District Which district of Monaco to invest in?

How to choose a neighborhood in Monaco for investment?

Monaco makes real estate investors around the world dream. This 2.08 km² microstate combines luxury, security and favorable taxation, making it one of the most coveted real estate markets on the planet. Thanks to its international appeal, many wish to s’installer à Monaco to live or invest in property here. L’achat d’un bien en Principauté garantit un cadre de vie exceptionnel et des atouts uniques : absence d’impôts sur le revenu et sur la fortune, quasi-absence de criminalité, stabilité politique, ainsi qu’un calendrier culturel et sportif prestigieux tout au long de l’année. Ce contexte attire aussi bien les familles que les entrepreneurs et les investisseurs cherchant à acheter un appartement à Monaco, qu’il s’agisse d’une résidence principale ou d’un placement patrimonial sécurisé.

Choosing which neighborhood to invest in Monaco closely depends on your asset goals. The Principality is divided into several neighborhoods with varied profiles, each meeting different expectations: atmosphere, budget, sea view, potential for capital gains or rental yield. For example, an investor seeking absolute prestige might look at the Carré d’Or district, near the Casino de Monte-Carlo, where luxury boutiques, 5-star hotels and landmark residences like Park Palace are concentrated. This area is also very active in prestige property sales, while rentals in Carré d’Or target a wealthy clientele.

Others may prefer investing in more residential areas like Fontvieille, appreciated by families for its calm and greenery, or La Rousse – Saint Roman, which is developing rapidly. These neighborhoods often offer a better price-per-square-meter ratio while maintaining a high quality of life. Sea lovers will naturally turn to the Larvotto district and the new Mareterra project, where recent developments reach top prices and prestige. Some lots are still available for sale in Mareterra, offering unique appreciation potential.

Finally, for those seeking immersion in local life or a more accessible investment, La Condamine, Monaco-Ville, the Jardin Exotique or the Moneghetti are worth considering. These areas offer a good balance between price, profitability and authenticity, notably through opportunities for Condamine district sales. Each sector has its specifics. That’s why, beyond choosing the property, it’s essential to be assisted by an estate agency in Monaco that will guide you according to your project: rental investment, asset acquisition or process to become a Monegasque resident.

A unique real estate market and selection criteria

Investing in Monaco requires some specific considerations. On one hand, the price per square meter here is the highest in the world, around €52,000 on average in 2024 (with peaks over €60,000 in the most upscale areas). The flip side of these stratospheric prices is that rental yields remain modest, generally between 1.6% and 2.5% per year. Indeed, although rents are high, they are proportionally low compared to record purchase prices. Monaco is therefore not the place to seek high short-term rental yields; real estate investment is mainly viewed for the long term, via asset appreciation and resale gains. Many investors bet on resale with capital gain after a few years rather than on rental income.

A unique real estate market and selection criteria

Investing in Monaco requires some specific considerations. On one hand, the price per square meter here is the highest in the world, around €52,000 on average in 2024 (with peaks over €60,000 in the most upscale areas). The flip side of these stratospheric prices is that rental yield remains modest, generally between 1.6% and 2.5% per year only. Indeed, although rents are high, they are proportionally low compared to record purchase prices. Monaco is therefore not the place to seek high short-term rental returns; real estate investment is mainly envisaged over the long term, via capital appreciation and resale gains. In fact, many investors bet on resale with capital gain after a few years rather than on rents.

On the other hand, Monaco offers exemplary economic and political stability, as well as an ultra-advantageous tax regime for residents (no income tax, nor on property capital gains or on wealth). These factors ensure constant demand and a very liquid market for high-quality properties. All neighborhoods in Monaco are safe and sought-after; there are no “bad neighborhoods” as such. The choice will therefore depend mainly on your priorities:

• Investment objective: for pure rental investment, it is better to target properties that are easy to rent and offer a decent return (even if modest); for a secondary or primary residence, the criterion will be comfort of life and your personal preferences.
• Atmosphere and lifestyle: do you prefer a lively, central neighborhood, or a quieter environment? Sea view or neighborhood life? Proximity to shops, schools, beaches, the Casino? Each area has its own specific attractions.
• Acquisition budget: depending on your budget, some zones will be more accessible than others. Price per square meter gaps between neighborhoods can be significant (from one to two). An investor with a relatively “limited” budget (relatively speaking, since prices start high everywhere) will be oriented towards the less expensive neighborhoods in the Principality, which often present an excellent quality-price ratio.

