Monaco in figures 2024: Economic growth and residential changes
The conference was introduced by Guillaume Rose, Executive Director of MEB and presented by Alexandre Bubbio, Director of IMSEE, and his team © MEB
More and more families want to settle in the Principality while workers are living further and further away from their workplace.
The business sector eagerly awaits the news every year. IMSEE’s Monaco in figures is officially released. Now everyone can study the developments of the past year in the Principality.
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No downsides in 2023. Last year many things were ‘on the up’. Starting with the job market, which grew by 3.4% compared to 2022. Monaco provided 73,707 jobs in 2022 (employees and entrepreneurs combined) almost double the number of inhabitants in the Principality (38,367).
Workers live further away from their workplace
As everyone knows, the vast majority of Monegasque workers come from abroad. Only 10% live and work in Monaco. Commuters are forcd to move further away from their place of work from year on year.
While several years ago many of them came from the neighbouring municipalities, this is less and less the case today. Commuters increasingly live in Ventimiglia and Nice, pushed out of the outskirts of Monaco by the constant rise in real estate prices.
A metamorphosis for the real estate sector
With the Mareterra offshore extension and its many homes, there was a spike in the real estate and construction sector in terms of numbers of transactions in 2022. Sales of new builds and existing apartments reached 521 transactions compared to 416 the previous year.
Proving that more and more families are settling in the Principality for its comfortable lifestyle and its security, the demand for 2+-roomed apartments has risen, as have numbers of transactions. In contrast, studio apartment sales have tended to stagnate in recent years and even decline in 2023.
Constantly rising, the average price, in 2023, was €51,418 per square metre for old properties.
Budget surplus for the State
As every year, except in 2020 because of the health crisis, the state budget is in surplus. In 2023, Monaco recorded a revenue of €2.2 billion and expenditure valued at €2.07 billion. The Principality therefore has a surplus of 126.3 million euros.