, excluding transaction fees. Moreover, to obtain resident status, one must deposit 500,000 euros in a Monaco-based bank. This deposit provides a bank certificate, one of the required documents to apply for Monaco residency.
Living in Monaco: How much does it cost?
Contrary to what one might think, the general cost of living is not very high. You can shop for groceries, dine out, or even enjoy a coffee on a terrace at a reasonable price. Beverage prices range from 2.5 to 10 euros, and a meal costs between 20 and 40 euros per person.
What becomes truly astronomical is the price of real estate, averaging around 40,000 euros per square meter. Costs continue to rise for residents who wish to receive medical care in one of Monaco’s private clinics.
