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Short-term rental platforms such as Airbnb, Booking, are well and truly present in Monaco. However, the way they operate in the Principality is subject to a set of peculiarities that distinguish them from more traditional destinations. In this article, we'll explore the current state of short-term rentals in Monaco, highlighting the main factors that contribute to its uniqueness.
A fundamental aspect to consider when it comes to short-term rentals in Monaco is the lack of specific legislation governing short-term rentals. Unlike many countries or regions around the world, Monaco has not yet adopted a legal framework dedicated to this practice. This loophole can sometimes lead to confusion and uncertainty for hosts and guests who want to use Airbnb in Monaco.
The Monegasque authorities have nevertheless expressed their intention to clarify this situation in the future. Specific regulations are being considered, which could establish rules and conditions for this type of rental. This could include requirements for safety, quality of accommodation, and the collection of tourist taxes. This approach aims to further regulate and regulate this practice.
One of the peculiarities of renting an Airbnb in Monaco is the scarcity of short-term rentals. Here, vacation rentals as common in many tourist destinations are not widespread. First of all, it is important to note that short-term rental of property in Monaco is often viewed with some reluctance by owners due to the exceptionally high value of their properties. By renting out these properties for short periods of time, landlords expose themselves to a potential risk of deterioration.
Additionally, it is important to note that many property owners in Monaco simply do not need to rent out their properties. The Principality of Monaco is renowned for its affluent population, and these owners are already financially well-off. As a result, they do not feel the need to rent out their properties to increase their income. In reality, for many of them, the potential inconveniences of tenant management and the risk of damage do not justify renting out their properties. They often prefer to keep their properties as second homes or long-term investments, rather than opening them up to temporary tenants.
The few exceptions to this rule mostly occur at specific events, of which the Monaco Grand Prix is the most notable example. On these occasions, the demand for temporary accommodation increases dramatically.
In addition, Monaco already has a significant number of high-quality hotels such as the famous Hotel de Paris, with a total of 12 hotels offering a total of 2484 rooms and 5406 beds. This offer is already well developed for the size of the Principality, which covers an area of only 2km2. Visitors who come to Monaco are often willing to spend more to stay in a reputable hotel.
It is important to note that in Monaco, seasonal rentals on platforms such as Airbnb are subject to certain restrictions and prohibitions, especially when it comes to state-owned housing. Unlike private sector housing, where owners have the right to offer their home for rent on platforms like Airbnb, subletting state-owned housing is strictly prohibited.
Indeed, at the end of 2019, Monaco had more than 3,600 state-owned homes. The Monegasque authorities reaffirmed their position on this matter in July 2023. The government has stressed that any form of subletting, whether for leaseholders or holders of a "housing-capitalization" contract, is categorically prohibited. Failure to do so can result in serious consequences, including the return of the property to the original owner.
These strict regulations are intended to maintain control over state-owned housing and prevent any inappropriate use of these properties. It is therefore essential for landlords and tenants to strictly adhere to these rules in order to avoid any disputes or legal issues.
If you are thinking of settling permanently in Monaco and are looking for an apartment to rent on a long-term basis, our agency is here to help you. With in-depth knowledge of the Monegasque real estate market and experience in finding quality housing, we can support you throughout the process. From finding apartments that match your needs to negotiating the terms of the rental agreement, we put our expertise at your service. For more information, please do not hesitate to contact us.
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