In the face of macroeconomic challenges, luxury housing worldwide remains resilient. Monaco, which is often considered a safe market, also held its position.
Last year, the price per square meter in Monaco increased by 0.9%, according to the Savills World Cities Prime residential real estate index. Although this figure is below the global average (+2.2%), the cost of facilities in the Principality has reached a very high level. The average price per square meter is 51,418 euros today, which is less than 1% lower than the record in 2021.
Although the volume of transactions in 2023 decreased by 8.7%, the total volume in value terms is still more than 3.2 billion euros. At the same time, sales in new buildings exceed 1 billion euros, which almost corresponds to the record of 2022.
In 2023, the share of apartments sold at a price of more than 5 million euros increased by two percentage points, while the share of apartments sold at a price below 5 million euros decreased by the same amount over the same period.
Indicators in the secondary market have returned to the pre-pandemic level, mainly due to sales of larger apartments.
For decades, there has been a chronic shortage of supply in the Monaco real estate market. For a microstate less than half the size of Central Park in New York, given the international nature of demand, this is hardly surprising. In an effort to meet the consistently high demand, Monaco is launching new construction projects. There are two major projects under development, which are scheduled to launch in 2024: Mareterra and Bay House Monaco, as well as other smaller ones.Source: Savills
