Attualita

Ilot Pasteur: The west side of Monaco begins a new metamorphosis

Nearly twenty years ago, the old railway line located at the western entrance to the Principality was disused, from the avenue de Fontvieille to the cliff, leading to a wasteland with a total area of ​​119,000 sqm, where a new urban complex will emerge in a few years: the Ilot Pasteur.

Sale of leasehold rights or business assets?

In the context of commercial transactions, it is not unusual for the terms "leasehold rights" and "business assets" to be mixed-up. However, they are two very distinct legal concepts, the specific features of each must be clearly identified before taking steps to sell or acquire a business.

The issuing of the residence certificate in Monaco: the regulations are changing.

The formalities relating to the conditions for issuing a residence certificate in the Principality were recently amended by Sovereign Order no. 8.372 of November 26th, 2020 (amending Sovereign Order no. 8.566 of March 28th, 1986 relating to the certificate of residence). This one now distinguishes between the purpose of the application and adds notions of tax residence.

Property traders in Monaco: a draft law to regulate the activity

In Monaco, there are nearly 300 property traders, individuals or commercial companies who carry out for their own account, on a professional, regular and speculative basis, transactions to purchase real estate, business assets or shares in real estate companies (SCI) with the purpose of reselling it. 

A milestone towards the energy transition

On November 16th, 2020, the Prince's Government signed a concession agreement for two ocean thermal energy loops in the Larvotto and Condamine districts, in order to reduce by 80% the greenhouse gas emissions issued by the buildings there, by equipping them with heat pumps.

Property sales mandate

A mandate to sell is a bilateral contract between the seller, the owner of a property, and a real estate professional to whom the seller entrusts his/her property for sale. It contains in particular the identity of the parties, the description of the property, the price, the remuneration and the duration of the contract. It can also provide details of the commercialization conditions.

Recognition of the right to a bank account in Monaco

Conscious of the increase of the number of refusals by Monegasque credit institutions to open accounts, both to individuals and economic players, the Law n°1.492 of July 8th, 2020 introduced the right to have a bank account in the Principality of Monaco.

A new stage in the energy transition

The Principality of Monaco, which is committed to reducing its greenhouse gas emissions with the aim of achieving carbon neutrality by 2050, has set up a national action plan focusing in particular on energy performance in buildings.

Housing benefits and allowances instituted for tenants living in Monaco

With a limited building area, the price of real estate in Monaco is notoriously high, even the highest in the world. Accommodation in Monaco can therefore be difficult for some tenants with modest incomes whether they are Monegasques or of other nationalities.

For this reason, and in order to continue to play its social role, the State has set up housing aid measures to prevent the rent burden from becoming too heavy.

 

Gradual disappearance of buildings built before 1947: how to ensure the sustainability of the rent-controlled sector?

The rent controlled sector concerns most of the apartments located in buildings constructed or completed before September 1st, 1947 and enables “protected” tenants, mainly Monegasque people and “Children of the nation”, to benefit from dwellings at controlled rents, fixed by the State and lower than those in the non-regulated sector. Such dwellings are subject to Law No 1.235, which also aims to protect their rights.

The Monegasque real estate market is still in full growth

The Principality remains the most expensive premium real estate market in the world and ignores the current particular and tumultuous period. Indeed, unlike other industries which are already fully suffering the economic consequences, the Monegasque property market is relentlessly pursuing its development.

Ristoranti, bar e caffè riaprono a Monaco: opportunità sul posto!

The restaurants, cafés and bars of the Principality reopened on June 2nd complying with strict rules: in addition to the health measures required, it will be preferable to make reservations for a maximum of 6 people per table.

This resumption of activity, which has been awaited for many weeks, will perhaps motivate the most undecisive persons to initiate or follow their professional project of installation or extension in the Principality.

L'ultimo parcheggio pubblico monegasco

The construction of the new underground car park, perpendicularly to the Portier street and on the edge of the future Anse du Portier eco-neighborhood, has been completed and the public can now use its 155 car spaces, including 10 reserved for electric vehicles in service and 16 pre-equipped and 7 reserved for people with reduced mobility, in addition to 34 spaces for two-wheelers. The entire complex is spread over 4 levels.

Diventare residente a Monaco

For one hundred and fifty years, the legend of Monaco has remained unalterable. Always fascinating and blooming, the Principality, remains an outstanding place which benefits from an unequalled quality of life enjoying an image of security, serenity, economic prosperity and advantageous tax system.

Il Larvotto continua la sua trasformazione

In line with the renovation works of the Larvotto district, which began with the sea extension of Anse du Portier, the sole public beach of the Principality will become more beautiful for greater conviviality and attractiveness.

Fontvieille, nuovo villaggio commerciale

In 2027, the aspect of the Fontvieille district will be transformed to become a place of the Riviera that will be iconic. The Prince's Government has signed a partnership with Socri, a company specialized in exceptional programs with a strong environmental dimension, to completely restructure the shopping center.

Osservatorio sugli immobili residenziali 2019

Like every year, the Monaco Institute of Statistics (IMSEE), publishes the figures regarding one of the main industry for the economy of Monaco, the real estate, and more specifically the private residential sector with its ten-year evolution