The second smallest state in the world with a surface area of less than 2 km2, yet the first worldwide in terms of density, Monaco employs nearly 40,000 people, the majority of whom make daily round-trips to towns in the Alpes-Maritimes. Let’s take a look at the surrounding communes...

In Monaco, 130 nationalities rub shoulders every day : 32 % of them are French, 20 % Italian and 5 % British. Commerce, services, the tourist industry and real estate are the main sources of income. Every morning, thousands of workers, or “commuters”, flock to this pool of employment. Some live in Beausoleil, known for its “Belle Epoque” heritage symbolized by the Riviera Palace, a former hotel converted into apartments. Others choose Cap d'Ail, residences above the main road or the lower part of the town, which hosts, according to the general inventory, “a concentration of so-called seaside buildings of exceptional quality”. Some opt for Roquebrune-Cap-Martin : 225 metres above sea level, facing the modern town, its old village boasts a Carolingian fortress. Surrounded by the Med, Cap Martin, a peninsula blessed by the gods, plays host to the town-hall, post-office and the Parc des Oliviers, as well as magnificent properties and luxury apartment blocks, while Roquebrune accommodates schools and 80 % of the commune’s 13,000 residents. Others head for La Turbie, the highest point of the Via Julia Augusta, ie. at an altitude of 450 metres on the promontory known as the “Tête de Chien”. Renowned for its Trophy of the Alps and the baroque church of Saint-Michel, the Roman ruins and a monumental fountain, both listed as historic monuments, this little town town offers a spectacular view from Bordighera to the Estérel mountains. HSH Prince Albert II in fact has a home on the hills of Mont Agel.

“The presence of Monaco, a true economic powerhouse and the largest job-provider in the area, naturally has an impact on real estate in the neighbouring towns, naturally preferred by people working there,” says Jean-Baptiste Martini of the Agence Martini. While Menton posts average prices of 4,000-4,400 €/m2 for older properties and 6,000 €/m2 for new developments, equivalent accommodation in Roquebrune costs 10-20 % more. Cap d’Ail is slightly more expensive for standard apartments while Beausoleil, accessible on foot from Monaco, proposes prices similar to those of Menton, as it has no coastline and wrestles with a chronic parking problem. It occasionally happens that residents of Monaco, deprived of gardens and pools, also look for a second property on the outskirts, frequently villas beyond 800,000 €. After a tense first quarter in 2009, activity began to resume, boosted by lower interest rates and prices down 15-20 % in the lower and middle ranges. Currently, exceptional properties - ie. a central location with a view of the vast blue sea - are not the subject of a buying spree, but are seeing some sporadic requests. Conversely, basic housing, the category that has indeed dropped in value, has its fans, especially as banks now provide finance on more flexible terms.

“Cap Martin proposes three types of properties,” says Florent Nusbaumer of the Diagonal agency. “Houses from 150 to 300 m2, set in grounds of 1,000 to 2,000 m2 in the 2-4 M € bracket ; blocks of apartments with pools and tennis courts on the Plateau, from 6,000 to 8,000 €/m2, with sea views at the upper end ; and the famous property on a private estate.” The latter can comprise up to 5,000 m2 of living space in grounds likely to attain 12.5 acres. Generally offered at prices between 5 and 35 million euros, such gems occasionally exceed 100 million euros. Foreign in most cases, the buyers of these properties look upon Monaco more as an elegant mecca of entertainment than as a business centre. Unlike 80 % of the tenants and purchasers of homes in Carnolès, the heart of Roquebrune, who pay 5,000 €/m2 for an apartment. Some local employees can also afford houses costing from 1 to 2.5 million euros in Le Hameau, La Torraca and Le Serret.

“La Turbie, which hosts the training centre for the ASM football team, is a favourite haunt of Monaco nationals and residents, Italian or English, in search of natural greenery, but above all French nationals who work in the Principality. It takes 15 to 20 minutes by car to reach the realm of HSH Prince Albert II in the rush-hour on the Chemin des Révoires,” says Jean-Luc Belny of Duo International. The existence of an entrance and exit to the motorway close to the countrified village is also an undeniable asset. 90 % of the accommodation consists of villas, enjoying a wide array of panoramic seascapes. A 1-bedroomed apartment of 50 m2 currently costs 250,000 €, while the bulk of transactions for houses ranges from 600,000 to 1 million euros. Owners refuse to post lower prices, though most are willing to negotiate. Rarely desperate to sell, they are certainly not slashing their prices. Less expensive than communes right next door to Monaco, Eze is an appealing alternative. Initiated a decade ago, the ZAC of L’Aighetta already accommodates 2,000 people. For all of its surrounding area, the mere proximity of Monaco is an additional guarantee of a stable market.