Real estate in Monaco: sales of new properties top 400 million euros

Over 80% of sales are of properties that are under construction - © Monaco Tribune

It’s a new record in the Principality!

The Monegasque Institute of Statistics and Economic Studies (IMSEE) has just published its first Quarterly Economic Report (QER) for 2023. The document details growth in different sectors, including foreign trade, finance, transport, hospitality and cruises.

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And according to the cumulative figures since 1 January, the property sector is doing particularly well, especially in the new-build sector, which “continues to be very dynamic.“

With some 12 sales registered in the first quarter of 2023, twice as many as in the first quarter of 2022, new-build property sales have set a new record for the period. Total sales topped the 400 million euro mark. According to the QER, more than 80% of these transactions involve properties that are still under construction.

The resale market remained stable in volume terms, with 96 transactions (an increase of 3.2%) over the first three months. In value terms, however, sales rose by 12.4% to €563 million, the highest level since the first quarter of 2016.

It should also be noted that only five properties were sold for under €1 million: a “historically low” level. At the same time, 12 flats – one in eight – were sold for more than €10 million.