Monaco’s real estate market is one of the most exclusive and expensive in the world. Its unique status as a tax haven, combined with its unparalleled security, limited landmass, and high concentration of wealth, creates a unique and highly competitive market.
Key Market Characteristics
- Exceptional Price Per Square Meter: Monaco consistently holds the top spot globally for the highest price per square meter. Recent data indicates the average price per square meter is around €52,000, but can reach significantly higher in prime districts.
- Limited Supply, High Demand: The principality’s small size means there is very little new land available for development. This scarcity of space, coupled with consistent demand from high-net-worth and ultra-high-net-worth individuals, drives property values to extraordinary levels.
- Focus on Luxury: The market is dominated by high-end and ultra-luxury properties. Apartments and penthouses with amenities like sea views, concierge services, private pools, and gyms are in high demand.
- New Construction and Mareterra: To address the supply issue, Monaco is undertaking ambitious projects. The most notable is Mareterra, a land reclamation project that is adding new luxury apartments and villas to the market. This development is one of the few sources of new inventory and has commanded record-breaking prices.
- Dominance of Resales: Due to the limited new construction, the resale market accounts for the vast majority of transactions. The value of these resales has been steadily increasing, though the total number of transactions can fluctuate depending on the availability of new, high-value properties.
- Demand for Larger Properties: A recent trend, influenced by changes in residency requirements, is the increased demand for larger apartments and villas, particularly those with three or more bedrooms. This has led to a significant decrease in the share of smaller studio and one-bedroom apartments in total sales.
Real Estate Districts
Prices and property types vary by district:
- Larvotto: Often the most expensive district, known for its new developments and prime seaside location.
- Monte-Carlo: The heart of the principality, known for its iconic casino, luxury boutiques, and high-end residential buildings.
- La Condamine and Moneghetti: These districts have seen significant price growth and offer a mix of residential properties.
- Jardin Exotique: This area is known for its impressive views and is also experiencing strong price appreciation.
The Rental Market
The rental market in Monaco is also extremely expensive, serving as a gateway for those considering relocation. Due to the high cost of purchasing property, the rental market remains dynamic with strong demand, particularly for high-quality, larger properties.
Finding Real Estate in Monaco
Given the high-value nature of the market, working with a reputable, local real estate agency is essential. Many of the leading agencies are members of the Monaco Real Estate Chamber and have extensive experience catering to an international clientele.
Some of the well-known agencies with a strong presence in the luxury market include:
Magrey & Sons
Savills Monaco
Christie’s International Real Estate
Sotheby’s International Realty
John Taylor
Pastor Immobilier
Coletti Real Estate
Real Estate Marketplaces