Monaco vs Dubai: Where to Buy Luxury Property?

Monaco and Dubai come up in almost every conversation among wealthy buyers comparing where to base themselves. Neither levies personal income tax on individuals, but almost everything else differs: price, yield, scarcity, way of life. Here is a comparison with figures, and the limits of each one.

Entry price: a considerable gap

In Monaco, the average resale price stood at €57,569 per square metre in 2025 according to IMSEE. In Dubai, ready apartments traded in early 2026 at around $5,000 per square metre on average, and between €8,000 and €20,000 in prime addresses such as Palm Jumeirah or Downtown, according to comparisons drawing on ValuStrat and Knight Frank data.

On averages, the gap therefore exceeds ten to one. Even between a prime Dubai address and the Monaco average, the ratio runs from three to one up to seven to one. For the same budget, Dubai offers far more surface area. The Dubai amounts are approximate conversions and move quickly.

Taxation: two regimes with no income tax

In both places, a resident individual pays no income tax. In Monaco, this applies to non-French residents, and comes with no capital gains tax for individuals, no wealth tax and no annual property tax. Dubai also has no capital gains tax and no annual property tax, but buyers there pay service charges that vary widely by building.

One point sets them apart: the tax treaty network. The UAE has signed more than 140 double taxation treaties, Monaco about ten, according to published comparisons. For an investor whose income comes from several countries, this can matter.

Buying costs

In Monaco, a resale property bought in a personal name or through a Monaco SCI costs about 6.25% in fees (registration duties and notary), plus agency fees: a little under 10% in total. In Dubai, the Dubai Land Department transfer fee is 4%, plus an agent's commission, generally around 2% plus VAT, and registration charges: 7% to 8% in total depending on the source. The two places therefore stay in the same order of magnitude on this point.

Rental yield

This is one of the widest gaps. In Monaco, the gross yield on a prime property generally sits between 2% and 3%, compressed by the level of prices. In Dubai, it often reaches 5% to 7% gross for apartments, with the UAE average at 4.94% in the second quarter of 2026 according to Global Property Guide. These figures are gross: service charges, management fees and taxes generally take off one and a half to two points.

Scarcity, liquidity and cycle

Monaco is a territory of about two square kilometres, where 429 resales took place in 2025 and every property counts. Supply is constrained, owners rarely sell under pressure, and prices have held at a high level. Dubai is a vast, highly transactional market that offers more choice and liquidity but that many observers describe as more cyclical. Neither logic is superior in itself: they answer different objectives.

Residency and way of life

Monaco does not issue a purchase-linked visa: the residence card is obtained on file, with accommodation, proof of sufficient means and a clean record. Dubai offers residence visas tied to property purchase, subject to value thresholds. On way of life, Monaco offers a European base about thirty minutes from Nice airport, while Dubai offers a warm climate all year and a direct connection to Asia and the Middle East.

Which one fits your objective

Monaco suits those who put scarcity, security, a European base and capital preservation first, accepting a low rental yield. Dubai suits those looking for more surface area for the same budget, a higher yield and a larger market, accepting more variability. Many investors in fact hold a property in each.

How we help

We support acquisition projects in Monaco, with a valuation based on the actual sales of each building and access to properties that are never advertised. For a project in Dubai, take local advice. Comparing Monaco with another location? Let's talk in confidence about your project.

Sources: IMSEE; ValuStrat, Knight Frank and the Dubai Land Department, as reported in published comparisons; Global Property Guide. Dubai data dates from early 2026 and moves quickly. This article does not constitute investment, legal or tax advice.