Monaco's Real Estate Market Sees Record Prices Amid Rising Transactions
The 2024 property report reveals a significant increase in sales of luxury properties in Monaco, alongside record-breaking prices per square meter.
The Institut Monégasque des Statistiques et des Etudes Economiques (IMSEE) has released its 2024 Real Estate Observatory, indicating a year characterized by a 12% increase in real estate transactions in Monaco, totaling 466 sales.
This growth is predominantly attributed to the surge in new property sales, which reached a record 101 transactions, marking nearly quadruple the volume recorded in the previous year.
The transaction growth has been buoyed by the completion of the Mareterra development, which contributed 130 new housing units to Monaco's real estate market.
In contrast, the resale market has seen a decline for the second consecutive year, with 365 transactions noted, reflecting a 5.9% decrease from 2023, and marking the lowest level of resales seen since 2012.
The average price for resold properties has reached a record high of six million euros, representing a 5.7% increase year on year.
The median price has similarly risen by 2.9%, totaling 3.6 million euros.
In the new property sector, prices remain exceptionally high; in 2024, one out of every two properties sold for over 22 million euros, with an average price of 36.4 million euros.
This figure, while slightly lower than 2023, still exceeds levels seen in prior years.
New records have been established in price per square meter, which now averages 51,967 euros, marginally surpassing the previous high of 51,912 euros set in 2021. This figure signifies an annual increase of 1.1% and a substantial escalation of 44.3% over the past decade.
The Larvotto area has reported the steepest surge in prices, currently averaging 97,563 euros per square meter, although this figure should be approached with caution due to the very limited number of transactions.
Other areas such as Monte-Carlo, La Condamine, and Fontvieille consistently show average prices above 53,000 euros per square meter.
The IMSEE has also highlighted that in the Jardin Exotique district, the price per square meter has increased by 36.4%, achieving a new record of 49,847 euros, attributed to three transactions within a high-end building.
Monte-Carlo continues to be the leading neighborhood in the Monaco real estate market, accounting for 132 resales, which constitutes more than one-third of the total.
La Rousse, despite a 26% decline, remains the second most active area with 91 transactions, followed by Fontvieille with 38 and La Condamine with 34 resales.
According to the IMSEE, the value of resales has increased in five of the eight districts surveyed, with Monte-Carlo experiencing the highest increase in value by 109.5 million euros, while La Rousse witnessed a notable decline of 200 million euros.
Properties in the luxury segment are becoming increasingly prominent, with the number of properties sold for more than 10 million euros climbing by 10.6% from 2023, now representing 14.2% of all transactions.
In 2024, there have been 19 resales surpassing 20 million euros, a record since the establishment of this observatory and nearly doubling over the past decade.
The average price for new properties consisting of five or more rooms has reached 18.8 million euros, marking a significant increase of over 100% in the last ten years.
Despite a downturn in resales, Monaco's real estate market continues to be recognized for its exceptionally high prices and sustained demand for luxury properties.
The development of new projects like Mareterra is revitalizing the new property sector, while prices per square meter reach historical heights, sustaining Monaco's status as a premier destination for luxury real estate investment.
This growth is predominantly attributed to the surge in new property sales, which reached a record 101 transactions, marking nearly quadruple the volume recorded in the previous year.
The transaction growth has been buoyed by the completion of the Mareterra development, which contributed 130 new housing units to Monaco's real estate market.
In contrast, the resale market has seen a decline for the second consecutive year, with 365 transactions noted, reflecting a 5.9% decrease from 2023, and marking the lowest level of resales seen since 2012.
The average price for resold properties has reached a record high of six million euros, representing a 5.7% increase year on year.
The median price has similarly risen by 2.9%, totaling 3.6 million euros.
In the new property sector, prices remain exceptionally high; in 2024, one out of every two properties sold for over 22 million euros, with an average price of 36.4 million euros.
This figure, while slightly lower than 2023, still exceeds levels seen in prior years.
New records have been established in price per square meter, which now averages 51,967 euros, marginally surpassing the previous high of 51,912 euros set in 2021. This figure signifies an annual increase of 1.1% and a substantial escalation of 44.3% over the past decade.
The Larvotto area has reported the steepest surge in prices, currently averaging 97,563 euros per square meter, although this figure should be approached with caution due to the very limited number of transactions.
Other areas such as Monte-Carlo, La Condamine, and Fontvieille consistently show average prices above 53,000 euros per square meter.
The IMSEE has also highlighted that in the Jardin Exotique district, the price per square meter has increased by 36.4%, achieving a new record of 49,847 euros, attributed to three transactions within a high-end building.
Monte-Carlo continues to be the leading neighborhood in the Monaco real estate market, accounting for 132 resales, which constitutes more than one-third of the total.
La Rousse, despite a 26% decline, remains the second most active area with 91 transactions, followed by Fontvieille with 38 and La Condamine with 34 resales.
According to the IMSEE, the value of resales has increased in five of the eight districts surveyed, with Monte-Carlo experiencing the highest increase in value by 109.5 million euros, while La Rousse witnessed a notable decline of 200 million euros.
Properties in the luxury segment are becoming increasingly prominent, with the number of properties sold for more than 10 million euros climbing by 10.6% from 2023, now representing 14.2% of all transactions.
In 2024, there have been 19 resales surpassing 20 million euros, a record since the establishment of this observatory and nearly doubling over the past decade.
The average price for new properties consisting of five or more rooms has reached 18.8 million euros, marking a significant increase of over 100% in the last ten years.
Despite a downturn in resales, Monaco's real estate market continues to be recognized for its exceptionally high prices and sustained demand for luxury properties.
The development of new projects like Mareterra is revitalizing the new property sector, while prices per square meter reach historical heights, sustaining Monaco's status as a premier destination for luxury real estate investment.
