In a market as small and intensely watched as Monaco’s, selling publicly means every competitor, every neighbour, and every curious observer sees your name attached to an address and a price. For many owners in the Principality, that exposure alone is a deal-breaker. Off-market selling is not a workaround. It is, for a significant share of Monaco transactions, the preferred and rational choice.
According to market observers cited by Balkin Estates, off-market transactions account for an estimated 20 to 30% of total property sales in Monaco. Globally, Knight Frank’s 2025 Wealth Report noted that in top-tier cities, off-market deals represent up to 25% of luxury transactions. In a market where the entire resale stock turns over at an average price of €7.6 million per unit, and where the secondary market hit an all-time record of €3.2 billion in 429 transactions in 2025 according to IMSEE, the decision of how and when to sell carries real financial weight.
Privacy is the most obvious reason, but not the only one. Sellers use discreet mandates for several distinct purposes: to test buyer interest without creating a public price anchor, to avoid the reputational signal that a property lingering on portals sends, and to control who receives information about the asset in the first place.
Competitive positioning matters too. In Monaco’s secondary market, supply is structurally constrained. A seller who quietly introduces a property through a trusted agency’s buyer network can often generate competitive tension among a small number of highly motivated buyers, without ever triggering the “days on market” clock that undermines negotiating power once a listing goes public.
Market testing is a legitimate use case that public listing cannot accommodate. An owner considering a sale but uncertain of price expectations can engage selectively with qualified buyers, gauge reactions, and decide whether to proceed, all without any public record of the exercise.
The profile of off-market sellers in Monaco reflects the Principality’s resident composition. Heads of major corporations and senior executives are frequent users of discreet mandates, particularly those with board-level governance obligations or shareholders who would scrutinise a visible property change. Public figures, whether from politics, entertainment, or sport, share the same concern: a visible listing creates a media event.
Owners of trophy assets form another natural category. Penthouses, seafront units, and rare full-floor residences carry sufficient identification risk that simply publishing an address and a floor plan effectively reveals the owner’s identity. Estate situations, where heirs are liquidating assets, also lend themselves to off-market handling given the sensitivity around succession and family circumstance.
Control over information flow is the fundamental advantage. The seller decides who receives details, in what sequence, and under what conditions. Buyers who are introduced through a trusted intermediary arrive pre-qualified; speculative enquiries do not reach the seller at all.
Buyer quality tends to be higher in off-market processes. Because access requires an existing relationship with a credible agency, the pool is self-selecting. Buyers who do not have the standing to be introduced to an off-market property are, by definition, not in the room.
Negotiation flexibility is another practical benefit. Without a public listing price, the seller has more room to manage expectations, adjust terms, and structure the transaction. There is no reference point for a buyer to argue downwards. Timing is also within the seller’s control: an off-market mandate can run at whatever pace suits the seller’s circumstances, without the pressure of renewal cycles or public price reductions.
Honesty demands acknowledging the limits. An off-market approach by definition reduces the active buyer pool. Monaco’s resale market already operates in small volumes, with 365 transactions recorded in 2024 and 429 in 2025 according to IMSEE data. Restricting access to a fraction of that pool means the probability of finding a buyer within a given timeframe is lower.
The process also relies entirely on the agency’s network depth. An agent with 50 genuinely qualified buyers in their database delivers a fundamentally different service from one with 500 contacts of varying credibility. Price discovery is less efficient off-market: without competitive bidding from a broad audience, establishing that a property has achieved its maximum value requires strong comparables and a well-calibrated pricing position from the outset.
There is also a dependency risk. If the chosen agency’s network does not contain the right buyer, the seller faces a choice between an extended wait or transitioning to public marketing, which carries its own complications.
Monaco agencies typically offer two mandate structures. An exclusive mandate grants a single agency the right to sell the property for a defined period, usually three to six months. In exchange, the seller gets focused effort, active outreach, and a clear accountability structure. Commission rates in Monaco’s luxury segment are a matter of individual negotiation and are not publicly standardised; they are typically expressed as a percentage of the sale price and documented in the mandate agreement.
A non-exclusive mandate allows multiple agencies to work simultaneously. For off-market selling, this creates a risk of information leakage and conflicting buyer introductions. Many sellers who prioritise genuine discretion choose exclusivity precisely because it concentrates information control in one trusted party.
