The Monaco Parking Puzzle: Real Estate Options with Private Garages

Every real estate market has a key selling point that appeals to homebuyers, and in Monaco, that aspect is none other than private parking. In fact, a property without private parking is seen as incomplete and often fetches a much lower sale or rental value compared to a similar property with private parking. However, homebuyers are not just concerned about property values when looking for apartments for sale in Monaco. We explain the challenges of the lack of private parking, why parking is so limited in the Principality, and the top real estate markets for homebuyers looking to avoid these challenges. 

Why the Parking Puzzle?

With homes in Monaco averaging millions of Euros, ample private parking would likely be part of the home-buying package. But this is not always the case, and for a good reason. To start with, Monaco spans only two square kilometres. As you can imagine, this leaves little room for conventional parking lots. To make things more interesting, Monaco residents love investing in luxury cars, and a single resident can own several vehicles. Statistics and a simple look around show that Monaco actually has one of the highest concentrations of these expensive cars per capita. Since such high-value cars require more specialised parking, such as a “closed box”, this specificity further compounds the parking puzzle.

What Happens if You Don’t Go Private?

Buying a home without private parking is a good bargain at face value, as you could pay significantly less for the property compared to one with parking included. But does this come at a cost? Why, yes! While public parking is available, securing a permanent space in a public car park is quite challenging due to high demand and limited supply. In some cases, residents have to wait years to get a permanent slot in a public car park. If you cannot get a permanent slot, you have no option but to use short-term parking, which means you constantly have to move your car from one spot to another. It can get tiring. If public parking feels like a hassle, you can choose to buy or rent a private parking space. But with such spaces costing hundreds of thousands of Euros, it may make more financial sense to look for apartments for sale in Monaco that include private parking.

Which Markets Offer Private Parking?

Historically, the private parking regulations we see in Monaco today did not exist, and many developers built homes with limited parking spaces, as evident in the older homes in the Principality. Luckily, developers are now more inclined to provide ample parking spaces for residents by integrating parking spaces in multi-level underground basements within the buildings. So, anyone who desires explicitly private parking should look at the apartments for sale in Monaco in the new-build or fully-renovated high-rise buildings. And the following markets take the cake:

Monte-Carlo

While this area is home to some of the oldest homes that typically lack parking, there has been a rise in modern luxury buildings that feature tons of underground parking. So, while you may not get a street parking spot, you can park your car at home and walk to any place within the heart of the city. But as you would expect, these homes are few and far between, thus creating a high demand.

Larvotto

If you want a variety of options on where to live, this excellent market boasts a wide range of high-rise apartments for sale in Monaco with deep underground parking spaces that can accommodate several cars per apartment. Compared to other districts, Larvotto has an impressive private parking to residential unit ratio, with some flats boasting up to four spaces!

Fontvieille

Many buildings here were built from the 1980s forward. So, while they may not be as new as recent builds, they often offer secure private parking spaces, averaging one to two spaces per apartment. And thanks to its ideal location near several access points, including the heliport, transport to and from your home should be easy.