In 2024, Monaco's real estate market reached unprecedented heights, with property prices soaring to new records. According to the latest report from Monaco's Institute of Statistics and Economic Studies (IMSEE), the average price per square meter approached €52,000, setting a new benchmark in the principality's luxury property sector.
Surge in Property Transactions
The year witnessed a 12% increase in total property transactions, totaling 466 sales and resales. This surge was predominantly driven by the sale of new properties, which saw a remarkable fourfold increase, culminating in 101 transactions. A significant contributor to this uptick was the completion of the Mareterra project in late 2024, adding 130 new residences to Monaco's housing stock.
Conversely, the resale market experienced a decline for the second consecutive year, with 365 transactions recorded—a 5.9% decrease compared to 2023, marking the lowest level since 2012.
Full episode here:
Escalating Property Prices
Resale properties reached a new average price of €6 million, reflecting a 5.7% increase. The median price also rose by 2.9%, settling at €3.6 million. In the new property sector, half of the sales exceeded €22 million, with an average price of €36.4 million. Although this represents a slight decrease from 2023, it remains significantly higher than in previous years.
Record-Breaking Price per Square Meter
The average price per square meter in Monaco reached €51,967, marginally surpassing the previous record set in 2021. This figure denotes a 1.1% year-on-year increase and a substantial 44.3% rise over the past decade. The Larvotto district led with an average price of €97,563 per square meter, though this figure should be interpreted cautiously due to the limited number of transactions. Monte-Carlo, La Condamine, and Fontvieille also reported average prices exceeding €53,000 per square meter. Notably, the Jardin Exotique district saw a 36.4% increase, reaching a new high of €49,847 per square meter, attributed to three sales in a high-end building.
Monte-Carlo: The Epicenter of Resales
Monte-Carlo reaffirmed its status as Monaco's premier real estate hub, accounting for 132 resales—over a third of all transactions. Despite a 26% decline, the La Rousse district remained the second most active area with 91 transactions, followed by Fontvieille (38 resales) and La Condamine (34 resales). The total value of resales increased in five out of eight districts, with Monte-Carlo experiencing the most significant rise, adding €109.5 million.
Monaco's real estate market continues to exemplify resilience and exclusivity, attracting global investors seeking luxury properties in a stable and prestigious environment.
Comments