Monaco’s real estate market has reached unprecedented heights, with
total sales soaring to €5.9 billion in 2024. This historic milestone is
largely attributed to a record-breaking wave of new property
transactions, reinforcing the Principality’s status as one of the most
exclusive and resilient real estate markets in the world.
New Property Sales Shatter Records
Sales
of newly built homes accounted for an astonishing €3.7 billion—more
than the combined total of all new property sales in Monaco between 2006
and 2021. This surge follows the completion of 159 new residences in
2024, the highest number delivered in a single year since 1993. A
significant portion of these properties emerged from the highly
anticipated Mareterra eco-district in Larvotto, redefining luxury living
in the Principality.
Demand for spacious, family-sized residences
dominated the market, with nearly 95% of all new homes sold featuring
three or more bedrooms. Among them, eight ultra-premium villas commanded
staggering price tags, with over half of all new properties selling for
€20 million or more. Additionally, seven transactions surpassed the
€100 million mark, highlighting the extraordinary levels of wealth
flowing into Monaco’s high-end real estate sector.
Resale Market Declines in Volume but Holds Value
While
the resale market experienced a slowdown for the second consecutive
year, values remained resilient. The total number of resale transactions
fell by 5.9% to 365, marking the lowest volume since 2012. However, the
overall market value dipped only slightly, declining just 0.6% to €2.2
billion. The average resale price climbed to a record €6 million, a 5.7%
increase from 2023, reinforcing Monaco’s reputation as a safe haven for
luxury property investment.
Monte-Carlo remained the most
sought-after district, accounting for 132 of the total 365 resales. La
Rousse, the second most active neighborhood, experienced a notable
downturn, with transactions plummeting by over 25%. Interestingly, while
new developments favored larger family-sized residences, one-bedroom
apartments were the only resale segment to see an increase in
transactions.
The
average price per square meter in Monaco climbed to an all-time high of
€51,967, reflecting a 1.1% increase from 2023 and an impressive 44.3%
growth over the past decade.
The highest prices per
square meter were recorded in Larvotto (€65,857) and Monte-Carlo
(€53,911). Studios and three-bedroom apartments saw the most significant
price increases in 2024, rising 5.7% and 7.6%, respectively.
Meanwhile,
larger four- and five-room apartments experienced slight price
adjustments but maintained their ultra-luxury appeal.extraordinary
levels of wealth flowing into Monaco’s high-end real estate sector.
Monaco’s Real Estate Market Defies Global Trends
While
many global real estate markets have faced uncertainty in recent years,
Monaco’s high-end property sector continues to thrive. International
demand remains exceptionally strong, fueled by the Principality’s unique
combination of safety, stability, and prestige. The launch of landmark
developments like Mareterra is further reshaping the city-state’s
skyline and reinforcing its allure among ultra-high-net-worth buyers.
Despite
global economic fluctuations, Monaco’s real estate market remains a
pillar of strength, with sustained price growth expected in the coming
years. The scarcity of available properties, coupled with increasing
interest from global investors, ensures that Monaco continues to set new
records in the world of luxury real estate.