Rent apartments under law 1235/1291 Monaco
Renting an apartment in Monaco may be subject to certain regulations, and one of them is Law 1235, amended by Law 1291 in December 2004. In this article, we will present the specificities of this legislation and its impact on tenants and apartment owners in Monaco.
The regulated real estate sector in Monaco includes so-called "old" buildings, built before 1947. These buildings are subject to various laws, including Law 1235/1291, which aims to protect tenants by guaranteeing access to affordable housing in the principality.
Why are some apartments subject to Law 1235/1291 in Monaco?
Law 1235/1291 mainly concerns buildings built before 1947 and aims to preserve the old housing stock and protect tenants by guaranteeing access to affordable housing. Law 1235 contributes to protecting and better meeting the needs of Monegasque residents.
What are the particularities of Law 1235/1291 in Monaco?
Law 1235/1291 imposes several obligations on owners of apartments subject to this regulation. These include:
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The duration of the lease: The lease must be for a minimum of three years for tenants of Monegasque nationality and one year for non-Monegasque tenants.
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Fixing the rent: The rent is not set freely by the landlord, it can only be increased under certain conditions, and increases are regulated by law.
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Conditions for terminating the lease: Law 1235/1291 protects tenants by limiting the grounds for termination of the lease by the landlord. The latter can only terminate the lease in specific cases, such as non-payment of rent, breach of contractual obligations by the tenant, or the need for the landlord to take over the dwelling for himself or for a member of his family.
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The right of pre-emption: The Monegasque State has a right of pre-emption on sales of apartments subject to Law 1235/1291. This means that the State can acquire the property first, before any other potential buyer.
What is Law 1235/1291 in Monaco
Law 1235/1291 imposes on the landlord the obligation to grant the tenant a six-year lease, renewable for periods of six years. However, the tenant can release himself from his lease each year. This first measure gives more flexibility to the tenant who can change apartments much more easily if he needs more rooms for example. Apartments subject to Law 1235/1291 can only be rented to ascendants, descendants, spouse of the owner of the property or to other well-defined persons:
- Individuals of Monegasque nationality
- Individuals domiciled in Monaco for more than five years and who have been working for more than six months
- Individuals who have worked in Monaco for at least five years
The lessor or our agency Petrini Exclusive Real Estate Monaco if the owner entrusts us with the management of his property, must provide the Monegasque Housing Directorate with supporting documents showing that tenants are eligible and have the right to rent his apartment. This law 1235/1291, unlike law 887 , does not leave the landlord free to set the amount of the rent. This policy aims to protect the inhabitants of Monaco. Locals can therefore benefit from these advantages.
What impact for tenants and landlords?
For tenants, Law 1235/1291 offers increased protection and guarantees access to affordable housing in the Principality of Monaco. Tenants benefit from greater stability thanks to the minimum duration of the lease and the conditions governing the termination of the lease. For landlords, Law 1235/1291 imposes certain constraints, such as the duration of the lease and the conditions for terminating the lease. However, this regulation makes it possible to preserve the old housing stock and to maintain a certain balance between the interests of owners and tenants.
In conclusion, Law 1235/1291 plays a crucial role in the protection of tenants and the preservation of the old housing stock in Monaco. If you are considering renting an apartment subject to this regulation, it is essential to understand its implications. Our real estate agency, Petrini Exclusive Real Estate Monaco, with its expertise and in-depth knowledge of the Monegasque market, is positioned as the ideal partner to support you in your project. We are able to provide you with sound advice and assist you throughout the process of renting an apartment subject to Law 1235/1291. Trust our team of professionals to guide you and help you find the ideal accommodation in Monaco, in line with your needs and the specificities of the regulations in force.
