Published on May 26, 2023Updated on October 20, 2023
Luxury and exclusivity perfectly represent Monaco's real estate,which has lots of advantages making it one fo the world most popular markets. With sumptuous apartments, penthouses and villas in front of the Mediterranean sea, the monegasque real estate offers a range of options, but above all, a secure investment and in recent years, it has offered a large selection of brand new luxury properties. A closer look at the prime real estate destination for affluent investors and residents from all over the world.
Resilient real estate
Whether you’re buying to live in the property or to or rent it out, investing in Monaco is and will remain a great opportunity.
The buoyancy of the market makes it a potentially profitable long-term investment”, explains Fiona Wiegersma Bruno, manager of the Dameno Monaco Real Estate agency. Clearly, there is still added value to be had, as the latest figures from IMSEE prove. During the first months of 2023, new property broke some records* despite the rise in interest rates.
Photo: For the die-hards sea view, this penthouse in triplex of a surface of 464 m2 is for sale at the Villa Annonciade - © Dameno
Monaco's average property market price
“June was a bumper month! We reached the same level as we had in 2022, which was already an excellent vintage”, observes Michel Dotta, who runs the Dotta agency and is a market expert. According to IMSEE, “the real estate market reached an unprecedented level in 2022: €3.54 billion”! The market for new homes quadrupled in volume and quintupled in value, due to numerous apartment deliveries and ongoing construction projects. The average price, at over €50,000, has increased by more than 60% in 10 years! Some properties even go beyond the €100,000/sq. metre mark, such as apartments in Mareterra, the new district in Monaco built on the sea.
Photo : The terrace is a big plus in Monaco. That of this duplex located in the residential district of La Rousse Saint-Roman, sold for 4.95 million euros, measures 33 m2. © Valeri Agency
Average sale price for a new property reaches €13.5 million
“We sell both old and new, and we’re even starting to sell studios now they are becoming more popular! say Marilyn Milardi and Nicolas Croesi, sales director and negotiator respectively at Miells-Christie’s. The average sale price of a new property is 13.5 million and the average resale price 5.4 million. The most recently delivered developments, such as Le 45G Rue Grimaldi and L’Exotique at the entrance to Monaco via the Moyenne Corniche were snapped up very quickly. “Some customers even buy entire floors off plan and sell each lot individually,” explains Florian Valeri, founding manager of Valeri Agency. Old properties in Monaco are gradually being renovated, even when energy audits don’t require any changes. “Owners have understood that they have to renovate properties intended for rental and that, more and more often, they undertake work with replacement of windows with double glazing, air conditioning, new kitchen or bathroom” say Nicolas Croési and Marylin Milardi.
Photo : Florian Valeri, founding manager of Valeri Agency. © Valeri Agency
A secure environment
Security is top priority: “Security in Monaco is a very important asset, and in today’s world attracts the attention of clients who are looking for a safe haven with exceptional quality of life! adds Fiona Wiegersma Bruno.
The situation is slightly different with rentals. “The market is slower than it has been in the past, you can sometimes spend three months looking for your next apartment tenant”, says Michel Dotta, who has been campaigning a rental watchdog over the last few years to improve market visibility, especially on prices. Soaring inflation since the start of the war in Ukraine has had an impact. “Due to inflation, rents — indexed to the construction cost index – increased by between 6 and 9% in 2022 and between 5 and 6% since the start of this year”, observe the Miells negotiators who ask “owners to limit increase to keep their tenants”. Price rises are annual: “For flats with up to three rooms, leases are generally for one year. They extend to three years for larger flats, which have higher fixtures and fittings costs”, says Florian Valeri.
Fiona Wiegersma Bruno, head of the Dameno agency: “The value per sq. metre has risen steadily since the 1960s. Even though we’re building higher and higher, and even with the new extension to the sea, the narrowness of the Principality’s territory still limits the number of
properties available”.
Key figures
Sales exceeded €1 billion for the first time in 2022
• Residential property accounts for 61% of the surface area built in the Principality.
• Nearly half (43%) of the surface area built for residential use is located in the Monte-Carlo and La Rousse districts.
• Nearly two thirds of resales are in Monte-Carlo and La Rousse.
• The average price of property resales reached €5.4m in 2022.
• One transaction in two will involve a property worth more than €3.3m.
• The number of transactions costing more than €10m is on the rise.
• At more than €62,000/sq, Larvotto has the highest price per square metre.
• The price per square metre in the Moneghetti rose by 11.6% to over €42,000, its highest level since 2019
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