Monte-Carlo (Carré d’Or): the safe bet in the heart of Monaco

Buying in Monte-Carlo means investing in a highly prized location, synonymous with security and strong rental demand (notably from wealthy clients who want to be at the heart of Monegasque action). Properties here display some of the highest prices on the market, often €50,000 to €60,000 per m² on average. High-end buildings such as the Mirabeau or the Park Palace offer top-of-the-range services prized by investors: concierge, swimming pools, breathtaking sea views, etc. New supply is rare, but the district regularly sees luxury programs emerge to meet sustained demand. In terms of yield, Monte-Carlo is not the most generous (prestige obliges, yield around ~2% often), but it is a secure patrimonial investment. Long-term capital appreciation is excellent: even during stagnation elsewhere, Monte-Carlo maintains high prices thanks to its status as a “safe haven.”

• For whom? For the investor seeking absolute prestige and a guaranteed central location with no vacancy. Also ideal if you want to live in the heart of Monaco, enjoy the buzz, casinos, gourmet restaurants, luxury shopping and glamorous events within steps. However, if you seek tranquility or immediate yield, this is not the priority here: one invests in Monte-Carlo above all for capital gain and prestige.

Fontvieille: the modern haven of tranquility

Real estate in Fontvieille consists of contemporary Mediterranean-style buildings, often of moderate height, with spacious apartments (often with terraces and sea views) offering excellent living comfort. Prices per m² are a bit more “affordable” than in Monte-Carlo: around €50,000–55,000 on average recently. Fontvieille is thus considered to offer a good price/location ratio, which can translate into slightly better yield than in ultra-luxury neighborhoods (without exceeding 2.5% rental yield generally). The district also hosts most of Monaco’s offices and company headquarters, as well as a shopping center currently undergoing ecological renovation. This creates sustained rental demand, notably from expatriate executives or families based in Monaco for work.

• For whom? For the investor or buyer seeking a balanced residential district: Fontvieille offers tranquility (away from Casino bustle), greenery and all amenities (schools, shops, supermarket, sports facilities) nearby. It’s ideal for a family primary residence, or for renting to those seeking a practical and serene living environment. Its “modern village” atmosphere may seem a little remote for those wanting to be in Monaco’s festive heart, but Monte-Carlo remains a few minutes away by car or shuttle. In summary, Fontvieille combines quality of life and secure patrimonial value, with stable long-term appreciation potential.

La Condamine (Port Hercule): local life and attractive yield

In terms of investment, La Condamine presents several advantages. First, property prices here are slightly lower than in ultra-luxury neighborhoods: around €50,000–54,000 per m² on average recently, making it one of Monaco’s most accessible areas (all proportions kept). As a result, rental yield can be slightly above the Monegasque average: according to one analysis, less pricey districts like La Condamine offer higher yields than Monte-Carlo or Carré d’Or. Rental demand is solid, driven by employees and families appreciating this central district, practical for doing everything on foot (schools, supermarket, market, restaurants). Available properties range from studios ideal for investment (in high demand by young professionals and finance employees), to large apartments in modern residences with parking and pool. Note that buildings on the first line of the port (e.g., Port Hercule sector) reach very high prices due to the F1 circuit view, but tariffs are more reasonable deeper in the district.

• For whom? La Condamine suits the investor seeking a balance between central location and reasonable budget. It’s an ideal district for balanced rental investment: you can target studios or two-rooms at a slightly lower entry price than Monte-Carlo, while ensuring easy rental thanks to dynamic neighborhood life. It’s also a choice area to settle in Monaco as a primary residence when you prioritize practicality and authenticity: you will live to the rhythm of Monegasques, in a district lively by day (market, shops) and peaceful by night, with the port and sea as backdrop. In short, a convivial and high-potential sector, which has seen its value rise nicely in recent years.

Larvotto (Anse du Portier): seaside luxury and the appeal of new developments

Beyond historical prestige, Larvotto benefits from fresh momentum thanks to the completion of the Mareterra (Anse du Portier) project. This brand-new eco-responsible district reclaimed from the sea, inaugurated at the end of 2024 at Larvotto’s edge, added 130 luxury new residences to the market. These ultra-modern apartments and villas, some sold for over €100 million, immediately drove Monaco’s price statistics up. Mareterra reinforces Larvotto’s appeal by offering a contemporary extension to the district, with a private marina, parks and sustainable facilities. For an investor, this represents a unique opportunity to acquire brand-new high-end real estate in Monaco (a rarity) – with significant appreciation potential thanks to the project’s novelty and exclusivity.

In terms of rental, Larvotto attracts an international clientele seeking either a secondary sunny residence, or a prestige apartment in the Principality. The presence of the Grimaldi Forum (congress and exhibition center hosting ~250,000 annual visitors) also ensures regular activity in the district. However, rental yield will remain very low in proportion to capital invested (count on 1–2% yield in ultra-luxury). It is therefore primarily a purchase for pleasure and prestige, betting on continued appreciation of Monaco’s most “VIP” location.

