Page 96 - Monaco Economy 124

P ROPER TIES
PROPERTIES

services offered, the size of its outside spaces, diagnosis in the Principality established by What are the new standards?
the view - even if this isn’t of Monaco, whether it Ministerial Decree 2018-613 of 26 June 2018 From 2025, it will be prohibited to rent out the
faces East West etc, which floor it’s on, if it has is in its infancy, becoming obligatory over time most energy-intensive homes (classified G). From
access to open air, its annexes (parking space, according to the period of construction of the 2028, this will extend to properties classified F,
cellar, etc.) and its surface area, incorporating building. Its integration into value assessment and finally to homes classified E by 2034.
the calculation difficulties and specifics of the is still delicate. These elements have a real impact on the
Principality’s real estate market. On the contrary, in France, this diagnosis purchasing decision with an increasingly
Finally, as in France, Monaco has recently introduced in 2006 and modified in July 2021, attentive clientele: a recent report indicates a
implemented an energy audit which is now is a valuable tool for the general public. It price difference of up to 20% for similar goods,
mandatory for sales and rentals, introduced informs households about the energy and depending on the results of the energy diagnosis.
over time according to the construction date of climate performance of their home and it is Whilst other currently mandatory diagnostics
the building. an essential thermometer for public policy, (asbestos, lead, gas, electricity, SPANC sanitation,
Based on the results of the audit, upgrading work energy and housing, used in to identify ‘energy floor pollution) are important in decision-making
may be necessary to conform to standards. Young sieves’ (EPD labels F and G, i.e. homes which and/or investment in terms of work to upgrade
generations are increasingly environmentally consume the most energy). This diagnosis has compliance, one significant aspect is still
aware. Although the ‘green’ value is still difficult been strengthened since August 2021 with the underestimated: the building structure itself
to quantify, this element can bring better liquidity law to fight against climate change and increase in terms of pathology. Apartment blocks and
to the property. resilience to its effects, which also makes it houses “age” and do not have an eternal lifespan;
mandatory to conduct a regulatory energy they need regular maintenance and damage can
Do you support your clients in their real estate audit in addition to the energy performance appear many years after their construction, due
projects from A to Z? If so, how? diagnosis, for all sales of private and co- to their environment, poor workmanship or lack
We mainly work for financial institutions. ownership properties classified F or G. of maintenance.
However, more and more individuals - in
particular property dealers - are consulting us
before buying. Although most are aware of the
real estate market, they come to us for advice
for specific projects to obtain an initial opinion
about the quality of the asset and the building
in which it is located, or to have a better insight
into possible rental profitability associated with
holding costs over a given period.
Some of our clients also ask us for a pre-
purchase report conforming to the standards
of RICS, an institution to which we are affiliated,
which includes a review of certain structural
elements.
Following the acquisition, we also monitor the
site on behalf of financial institutions to ensure
the correct use of funds and that the work is
consistent with the authorizations obtained.

Is a real estate diagnosis important for the
acquisition of a property? Is it a question
of checking that a property has no hidden
defects? What factors must absolutely be
considered?
Diagnoses in the Principality are not as abundant
as in France. A report on asbestos in buildings
built before 1997 was made compulsory
by Ministerial Decree No. 97-595 dated 12
December 1997. There are also multi-year
inspections of technical installations in private
and communal areas, as well as an obligatory
report on the electrical installation in properties
rented after more than three months of vacation. © Depositphotos/elnut
As we saw earlier, the energy performance

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