How much does it cost to live in Monaco?
The cost of living in Monaco depends first on housing. Rent or purchase price weighs heavily in a budget in a territory of 2.08 km², where space is limited. The other items, such as groceries, transport and health insurance, add to the budget, and parking and international schools weigh as separate lines.
The figures below come from published sources dated 2025 and 2026. Asking prices differ from signed transactions, and each source states its own period. Treat the totals as a planning base, not as a quote.
| Item | Indicative level |
|---|---|
| Rent (asking, 2026) | €99 to €136 per m² per month |
| Purchase (asking, 2026) | €50,865 to €61,479 per m² |
| Utilities | €200 to €500 per month |
| Groceries, one person | €800 to €1,200 per month |
| Health insurance, basic cover | €3,000 to €5,000 per year |
| Bus ticket | €2 per ride |
| Garage parking | €400 to €1,000 or more per month |
| Personal income tax | None for residents in general |
Rent in Monaco: asking prices per m² in 2026
Averages of monthly surveys from January to July 2026 give the asking rents below. The smaller the apartment, the higher the rent per m².
| Type | Asking rent per m² per month | Example |
|---|---|---|
| Studio | €136 | 30 m²: about €4,080 per month, or close to €49,000 per year |
| 1-bedroom | €99 | Depends on the surface and the building |
| 2-bedroom | €106 | Depends on the surface and the building |
| 3-bedroom | €126 | Depends on the surface and the building |
Landlords sometimes ask for a year of rent in advance, or three to six months with a commitment to open a Monaco bank account. Plan this cash outlay in addition to the monthly rent.
Buying in Monaco: prices per m² and acquisition costs
Asking prices per m² in 2026 average €59,929 across all types: €50,865 for a studio, €52,530 for a 1-bedroom, €56,307 for a 2-bedroom and €61,479 for a 3-bedroom. A 30 m² studio at the average studio price costs about €1.53 million.
The IMSEE average for transactions in 2025 is €57,569 per m², and it varies by district: €71,167 in Larvotto, €54,009 in Monte-Carlo, €52,518 in Fontvieille, €52,104 in La Condamine, €51,265 in La Rousse, €45,168 around the Jardin Exotique and €43,797 in Les Moneghetti.
Add the acquisition costs to the price. On a resale, registration duties of 4.75% and notary fees of 1.5% make about 6.25%, plus a buyer commission of 3% and 20% VAT, which equals 3.6%. The total reaches about 9.9% on a resale for an individual.
Monthly budget for one person in a studio
The table below combines the asking rent of a 30 m² studio with the ranges published for the other items. It excludes parking, a car, school fees, leisure and travel.
| Item | Low estimate | High estimate |
|---|---|---|
| Rent, 30 m² studio | €4,080 | €4,080 |
| Utilities | €200 | €500 |
| Groceries | €800 | €1,200 |
| Health insurance, basic cover | €250 | €417 |
| Bus pass | €50 | €50 |
| Restaurants: 8 casual lunches at €20 to €35 and 4 dinners at €50 to €100 | €360 | €680 |
| Total per month | About €5,740 | About €6,927 |
Health insurance, utilities and bus pass figures come from a guide to the cost of living in Monaco that publishes representative costs as of January 2026. Your own cover and your habits move the total.
Costs outside the housing budget
Parking and cars
Garage space costs €400 to €1,000 or more per month, according to the same guide. Parking spaces are scarce, and some apartments sell with one or several spaces, which changes the price.
International schools
Annual fees quoted for 2026 range from €15,000 to €28,000 depending on the school, with a one-time registration of €2,000 to €5,000. Public school is free for residents and taught in French.
Health insurance
Annual premiums quoted range from €3,000 to €5,000 for basic cover and from €6,000 to €12,000 for comprehensive cover. Your professional situation determines the social security scheme that applies, so check it with your employer or your advisor.
Taxes and the Monaco budget
Monaco levies no personal income tax on residents in general. French nationals are an exception under a bilateral convention, and citizens of some countries, such as the United States, remain subject to the tax rules of their home country. This summary is general information, not tax advice: your tax advisor confirms your position before you move.
What you need in the bank to settle in Monaco
For a first residence permit, Monegasque banks commonly ask for around €500,000 held in a Monaco bank when the applicant has no professional income. No law sets this amount. A salary, a professional income or the support of a resident relative also serve as proof of means. The funds remain yours and are available for investment, and the bank reference letter is less than one month old when submitted.
Banks set their own conditions for opening an account, and published minimums vary by category of institution.
Rent or buy: the arithmetic for a 30 m² studio
The asking prices give a simple comparison. This calculation uses asking figures and ignores interest, charges and taxes.
| Item | Amount |
|---|---|
| Yearly rent of a 30 m² studio | About €49,000 |
| Purchase price of a 30 m² studio at the average asking price | About €1.53 million |
| Registration duties and notary fees on a resale (6.25%) | About €95,600 |
| Yearly rent as a share of the purchase price | About 3.2% |
| Years of rent equal to the purchase price | About 31 years |
Renting keeps your capital free and suits a first year of residence. Buying ties up capital and adds acquisition costs, and it suits a long-term plan in the Principality. Your advisors confirm the tax and legal consequences of each option.
At Balkin, our team combines local expertise since 2005 with the Knight Frank global network. Arrange a private consultation to review a budget for your project in confidence.
.avif)