• For whom? Larvotto will delight the investor fond of exceptional products. If you seek the best – breathtaking sea view, the beach at your doorstep, the novelty touch of Mareterra – this is the district. It also perfectly suits a vacation residence (enjoy the beach and climate) or a resident wanting a chic seaside environment daily. Conversely, if your objective is purely financial or your budget is limited, you will likely opt for a less extravagant district. Larvotto is clearly aimed at an ultra high-end clientele.

Monaco-Ville (Le Rocher): historic charm and exclusivity

As a residential district, Monaco-Ville is very atypical: it consists almost exclusively of historic buildings (often without elevator or parking), with a village atmosphere frozen in time. Le Rocher has few inhabitants (around 1,000) and very few properties are available for sale. The real estate offer is therefore extremely rare, which, combined with the place’s prestige, keeps prices high despite the age of the dwellings. In 2023, Monaco-Ville displayed an estimated average price of around €38,000 per m² – a figure to take with caution given the low number of transactions. It’s cheaper than the rest of Monaco, but spaces are often small and properties atypical. From an investor’s perspective, acquiring on the Rock is first and foremost a patrimonial coup de cœur. Rental yield can be interesting (few offers, but some tenants greatly value Le Rocher’s charm and security, for example civil servants or institution employees, or retirees seeking tranquility). Moreover, Monaco-Ville is reputed as the safest and most peaceful district in the Principality, prized by retirees and families seeking a calm environment. The presence of schools (including Lycée Albert Ier) indeed makes it appreciated by families, despite more challenging access (little parking and many stairs).

• For whom? For the investor passionate about history and heritage, Monaco-Ville represents a unique gem. It’s not the most rational choice in pure investment terms (lower liquidity, uncertain yield), but the Rock’s cultural and symbolic value is priceless – and demand will always exist for characterful properties. If you plan to live in Monaco yourself, Le Rocher particularly suits those seeking absolute calm, security and authenticity. Imagine living in a medieval city perched above Monte-Carlo: discreet luxury, far from bling-bling, yet steeped in historical prestige. Investing in Monaco-Ville means acquiring a piece of Monegasque heritage as much as real estate.

La Rousse – Saint-Roman: modern expansion and panoramic views

In terms of prices, La Rousse – Saint-Roman sits at the upper end, but slightly below Monte-Carlo. Average prices are estimated around €45,000–50,000/m² (the presence of several 1970s–80s buildings tempers the average compared with new developments). However, it is one of the most active neighborhoods for transactions: in 2023, La Rousse ranked alongside Monte-Carlo among the sectors with the highest number of sales, a sign of its growing appeal for buyers. This dynamism is explained by still-available real estate opportunities: new programs (such as Testimonio II nearing completion) or renovations of older residences, offering capital-gain potential. Investors can acquire high-end properties cheaper than in Carré d’Or but with equivalent standards (pool, concierge, etc.). The rental market in La Rousse consists of residents enjoying the area’s relative calm, its proximity to Larvotto’s beaches and access to Italy/France, while remaining a 5-minute drive from Monte-Carlo.

• For whom? La Rousse is an excellent choice for investors wanting to combine luxury and value growth. If you want a modern property with a sea view in a residential neighborhood on the rise, this area will meet your expectations. It suits both rental investment (target: families or high-level expatriates seeking standing but calm) and a primary residence (many active Monegasque residents live in La Rousse). In short, a high-end but slightly off-center district offering a balance between prestige and tranquility.

Les Moneghetti (and Révoires): the best compromise and rising value

For investment, Les Moneghetti stand out as one of Monaco’s most affordable sectors. Average prices here were around €44,000/m² in 2023, the low end of Monaco’s range. That remains enormous compared to any other city, but locally it’s a more accessible ticket to Principality ownership. Moreover, the area has seen strong recent price growth (+15% year-on-year approximately), a sign of renewed investor interest. This surge is explained by several factors: improved access infrastructure (public lifts linking to the centre, etc.), arrival of new residences such as L’Exotique on the Jardin Exotique/Moneghetti border, and overall scarcity of supply in central districts pushing some buyers to explore these less dense zones. Les Moneghetti thus offer high medium/long-term appreciation potential, starting from relatively lower price levels. On the rental side, demand comes from families seeking larger, more affordable housing, or professionals working in Monaco but willing to live slightly outside to pay less. Gross rental yields here can be slightly better than the average (proportional to the lower purchase price), reaching around 2.5% in some cases.

• For whom? Les Moneghetti are recommended for budget-conscious investors (all proportions considered) or those seeking the best possible yield in Monaco. If you want to invest in the Principality without aiming for Carré d’Or, this neighborhood offers more accessible opportunities while benefiting from the Monaco effect (security, no taxes, sustained demand). It’s also a good choice for a family residence if you prioritize calm: you’ll be a bit removed from tourist bustle, in a residential environment appreciated by local families. In short, a discreet “small Monaco” on the rise, to be seriously considered in a diversified investment strategy.

