The Monaco real estate market experienced an exceptional year in 2024, marked by records both in transaction volume and property values. This dynamic illustrates the unwavering appeal of the Principality for investors and wealthy buyers.
A Real Estate Market in Full Expansion
In 2024, the Monaco real estate market showed significant growth, with a 12% increase in the total number of transactions, reaching 466 sales and resales. This increase is mainly due to the sale of new properties, which hit a record with 101 transactions, nearly quadrupling the volume recorded the previous year. This performance is largely driven by the delivery of the Mareterra project, which added 130 new homes to Monaco’s property market.
The Principality continues to attract an international clientele thanks to its favorable tax environment, security, and quality of life. Local economic dynamism and the scarcity of available properties contribute to maintaining strong demand and constant market appreciation.
Sales Reaching New Heights
The year 2024 saw a spectacular surge in the real estate sales market. For the first time, the total value of sales surpassed 3.5 billion euros. More than half of the transactions involved properties sold for more than 22 million euros. This ultra-luxury segment continues to attract wealthy clients in search of exceptional properties.
Among the most notable sales of the year, some properties exceeded the 100 million euro mark, confirming the appeal for exceptional residences with ultra-high-end features. The market for spacious family apartments also remains dynamic, due to strong demand from residents seeking properties offering comfort and prestige.
A Contrasting Resale Market
Unlike sales, the resale market continued its decline for the second consecutive year. With 365 transactions recorded, representing a decrease of 5.9% compared to 2023, it reached its lowest level since 2012. However, despite this decrease in the number of transactions, the average resale price reached a new record at 6 million euros, an increase of 5.7%. The median price, meanwhile, rose by 2.9% to 3.6 million euros.
The decline in the number of resales is partly due to the scarcity of supply and the retention of properties by owners who prefer to hold onto their properties in a context of continuously rising prices. However, some areas, such as Monte-Carlo and Larvotto, still register a higher volume of resales than others, thanks to their unmatched attractiveness.
Square Meter Prices Still Rising
The average price per square meter also reached a historic high in 2024, reaching 51,967 €. This figure marks an increase of 1.1% year-on-year and 44.3% over ten years. The Larvotto area saw the strongest increase, with an average price of 97,563 €/m², but this figure should be interpreted with caution due to the limited number of recorded transactions. Meanwhile, Monte-Carlo, La Condamine, and Fontvieille show prices exceeding 53,000 €/m².
The high level of prices per square meter confirms that Monaco remains a prestige market where supply remains limited and demand strong. New property developments, although rare, contribute to this continued rise in prices. The quality of services and infrastructure, as well as the privileged location of these properties, justify these record values.
In conclusion, despite a decline in resales, the Monaco real estate market remains particularly attractive with rising prices and sustained demand for luxury properties. The Principality continues to position itself as a safe-haven market for wealthy investors seeking exclusivity and stability.
With records achieved in 2024 and still positive appreciation prospects, Monaco remains a must-see destination for high-end real estate investment. Whether for a primary residence, a second home, or a wealth investment, Monaco’s real estate continues to appeal to an international clientele seeking prestige and security.
Credits and infographic : Imsee.mc
