What do I need to know when buying property in Monaco?

"1. Monaco is a popular destination for those looking to purchase property due to its low taxes and attractive lifestyle. 2. It is important to research the local market and understand the different types of property available before making a purchase. 3. It is also important to be aware of the legal requirements for purchasing property in Monaco, including the need for a residency permit. 4. It is advisable to seek professional advice from a local lawyer or estate agent to ensure that all legal requirements are met. 5. It is also important to be aware of the costs associated with purchasing property in Monaco, including taxes, fees, and other costs. 6. Finally, it is important to be aware of the local culture and customs when purchasing property in Monaco, as this can have an impact on the purchase process," said another expat in Monaco.