Global Leaders Forum - 2nd Annual Wealth Management Forum
10-11/09/2019 (London) With the participation of Patricia KEMAYOU MENGUE. Event for corporate executives, regulators, legal professionals and business advisors. More information...
The law firm GIACCARDI & BREZZO Avocats can assist in every step of a real estate project, throughout the construction operations and during the different phases of the life of a property, in particular:
• Project design and financing
• Implementation of contracts for the completion of the building
• Assistance regarding the treatment of difficulties encountered during construction
• Counselling and settlement of disputes relating to condominium
• Counselling and settlement of disputes relating to leases, including the special status of leases for office use and commercial leases
• Follow-up of judicial expertise
• Liability claims before the judicial and administrative courts
• Construction litigation
Monegasque property and construction law
The real estate sector holds an important place in the Principality and there is a great demand for property. The attractiveness of Monaco and its limited area are two important factors that define the characteristics of the sector.
There are many transactions and a constant stream of new construction projects, including the extension at sea (urbanization project of 6 hectares), in progress.
These projects, due to Monaco’s size and the geological constraints can be very technical. In this framework, a good knowledge of the regulatory constraints and geotechnical issues is essential.
The requirements of the Environmental Code created by Law No. 1.456 of 12 December 2017 must not be neglected (town planning permission, energy performance of buildings…).
In addition, Law No. 1.446 of 12 June 2017 on the preservation of the national heritage has amended the Ordinance-Law No. 674 of 3 November 1959 on town planning, construction and roadways. In the event of demolition of remarkable built-up elements and alteration of remarkable landscape elements (insalubrity, serious disorder or disaster, development operation in the perimeter of which the building appears), the owner may be forced to rebuild.
With regard to the rental sector, contrary to France, fewer laws are applicable. This allows, in principle, a significant contractual freedom for the assets of the so-called « free sector ».
By contrast, owners of properties in the protected sector must bear some legal constraints. Flats in buildings constructed before 1 September 1947 are governed by law No. 1.235 of 28 December 2000 (modified by law No.1.291 of December 21, 2004) and therefore, the contractual freedom of their owners is significantly diminished.
The lease for office created by Law No. 1.433 of 8 November 2016, which concerns the leasing of premises for the exercise of an intellectual and administrative activity, is a specificity of Monaco. Its regime is autonomous compared to other Monegasque leases (commercial, industrial or artisanal lease, rental lease).