Latest statistics and trends in Monaco’s real estate market

Demographic Overview

In 2023, the Principality of Monaco had 38,367 residents, recording an increase of 2.8% compared to the 2016 census, representing an increase of 1,059 people.

Monaco’s population is characterized by its diversity, with 141 nationalities represented. Monégasques make up about a quarter of the total population (24%), followed by the French (22%), Italians (20%), and British (7%). Other significant communities include Russians, Swiss, and Belgians, each representing about 3% of the resident population. This national diversity contributes to Monaco’s cosmopolitan atmosphere, and the demographic profile shows a balanced age distribution, although a notable proportion of residents are aged 50 and over

Real Estate Market Analysis

The real estate market in Monaco is one of the most dynamic and high-value sectors, attracting the interest of investors and wealthy individuals from around the world. The recently published Real Estate Observatory provides detailed information on the latest trends and statistics in this sector.

In 2023, Monaco’s real estate market continued to attract attention with its dynamism despite a decrease in the number of transactions compared to the previous year. The total number of sales, including resales and new properties, amounted to 416, a decrease compared to 2022, but the value of transactions almost reached historic highs. This performance underscores the resilience of Monaco’s real estate market in a context of reduced availability.

Performance of Resales and New Properties

Resales dominated the market in 2023 with 388 transactions, marking a decline of more than 10% compared to the previous year and reaching their lowest level in over a decade. Small units, such as studios and two-room apartments, were particularly affected by this decline. However, three and four-room apartments saw their demand increase, reflecting a preference for larger spaces. In parallel, the average resale price rose by 4.1%, reaching 5.7 million euros, approaching the record of 2019.

Regarding new properties, only 28 transactions were recorded, representing a drop of 68.2% compared to the previous year, primarily due to a lack of new projects delivered. Despite this reduced number, these sales generated over one billion euros, with half of the properties being sold above 28 million euros and an average sale price of 37.1 million euros. This figure highlights the luxury segment that dominates new constructions.

Price Fluctuations per Square Meter

The price per square meter for resales slightly increased in 2023, averaging 51,418 €, a rise of 1% compared to the previous year. Although this price is still below the 52,000 € observed in 2021, it reached record levels in five of the seven districts where it is measured, demonstrating strong demand and continuous valuation of real estate in Monaco.

Price fluctuations have also been observed at the neighborhood level. In La Condamine, the average price per square meter exceeded 50,000 € for the first time, reaching 54,100 €, an increase of about 20%. Moneghetti also saw prices rise, reaching 46,511 € per square meter. At the top of the price range, the Larvotto district remains the most expensive, with an average price of 65,857 € per square meter, marking a 5.6% increase.

Geographical Distribution of Transactions

The geographical distribution of transactions shows that Monte-Carlo and La Rousse continue to dominate the resale market, accounting for more than 60% of transactions. However, a notable increase in transactions has also been observed in the Moneghetti and Larvotto districts, indicating growing demand in these areas.

Transactions and Prices

In 2023, the real estate market in Monaco saw a slight contraction in the number of transactions. A total of 416 transactions were recorded, 105 fewer than the previous year. Despite this decrease, the market remains very active and competitive. The average price per square meter for residential properties reached a record high, highlighting the high-end nature of Monégasque real estate.

The average price per square meter for new apartments was reported at 53,000 €, reflecting a 3.5% increase compared to the previous year. For resale apartments, the average price per square meter rose to 48,000 €, marking a 2.8% increase. These figures highlight the sustained demand for residential properties in Monaco, driven by limited supply and the Principality’s prized location.

Segmentation and Trends

The luxury segment continues to dominate the real estate market in Monaco. High-end properties, including penthouses and seaside villas, command high prices and attract international buyers. The trend towards luxury living is illustrated by significant investments in new developments and the renovation of existing properties to meet the standards of demanding clients.

Commercial real estate also plays a crucial role in Monaco’s economy. The demand for office spaces remains strong, driven by the finance and business sectors. The average rental price of commercial properties has seen a moderate increase, reflecting the limited availability of prime office spaces.

Future Outlook

In conclusion, although Monaco’s real estate market experienced a decrease in the total number of transactions in 2023, the prices per square meter continued to rise, and sales of high-value properties maintained the market’s momentum. This situation reflects a constantly evolving market, supported by persistent demand for high-end properties. Miells-Christie’s Agency provides its clients and investors from around the world with its expertise and extensive network of partners (banks, lawyers, family offices, etc.) to help everyone take advantage of the opportunities offered by Monaco’s unique real estate market.