Real estate: one in two properties sold for over €28m in Monaco

L’Institut Monégasque des Statistiques et des Etudes Economiques (IMSEE – Monaco Statistics) has published its Observatory on Monaco’s real estate market in 2023.

In 2023, 416 property transactions were completed in Monaco, including 388 resales and 28 new properties. While this represents 105 fewer sales than in 2022, a year that saw a sharp upswing in the property market, the total value of these transactions is approaching record levels: €3.23 billion, just €300 million less than in 2022.

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Another record that the property market came close to establishing last year was the average sales price per square metre. In 2023 it was €51,418, just 1% short of the €52,000 recorded in 2021. It did however exceed historic levels in 5 of the 7 districts where it is calculated.

One in two properties sold for over €28m

Last year, 28 new properties were sold, down 68.2% on the previous year’s record. “The main reason for the drop is the lack of new builds. Two-thirds of transactions involving ‘off-plan’ properties and one-third involving flats delivered less than 5 years ago,” explains IMSEE. Of these properties sold, one in two has 5 rooms, including 3 villas.

These 28 properties represent more than €1 billion in sales. In fact, one in two new flats sold for over €28m, for an average of €37.1m. “The sharp rise in average and median prices can be explained by the type of property being sold,” says the Observatory. 60.7% of transactions were for apartments with 4 or more rooms.

A fall in resales

With 388 transactions in 2023, the resale market fell by more than 10% to its lowest level since 2012. “The number of small flats fell most sharply, with 16 fewer studio flats and 28 fewer 2-room properties than in 2022,” IMSEE states, adding that “3-room and 4-room properties are the only categories to increase.”

In the ranking of the Principality’s 8 districts, Monte-Carlo and La Rousse come out well ahead. Between them, they account for more than 60% of property resale transactions. “The only other districts with an increase in the number of resales are Les Moneghetti and Larvotto,” says the Observatory.

In 2023, the average resale price rose by 4.1% to €5.7m, close to its record level in 2019 (€5.8m).

Record price per square metre in 5 districts

With a historic record in 5 of the 7 districts, Monaco-ville being excluded from these figures, the strongest increases in the average price per square metre are in La Condamine and Moneghetti. La Condamine broke through the €50,000 barrier for the first time (€54,100, an increase of about 20%), and Moneghetti reached €46,511.

Larvotto has the highest figure at €65,857, an increase of 5.6%.