Real estate: one in two properties sold for over €22m in Monaco
The price per square metre was close to €52,000 in 2024, a new record © All rights reserved
IMSEE has published its 2024 Real Estate Observatory, revealing a year that saw an increase in the number of transactions and an overall rise in prices.
Transaction volumes on the increase
“The Monegasque property market shows positive results in 2024, albeit with some nuances,” explains IMSEE (the Monegasque Institute of Statistics and Economic Studies). While the total number of property transactions rose by 12% with 466 new and existing properties sold, the increase was mainly driven by sales of new properties. These set a record with 101 transactions, almost four times the volume of the previous year.
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The upturn was driven in particular by the completion of the Mareterra project at the end of 2024, which alone added 130 new homes to Monaco’s housing stock.
The market for existing properties continued to decline for the second year running. With 365 transactions recorded, down 5.9% on 2023, it is at its lowest level since 2012.
Ever-higher prices
The average price for an existing home in Monaco reached a new record of six million euros, an increase of 5.7%. The median price rose by 2.9% to €3.6 million.
Prices for new-build property remain extremely high. In 2024, one in two properties sold for over €22 million, with an average price of €36.4 million. Although this figure is slightly lower than in 2023, it is still much higher than in previous years.
Record prices per square metre
The average price per square metre has risen to €51,967, just over the previous record, set in 2021, of €51,912. The figure represents an increase of 1.1% year on year and of 44.3% over a decade.
The Larvotto district has seen the biggest increase, with an average price of €97,563/m², although this figure should be taken with caution due to the low number of transactions recorded. Monte-Carlo, La Condamine and Fontvieille have average prices of over €53,000/m².
IMSEE also points out that in the Jardin Exotique neighbourhood: “ the price per square metre rose by 36.4%, setting a new record at €49,847 as a result of three sales in a very high-end building.”
Over one in three existing property sales in Monte Carlo
Monte-Carlo confirmed its status as the Monegasque property market’s flagship district, with 132 sales of existing properties, or over one in three. The La Rousse district, despite being down by 26%, remains the second most dynamic district with 91 transactions, ahead of Fontvieille (38 existing properties sold) and La Condamine (34).
“The number of existing property sales rose in five out of eight districts,” IMSEE reports. Monte-Carlo recorded the biggest increase in value with an additional €109.5 million, while La Rousse saw a significant drop of €200 million.
Increasingly expensive properties
The most prestigious properties continue to dominate the market. The number of properties sold for over €10 million rose by 10.6% compared with 2023, representing 14.2% of all transactions. IMSEE states: “In 2024, 19 existing properties sold for over €20 million, a record since the observatory was created. The number has almost doubled in ten years.”
Sales of new-build properties were at record levels: the average price of properties with five rooms or more was €18.8 million, a spectacular increase of over 100% in ten years.
Despite a fall in sales of existing homes, Monaco’s property market continues to stand out for its extremely high prices and strong demand for luxury properties.
New developments, such as Mareterra, helped boost the new-build market, and prices per square metre are at an all-time high. As a result, the Principality remains a key location for prestige property investment.