00:00Monaco has turned its main disadvantage, the extreme shortage of land, into one of its
00:04reliable sources of state revenue. Real estate in Monaco is the most expensive on the planet.
00:10According to the official data from the annual report of the Monaco Scientific and Statistical
00:14Institute, the average price per square meter in the principality has already comfortably
00:19surpassed 50,000 or even 57,000 euros. And in elite areas like Monte Carlo or La La Rousse,
00:27it can reach 100,000 euros or more. The state does not impose an annual property tax on real
00:34estate owners. However, it makes enormous money at the moment of ownership transfer through
00:39registration duties and charges for processing purchase and sale transactions. When purchasing
00:44real estate, a private individual pays a state registration duty, amounting to 4.5% of the
00:50property's value. If the purchase is made through a special, offshore, or foreign company, the rate
00:56increases to 7.5%.
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