MONACO COMMERCIAL RENTAL GUIDE
Step-by-step guide for real estate commercial rental transactions
COMMERCIAL RENTAL GUIDE MONACO
There are numerous benefits for businesses seeking to rent commercial property in Monaco. With excellent infrastructure in highly desirable locations and access to international, affluent buyers, Monaco’s commercial real estate is among the most sought after in the world. Renting commercial property in the principality does require some due diligence prior to making a decision to set up your premises.
Leveraging our expertise at Caroline Olds Real Estate, we can help facilitate your commercial real estate ambitions in Monaco so that you can start running your business. Explore our guide below to see how to rent a commercial property in Monaco.
THE PROCESS FOR RENTING COMMERCIAL PROPERTIES IN MONACO
For each rental inquiry, we conduct a comprehensive market search that spans our own listings and extends to our network of contacts to find you the most suitable property. Upon discovering the ideal match that fits your criteria, we then work with you to craft a rental offer that includes the specific terms for a proposed lease agreement.
WHAT TO CONSIDER IN TERMS OF RENTING A PROPERTY IN MONACO
- Lease Duration: Typically 1 to 5 years
- Monthly Rent: As agreed upon/proposed
- Monthly Service Charges: As agreed upon/proposed (usually 10% of the monthly rent)
- Payment Terms: Quarterly payments in advance
- Rental Deposit: Equivalent to 3 to 4 months of rental value
- Service Charges Deposit: Equivalent to 3 to 4 months of service charge value
- Lease Registration Fee: 1% of the annual rental plus service charges
- Administrative Stamps: Approximately €20
- Agency Fees: 10% of the first annual rental plus 20% VAT
ADDITIONAL PAPERWORK NEEDED
- Passport or ID card/current Monaco Residency Card, Monaco bank statement, and company registration documents
After the required documents have been collated, a rental offer can be made. This will include the rental and service charge deposit along with the associated agency fees.
BEFORE SIGNING YOUR LEASE AGREEMENT
It is essential that prior to the signature, a payment of 3-4 months rent and service charges are made in advance, plus the lease registration fee, agency fees, administrative stamps, and inventory cost.
The terms and conditions governing property rentals in Monaco adhere to standards set by the Chambre Immobiliere de Monaco (Monaco Chamber of Real Estate).
ONCE A COMMERCIAL PROPERTY RENTAL OFFER IS ACCEPTED IN MONACO
Upon acceptance of a rental offer, we facilitate the utility connections and transfers, arrange insurance coverage, register the lease, conduct a condition assessment, and oversee the handover of the keys.
START YOUR COMMERCIAL PROPERTY SEARCH
If you are interested in commercial real estate in Monaco, we can help. Get in contact with us today and one of our advisors will be in touch with you to discuss your project.