In a country where real estate is the most expensive in the world, service rooms are sold or rented at exorbitant prices. Other small spaces, such as cellars and parking spots, are also traded at a premium. They are highly sought after for personal use but have also become investment products.
These micro-housing units are worth their weight in gold in Monaco. Typically located on the top floors of buildings, service rooms—commonly known as « chambres de bonne »—command astonishing prices in the principality. For instance, an 8 m² room is on the market at Villa Les Lauriers for €120,000, while a larger 12 m² room is listed at €495,000 in the Le Palmier building on Boulevard des Moulins. These modest spaces, often lacking amenities, have historically served as living quarters for domestic workers employed by wealthy families. However, it appears that fewer employees are willing to live in such small units. « It’s always a bit tricky to rent out, » notes Gilles Graille, head of Pacific Agency. « It’s very complicated for a real estate agent to open a door and show a room of 6 or 9 m², saying to someone, ‘you will live here.’ Nowadays, service rooms are often used as large storage spaces or additional rooms. Some people even use them as small offices. » These micro-units, predominantly found in older buildings, are no longer being included in new constructions.
A smart investment for French clients
Eric Cancemi, an agent at Miells Christie’s, explains that he has « often sold service rooms and cellars to French clients, as they benefit from a tax allowance on these properties. It’s an interesting investment, a safe haven for them. For known tax reasons, the French have little incentive to live in Monaco. These small properties thus represent a good investment. » It’s important to note that residing in a service room does not grant the right to a residence permit unless the tenant’s financial resources correspond to the size of the unit—something that is often the case for domestic employees.
Storage spaces at gold prices
The prices for attic spaces are astonishing, but the same can be said for basements. « A nice cellar priced at €150,000 is, of course, excessive, but it’s quite common here, » Gilles Graille affirms. Currently on the market, a 4.8 m² cellar in Château Périgord is listed for €135,000. Another 10 m² cellar at Mirabeau is seeking a buyer at €530,000 or a renter for €1,000 per month. « A client asked me to appraise a cellar in an old building, but it’s very complicated to evaluate. Prices vary based on the number of cellars in the building and the neighborhood. Sometimes, for such properties, it’s the buyer who sets the market price, » details Graille.
Parking : the cost of rarity
Another highly sought-after small space is parking. In Monaco, where demand far exceeds supply, parking spots have become exceptional assets. These spaces are especially coveted, particularly the larger ones that can accommodate modern luxury car models. In parking facilities built in the 1970s and 1980s, the spaces are often too small for these vehicles. Moreover, Monaco residents frequently have multiple vehicles per household that require secure parking. As a result, « parking prices range from €200,000 for the smallest spots to over €600,000 for the largest, » explains Eugénia Petrini, director of Petrini Exclusive Real Estate Monaco. « We even see astonishing transactions, like the well-known sale of a double garage at Château Périgord for one million euros. This price point is reached due to the scarcity of spaces in that building. The situation is similar in Monaco-Ville, where parking prices reach new heights, again due to limited availability, » she continues. To maximize their profit, some owners do not hesitate to sell their parking spaces separately from their apartments. Currently on the market, a spacious parking spot in a prestigious building in the Carré d’Or is listed for €480,000, and a 20 m² garage at Sardanapale is priced at €590,000. Rental prices are also skyrocketing. In the Le Bel Horizon residence located in the Exotic Garden district, a ground-floor parking spot is available for €310 per month. Another spot in a residence on Quai Kennedy, facing the port, is offered at €700 per month. While the prices for these limited spaces may seem disproportionate, they reflect how every square meter is precious in Monaco.
