2024 was an exceptional year for Monaco’s real estate market, showing solid growth in both the quantity and value of transactions.
The record figures and trends presented in the 2024 Real Estate Observatory, published by IMSEE, highlight the market’s strength and Monaco’s strong appeal while also opening up interesting prospects for the future.
The Monegasque Institute of Statistics and Economic Studies (IMSEE) published record results for 2024 in its Real Estate Observatory. The year’s performance demonstrates solid growth, underlining the ongoing strength and attractiveness of this luxury market.
Content
Monaco’s Strong Attractiveness
Historic Record in New Apartment Sales: Demand Grows
Slight Drop in the Resale Market: A More Nuanced Landscape
Significant Increase in Total Sales Value: An Ever More Profitable Market
Average Prices per Square Meter Continue to Rise: Solid and Profitable Investments
A Continuously Growing Trend Expected for 2025 and Beyond
The first noteworthy figure from the 2024 Real Estate Observatory is the significant increase in the total number of real estate transactions.
The number of transactions in Monaco rose by 12% in 2024, translating to 50 more apartments sold compared to 2023.
This growth can be attributed to several factors:
The delivery of the new development Mareterra.
The pursuit of a luxury lifestyle in a prestigious setting with high-end services.
Monaco’s enduring appeal, especially for international investors.
The Principality’s safe environment.
In short, the data show that Monaco remains a prime destination for buyers, attracted by its safety, luxury, and high-quality services.
Moreover, the perception of real estate as a high-value investment has not only remained unchanged but has grown even stronger.
One of the most significant trends of 2024 was the increased demand for newly built apartments.
The number of new apartment sales reached an all-time high of 101 transactions—a milestone never before achieved, partly due to the delivery of the Mareterra apartment complex.
Moreover, this figure demonstrates that buyers are favoring recent real estate developments, which offer modern conveniences, high-quality finishes, and better use of space. These projects are often large-scale and located in strategic areas of the Principality, where demand is especially high.
Monaco attracts buyers not only because of its exclusivity but also thanks to projects that meet strict quality standards, widely perceived as safe investments.
Conversely, the resale market in 2024 showed a slight slowdown compared to the previous year.
The number of resale transactions fell by 5.9% compared to 2023.
This decrease can be attributed to various factors:
Very high selling prices may deter some buyers.
There is still a significant gap between asking prices and selling prices.
It’s important to emphasize that this slight slowdown is not alarming, as the resale market remains both active and profitable.
Rather, it reflects changing dynamics between new construction—experiencing considerable interest—and the resale market, where buyers might be more cautious due to high prices.
In terms of the overall value of transactions, Monaco’s real estate market set a new record in 2024.
The total sales value reached €5.9 billion, with two-thirds of that total coming from property sales—an 80% increase over 2023.
This figure not only highlights the robust health of Monaco’s real estate sector but also underscores its prestige and uniqueness.
Monaco continues to attract investors from around the world, thanks to its appealing returns and the solidity of its real estate market. Luxury properties fetch high values and are sold at premium prices, confirming that Monaco has one of the world’s most expensive and attractive real estate markets.
Another key finding from the Real Estate Observatory concerns price increases.
The price per square meter grew in 2024, reaching an average of €51,967—1.1% higher than in 2023.
Prices rose particularly in Monaco’s most coveted areas, such as Carré d’Or and Larvotto, where the average cost per square meter reached a record €97,563. This upward trend is linked to several factors, including limited supply and rising demand, especially from foreign investors. Consequently, prices remain high.
While this can pose challenges for local buyers, it is essential to note that Monaco’s real estate remains a safe and profitable investment. The Principality’s real estate market continues to serve as a secure haven for those seeking to invest in a stable and prestigious environment.
Monaco’s real estate market appears poised to continue its growth trajectory and become even more appealing to both buyers and investors:
New urban development projects will satisfy the ever-increasing demand.
The new-apartment segment will keep expanding, potentially boosting the resale market.
Continued investment in infrastructure and high-quality services, paired with Monaco’s prime location, will ensure a luxurious lifestyle and excellent investment opportunities.
Monaco’s appeal is set to grow further. The future of the Principality’s real estate market looks promising, with sustained growth predicted for the coming years.
Experts have strong confidence in the factors driving this trend: Monaco’s strategic position, its favorable economic environment, and its ongoing urban development projects.