Monaco’s property market is quite unique, with more than 140 real estate agents managing the Principality’s rental and sale transactions under the watchful eye of the Chambre Immobilière Monégasque.
Monaco is the second smallest country in the world, after the Vatican City. It is also home to some of the most expensive property on the planet, with luxury real estate in Monaco commanding more euros per square metre than anywhere else today. Which is why we must look at
the Chambre Immobilière Monaco.
Considering the very nature of the property market and the players involved, it is unsurprising that the industry is supervised by its own association – the Chambre Immobilière Monaco – which assures fair play, standardised fees, and peace of mind.
What does the Chambre Immobilière Monaco actually do?
- The Chambre Immobilière Monaco was founded in the Principality in 1945 and has been acknowledged by the Prince’s Government ever since.
- The organisation is also known as the Monaco Real Estate Board.
- The association is the official representative of all real estate professionals in Monaco. It is also the official representative of property professionals in the Federation des Employeurs de Monaco, otherwise known as the Monaco Employers’ Federation.
- All members of the association must be covered by a financial guarantee issued by a bank, which is mandatory when the agents hold funds, bills or securities for their clients. Members must also be insured against professional civil liability.
- If members are thought to have behaved inappropriately towards their clients or other members of the association, they must stand before a disciplinary committee who will decide their penalty.
- The Chambre Immobilière Monégasque covers all areas related to the property market in the Principality, including sales, rentals, and management.
- Members must all agree on the scale of fees applied in transactions. The same fees must be applied by all members.
- Members, who have to pass selective admissions criteria to join the association, must also pledge to offer quality advice, expertise and be rigorous in the behaviour towards clients.
- There are currently 90 estate agents who are members of the Chambre Immobilière Monaco.
- According to the current chairman, Michel Dotta, the Chambre Immobilière Monaco assures clients that the estate agency they are dealing with is a “trusted, responsible and reliable partner.”