As a luxury destination, the Principality attracts a wealthy clientele. Prices are higher than in France, whether for a night in a hotel, a meal in a restaurant or a taxi ride. It is above all the price of Monegasque real estate that drives the cost of living in Monaco. An apartment or villa in Monte Carlo costs millions of euros.
The cost of living in the Principality
Living in the Principality requires a substantial budget. The average cost of living in Monaco is 55% higher than in France. This price difference can be explained by the lifestyle of Monegasque residents. This microstate on the Côte d’Azur attracts a wealthy clientele thanks to its luxury hotels and high-end services.
A meal in a restaurant costs around 70% more than in France. For groceries, there is an average increase of 27% compared with French prices. Shopping is also more expensive than in France. The Principality has many luxury boutiques where you can buy haute couture clothes and shoes.
The average budget for a trip to Monaco
The average budget for a trip to Monaco is estimated at €200 per person per day. This estimate takes into account a night in a 3-star hotel, two restaurant meals and a taxi ride.
In Monaco, you can eat out or enjoy a beer on the terrace at a reasonable price. A full menu in a mid-range restaurant costs between €20 and €40 per person.
Of course, prices are higher if you’re looking for the ultimate in luxury on your trip. The cost of living in Monaco will be higher if you decide to rent a villa or drive a car.
The average budget for living in the Principality
For residents, living in the Principality comes at a price. A monthly salary of at least €7,000 is essential to settle in Monaco. A larger sum is required if you eat out often. The cost of living in Monaco is also higher for residents who drive or frequent luxury establishments.
Housing accounts for a large proportion of residents’ monthly budgets. There are disparities between the different areas of Monaco. A 1-bedroom apartment in Monte Carlo easily costs €3,000 a month. While a house or villa in Monaco City can set you back several million euros.
The average price of a property in Monaco
The cost of living in Monaco is high due to the scarcity of land. As a microstate, real estate is scarce, which drives up prices. In 2024, the average resale price reached €6 million.
Of the Principality’s various districts, Monte Carlo stands out as the most expensive. In 2024, the price per m² in Monaco reached almost €52,000. Investing in property in Monaco is therefore reserved for the very wealthy.
Given the nature of Monaco’s luxury real estate market, it is essential to surround yourself with the right people. With over 40 years of expertise, Coletti Real Estate can help you with your property purchase plans on the Côte d’Azur.
Are you looking for a 3-bedroom apartment, a detached house or a luxury villa? Discover our extensive portfolio of exclusive properties. After identifying your needs, our specialist Monegasque real estate agents will propose the ideal apartment in the heart of the Principality.
