Whether you are an owner or a potential buyer of a property, one of the first things you want to know is the size of the property. Whatever the profile of these individuals, this data is essential and is even more important when they are investors rather than " final " customers who purchase for their own account.

Indeed, the valuation of a property is largely based on its price per square metre, which is the reference value, regardless of the country. To obtain it, it is simply a matter of dividing the overall price by the surface area selected (using criteria that vary according to the country and the nature of the property). Many other reference elements are considered when valuing a property, such as, but not limited to, the geographical and urban location, legal and rental situation, layout, view, exposure, condition, year of construction, etc. Nevertheless, when a price is set, the conclusions of all the valuations always reduce this value to the square metre, which is the most objective criterion available.

In order to determine the methods for measuring the surface area of real estate and to standardise the values used, some countries have chosen to legislate. This is particularly the case in neighbouring countries such as France. Indeed, since the law nᵒ 96-1107 of 18 December 1996, known as the Carrez law, France has improved the protection of purchasers by requiring the seller to mention the surface area on each legal document drawn up in the context of an acquisition or rental.

The calculation of surface area under the Carrez law takes into account the floor area after deduction of walls, partitions, shafts, steps, stairwells and openings. Only surfaces with a ceiling height of at least 1.80 m are considered. Also excluded from the calculation are uncovered exterior surfaces, such as terraces or balconies, units with a surface area of less than 8m² or even car parks and cellars.

These surfaces not retained are nevertheless taken into account during the appraisals of market value and are implicitly included in the overall value given and are therefore logically included in the price per square metre.

This law does not apply, however, in the case of off-plan purchases, purchases of building land and purchases of all types of individual properties, for which, generally speaking, the surface area used will be the so-called "floor area".

Other countries, such as the Principality, have not wished to legislate. Thus, it is not mandatory to mention the surface area in the documents relating to the sale (offers to purchase, compromise and authenticated deeds) and the calculation method is not regulated. Nevertheless, in order to have an objective method of calculation, a reference method has now been adopted by a majority of players, including the IMSEE (Monegasque Institute of Statistics and Economic Studies), the Real Estate Developers' Union and the Monegasque surveyors.

This method for defining saleable areas consists of retaining the surface area :

• To the bare exterior of the facade walls and
• The centre distance of the walls delimiting the common parts of the building, i.e. the distance between these axes.

In other terms, all the private interior surface is taken into account, including walls, partitions, cupboards, ducts, sheaths, doorways, but also half the thickness of the walls adjoining the common parts, delimiting the perimeter of the property, as well as the total thickness of the facade walls.

When valuing a property, the following are generally also taken into consideration:

• Loggias and balconies at 100%.
• Roof terraces and gardens at 50%.

However, depending on the properties appraised, the weighting rules may be adjusted.

It is important to note that the metreage, which is often communicated in advertisements by estate agents in particular, is only given as an indication.

At Valeri Agency, we take our duty to advise very seriously and systematically recommend to our clients to proceed to a surface survey established by a surveyor or a Monegasque architect in the absence of dimensional plans.

Whether you are selling or looking for a property in Monaco, either to live there all year round, or to invest and ensure you have an interesting rental income, Valeri Agency is at your disposal to help you achieve your project. Moreover, we are now certified experts in market value by the Centre National de l'Expertise.

Do not hesitate to consult us!