MONACO: THE REAL ESTATE MARKET IMMUNE TO THE HEALTH CRISIS

The Covid-19 epidemic has had a strong impact on various sectors of Monaco’s economy. From tourism to the automobile industry, many markets have suffered significant drops in activity. However, one sector seems almost “asymptomatic”: real estate has been little affected. Analysis.

MONACO: THE REAL ESTATE MARKET IMMUNE TO THE HEALTH CRISIS

The Covid-19 epidemic has had a strong impact on various sectors of Monaco’s economy. From tourism to the automobile industry, many markets have suffered significant drops in activity.

 

However, one sector seems almost “asymptomatic”: real estate has been little affected. Analysis.

AN UNUSUAL MARKET

With its 2 km² for 38,000 residents, its ideal geographical location, and its dense economic fabric, the Principality has a seemingly unfailing appeal.

 

Even in times of crisis.

 

At a time when international travel is restricted, mathematically limiting the number of foreigners settling in the Principality, it is Monegasque residents who continue to invest in stone.

 

At the end of spring 2020, the transaction volume was almost on par with that of 2019 over the same period, with a total of 160 transactions completed.

2021 promises to be an exciting year. we at Miells-Christie’s remain at your side to help you navigate the monegasque real estate market.

THE RIGHT TIME TO INVEST IN MONACO?

As a result of the crisis, we have seen a certain stabilisation of prices per square metre, after an impressive 71% increase in 10 years. This is a rare situation that should be taken advantage of.

 

In addition, it is sometimes possible to make relatively good deals. Most Monegasque real estate actors have noticed that some owners have agreed to accept lower offers in the face of the uncertainty linked to the end of the health crisis.

 

But prices are not the only good reason to invest in real estate in Monaco.

 

The fall of form of the global economy has led to some instability in stock market values. Generally speaking, real estate is thus positioning itself as a refuge asset. This is especially true in Monaco. In addition to the capital gains that one can earn, the tax benefits linked to being a resident in the Principality are perceived as a real advantage for those who anticipate potential tax increases due to the health crisis.

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