Mandate duration and fee structures should always be reviewed in writing before signing. The terms governing what happens if the seller introduces their own buyer, or if the property transitions to public marketing during the mandate period, need to be explicit.
Discreet marketing in Monaco operates through several mechanisms. An agency’s proprietary buyer database is the primary channel: qualified clients who have registered interest in specific property types, price bands, or districts receive targeted introductions without any public exposure.
Peer-to-peer network circulation is the second channel. Established Monaco agencies maintain relationships with other trusted brokers, family offices, wealth managers, and legal advisors who serve UHNW clients. A property can circulate through this network without any advertising, portal listing, or publicly accessible record.
Off-market viewings are typically conducted by appointment only, often outside standard business hours, and with access to the property description conditional on prior qualification of the buyer. In some cases, even the exact address is withheld until the buyer’s suitability has been confirmed.
The absence of public comparables cuts both ways. In Monaco, where the average price per square metre in the resale market has now exceeded €57,500 according to the revised IMSEE methodology, off-market prices in sought-after districts frequently exceed public listing benchmarks, reflecting the scarcity premium and the exclusivity of access. Prices per square metre in premium areas such as the Carré d’Or can reach €75,000 according to market observers.
Realistic positioning from the outset is critical. An off-market seller who prices aspirationally in the hope of finding an uninformed buyer wastes the most valuable resource in the process: the goodwill of the agency’s buyer relationships. Buyers who are presented with an overpriced property decline quietly, but they do not forget.
Market benchmarking using recent comparable transactions is the responsible starting point. In a market with limited annual volume, comparable selection requires judgment, not just data. A property sold two years ago in a different quartier at a different size and specification is a weak comparable. The seller’s advisor should be able to identify the most relevant transactions and explain the adjustments required.
Protecting the seller’s identity requires more than a trusted agency relationship. Information architecture matters: what details are shared, with whom, and at what stage of the process. The sequence of disclosure should be deliberate. A buyer who has not yet demonstrated genuine financial capacity should receive no more than a general property description. The address, building name, and floor plan come only once the buyer has been qualified.
The seller’s identity protection requires more than controlled information flow. Building ownership structures, particularly through companies or fiduciary arrangements, add an additional layer of practical confidentiality. This is a matter for legal and estate planning advisors; an agency’s role is to ensure the information flow above the surface is controlled.
In Monaco’s regulatory environment, where anti-money laundering compliance has become increasingly rigorous following the Principality’s work to exit the FATF grey list, sellers should be aware that qualified buyers will be subject to verification processes. This creates a natural dual filter: only buyers who can demonstrate source of funds are in the process, which aligns with the seller’s interest in transacting with credible counterparties.
If an off-market process does not deliver a buyer within the mandate period, the transition to public marketing requires careful handling. The key risk is the “stale listing” perception: a property that has been circulating privately for months and then appears publicly can face questions about why it failed to sell through the private channel.
Repositioning the narrative and, if necessary, the price before public launch is the standard approach. Agencies sometimes allow a cooling-off period between the end of the private mandate and public listing, to reduce the risk of buyers connecting the two phases. Consistency of presentation, professional photography, and a clear market rationale for the pricing are essential at this stage.
The decision of when to transition is driven by the seller’s timeline, the quality of buyer feedback received during the private phase, and an honest assessment of whether the network has been genuinely exhausted.
For an off-market mandate, the agency’s network is the product. Everything else is secondary. The relevant questions are concrete: How many genuinely qualified buyers does the agency have direct access to? What is the nature of their relationships, whether through wealth managers, family offices, or their own past transaction history? What discretion mechanisms are in place to prevent information leakage across the team?
A track record of completed off-market transactions in Monaco is the strongest indicator of capability. References from past sellers, where available, carry more weight than claimed expertise. The agency’s position in the inter-professional network, whether other Monaco agencies are willing to co-operate with them on buyer introductions, is another practical signal.
At Baldo Realty Group, discreet mandates are at the core of what we do. Our focus is on qualifying buyers before properties are disclosed, maintaining information security throughout the process, and building the kind of long-term relationships with UHNW clients that make genuine off-market introductions possible.
If you are considering a discreet sale and would like to understand what an off-market mandate could achieve for your property, contact us in confidence. All enquiries are handled with complete discretion.
The information in this article is provided for general guidance only and does not constitute legal, tax, or financial advice. Sellers are advised to consult qualified advisors in their respective jurisdictions before proceeding with any transaction.
