The Cost Of Living In Monaco – Everything You Need To Know In 2023

Introduction

Monaco is one of the most luxurious and expensive places to live in the world. Located on the French Riviera, it is known for its stunning Mediterranean coastline, upscale restaurants, and high-end shopping. The city-state is also home to some of the wealthiest people on the planet, including numerous celebrities and billionaires. In this article, we will take a closer look at the cost of living in Monaco in 2023.

Housing Costs

One of the most significant expenses in Monaco is housing. The city-state has a limited supply of land, which means that property prices are among the highest in the world. In 2023, the average cost of a one-bedroom apartment in Monaco is around €5,000 per month. If you are looking for something larger, such as a three-bedroom apartment or a villa, you can expect to pay upwards of €15,000 per month.

Food and Drink Costs

Another significant expense in Monaco is food and drink. The city-state is known for its high-end restaurants and bars, which can be very expensive. In 2023, you can expect to pay around €20 for a cocktail in a luxury bar and around €250 for a meal for two in a high-end restaurant. However, there are also more affordable options available, such as local cafes and bistros, where you can enjoy a meal for around €30 per person.

Transportation Costs

Transportation costs in Monaco are relatively low compared to other major cities. The city-state has an excellent public transportation system, including buses and trains, which are affordable and efficient. A one-way ticket on a bus or train costs around €2. However, if you prefer to drive, be prepared to pay a premium for parking and fuel. In 2023, the price of petrol in Monaco is around €1.80 per liter.

Healthcare Costs

Monaco has an excellent healthcare system, which is available to both residents and visitors. However, healthcare costs can be high, especially if you require specialist treatment or procedures. Private health insurance is recommended for those who can afford it, as it can help to cover the cost of medical care.

Education Costs

If you are moving to Monaco with children, education costs can be a significant expense. The city-state has several international schools, which offer high-quality education but can be very expensive. In 2023, the average cost of tuition at an international school in Monaco is around €20,000 per year.

Entertainment Costs

Monaco is a city-state that offers a wide range of entertainment options, from casinos to museums, and from beaches to nightclubs. However, many of these activities can be expensive. For example, a day at a luxury beach club can cost around €100 per person, while entrance to a casino can be as much as €20.

Shopping Costs

Monaco is known for its high-end shopping, with many luxury brands having flagship stores in the city-state. However, shopping in Monaco can be very expensive, with items such as designer clothing and jewelry costing significantly more than they would in other parts of the world.

Utilities Costs

Utility costs in Monaco are relatively low compared to other major cities. The city-state has a reliable supply of electricity, gas, and water, with prices that are in line with other European countries. However, you may need to pay a premium for internet and cable TV services.

Conclusion

In conclusion, living in Monaco in 2023 can be a dream come true for those who can afford it. However, it is essential to understand that the cost of living in the city-state is among the highest in the world. If you are considering a move to Monaco, make sure to research the costs carefully and create a realistic budget to ensure that you can afford to live comfortably in this beautiful and exclusive location.