Jardin Exotique – Révoires: breathtaking views and a village spirit

Jardin Exotique is one of Monaco’s most affordable neighborhoods. The average price there was approximately €41,600/m² in 2023, the lowest recorded. For an investor, this means you can acquire larger spaces for a given budget, or simply enter the Monegasque market with a lower down payment than elsewhere. Despite these gentler prices, the area has many assets: the exceptional panoramic view is a major value driver (many apartments offer sea views not available in the city centre), and the quality of life is assured with green spaces, playgrounds, and a village atmosphere appreciated by residents. The neighborhood also counts useful public amenities (nursery, technical high school, hospital under reconstruction just below). From a rental perspective, Jardin Exotique attracts a similar profile to Les Moneghetti, possibly with more cross-border workers (people working in Monaco but living in France) who choose this district as their first Principality home when they can afford it. Appreciation prospects are good, as this sector becomes more central with new lifts, parking facilities, and the future tram line to the hospital.

• For whom? For investors wishing to maximize the purchased surface or target “affordable” rental investment in Monaco, Jardin Exotique is a wise choice. It also suits those who prioritize quiet quality of life (families, retirees…) while remaining connected to the rest of Monaco (a few minutes by bus or car to reach Fontvieille below, or Monte-Carlo via road links). If you love panoramic views and the idea of a home on a balcony overlooking the Mediterranean, you will find your happiness here. In summary, Jardin Exotique offers a very interesting cost/benefit balance and represents an intelligent entry point into Monegasque real estate.

Ultimately, investing in Monaco remains a secure long-term strategy, and choosing the right neighborhood depends mainly on your life project and investment priorities. If you aim for absolute prestige and patrimonial security, Monte-Carlo (Carré d’Or) or Larvotto are unbeatable. If you seek a balance between yield and price with a local atmosphere, turn to La Condamine or residential areas like Les Moneghetti. For a family home in a calm setting, Fontvieille or Jardin Exotique offer an ideal quality of life. And remember, Monaco is very small: distances are short, so wherever you invest, you’ll never be far from the Principality’s attractions. Each neighborhood has its own unique charms, and the “best neighborhood” will be the one that best matches your objectives and investor profile. Don’t hesitate to seek advice from local professionals to refine your strategy and spot the best opportunities of the moment. Happy investing in Monaco!

FAQ – Frequently Asked Questions

Which is the most expensive neighborhood in Monaco?
Historically, Carré d’Or (in the heart of Monte-Carlo) is often cited as the priciest location. However, in 2023–2024, Larvotto recorded the highest average price per m² (around €65,000 up to €90,000) due to record sales in new Mareterra developments. Monte-Carlo and Larvotto remain the two most expensive neighborhoods in Monaco, followed closely by Fontvieille and La Rousse. Conversely, the most “affordable” sectors (all proportions kept) are Jardin Exotique and Les Moneghetti.

Which neighborhoods offer the best rental yield?
Since gross rental yields in Monaco range only between ~1.5% and 2.5%, differences between neighborhoods are slight. Nevertheless, less pricey districts like La Condamine or Monaco-Ville can offer slightly higher yields than Monte-Carlo or Larvotto, simply because purchase prices are lower while rents remain high. Investing in studios is often recommended to maximize yield. In any case, in Monaco one invests more for security and capital gain than for immediate rental returns.

Which neighborhood is best for a family seeking calm?
Several neighborhoods fit this: Fontvieille is often praised by families for its peaceful atmosphere, parks and amenities (stadium, nursery, shops) nearby. Jardin Exotique and Les Moneghetti also offer a quiet residential environment with green spaces and playgrounds. Monaco-Ville is ultra-safe and car-free, which suits children well, though housing there is older and access involves many stairs. Finally, La Rousse can be a good compromise for families seeking a large modern apartment slightly outside the tourist center yet close to Larvotto schools.

With a limited budget: where to invest in Monaco?
For an investor with a relatively modest entry budget (for example €2–3 million for an apartment, the low end in Monaco), the most viable options are Les Moneghetti, Jardin Exotique or La Condamine. These are the sectors with the lowest price per m² in the Principality (around €40,000–50,000/m²). You can find studios or small two-rooms for around €1 million (rarely less), or three-rooms for €3–4 million—unthinkable elsewhere, but “accessible” in Monaco. Investing in these neighborhoods lets you benefit from the Monaco effect (stability, no taxes, international demand) without the ultra-luxury label of Carré d’Or. Additionally, as noted, these developing areas offer strong long-term capital-gain potential due to constant demand growth.

Article written by Paolo Petrini, Monaco real estate expert.