The duplex penthouse at The Bettina in Monaco’s Jardin Exotique district (source: Monte-Carlo Sotheby’s International Realty).

 

 

In the tiny Principality of Monaco, the world’s leading refuge for the mega-rich, you can bump shoulders with more millionaires and billionaires per capita than anywhere else on the planet. They reportedly make up about 40 per cent of the population of this European sovereign city-state on the French Riviera, drawn there by its exclusivity, political stability, world-class health care and status as a tax haven.

Data from wealth analysts puts the average net worth of Monaco residents at between $10 million and $20 million CAD, slam-dunking it firmly in the top tier globally per capita. Although regular people live there too, of course, glamorous Monaco is like something out of a James Bond movie — a couple of which were filmed there. Flush with luxury superyachts and opulent casinos, it’s home to the annual Monaco Grand Prix and many Formula One drivers and other celebrities.

 

 

 

The narrow streets are a hotspot for exotic-car fender-benders. Imagine being the driver of the Bentley Azure who famously caused a million-dollar, five-car pileup with other luxury vehicles. Photos of the scene went viral, becoming “only in Monaco” memes.

 

The world’s priciest real estate

 

The residential real estate market in Monaco — made up largely of luxury apartments, with villas being rare — tops lists as being among the most costly in the world. Depending on the size and location, super-prime properties can command hundreds of millions of dollars. Monaco is home to the world’s most expensive apartment — the five-floor Tour Odeon “Sky Penthouse,” valued at more than $400 million CAD.

 

Space is severely limited in postage-stamp-sized Monaco, one of the most densely populated municipalities anywhere. It punches above its scale for a microstate that, at barely two square kilometres in area, is half the size of New York City’s Central Park. It’s the second-smallest country, larger only than the Vatican. But it’s a place of global superlatives nonetheless.

 

Exacting clients, fierce competition

 

“Daily life here feels peaceful and highly privileged,” says Deborah Dwek, CEO of Monte-Carlo Sotheby’s International Realty. Clients have “high expectations in terms of discretion, service quality and responsiveness,” and are often financially sophisticated and selective, she says.

If you’re thinking that’s a polite way of saying they can be demanding, no doubt you’re right. By most accounts, it’s a tough place for new agents to establish themselves.

“We get to work with truly remarkable people,” says Ilona Blanchi, with Miells-Christie’s in Monaco. “Personalized service is a must in a market as unique as ours… You have to be extremely well-connected.” Competition is intense.

 

Currently it’s a diverging market, with the mini-state’s handful of roomier new developments trading at a premium, Blanchi adds.

 

New builds command a premium

 

New-build projects are setting records at more than $55 million CAD per unit on average — a shocking but likely somewhat inflated number due to the surge in apex buildings — while resale property is lagging far behind at roughly a sixth of that, according to recent figures released by the Monaco statistics office.

The real estate sector in Monaco is highly specialized and remains strong, driven by the extreme scarcity of developable land, says Blanchi. Demand far exceeds supply, which keeps prices high. Mainstream housing serving the working population tends to be outside the principality in neighbouring French towns.

Being a major target for money laundering, the industry is rigorously monitored. Real estate deals involve strict government regulations, recently ramped up to enhance transparency. There’s abundant red tape around compliance procedures for clients and agents, with some reports suggesting buyers are becoming frustrated and may be looking to more flexible markets.

There’s no MLS in Monaco, although agents can collaborate through an internal database where a good portion of available listings are shared. Private networks and discreet off-market exchanges are common. Commission fees are paid by both buyer and seller. Agents must meet entry conditions and sometimes work with salaried negotiators.

 

An oversupply of brokerages

 

With more than 160 licensed brokerages operating in a tiny territory that historically sees between 400 and 500 annual sales, the industry is leaning toward being over-represented, even though many agencies are small, the government says. As a result, the creation of new brokerages is now increasingly reserved for Monegasque nationals.

Monaco has about 10 neighbourhoods. The most prestigious remains the long-established Carre d’Or, overlooking the manicured gardens of the Casino de Monte-Carlo. Also highly sought-after are new landmark developments like the Mareterra district, built on land reclaimed from the Mediterranean, Blanchi says.

The rental market has been buoyant as well, notes James Davies, a partner within the international division of property consultancy Knight Frank. He explains this is due in part to the fact that an address is needed to secure residency, so most people generally rent before buying, despite rents tending to be sky-high.

It may seem that agents in Monaco are sitting on a gold mine professionally. But “they often need to guide wealthy buyers through a landscape where desired homes may simply not exist,” especially large apartments, says Davies. “The downsides lie in the constant pressure to deliver results with very limited inventory,” and the administrative burden that comes with “heavy regulatory requirements, increasingly complex anti-money laundering obligations, and extended administrative timelines for international clients.”

 

What Canadian buyers should know

 

Wealthy Canadians considering a move there need to bear in mind that while Monaco has no income tax, capital gains tax or property tax, it doesn’t have a tax treaty with Canada. This makes it crucial to formally sever residential ties with Canada to avoid being taxed on worldwide income. Financial and administrative hurdles ensure that the approval process to become a Monaco resident isn’t a cakewalk.

As for getting citizenship, that’s extremely rare. It requires personal approval from the principality’s Prince Albert II himself, head of the long-ruling and scandal-prone Grimaldi dynasty, ranked among the richest royals in the world. While the House of Grimaldi can take credit for keeping Monaco wealthy and safe, its members have been dubbed “the most dysfunctional royal family in Europe.”

As the saying goes, only in Monaco.

This article first appeared in the April 2026 print edition of REM.