Review: The real estate market in Monaco in 2024

Monaco's real estate market in 2024 continues to show contrasting dynamics, oscillating between an increase in sales (+12%) and a decline in resales (-5.9%). According to the latest data from the Monegasque Institute of Statistics and Economic Studies (IMSEE), the total amount of real estate transactions has reached an all-time high of €5.9 billion, an increase of +80% in one year. This growth is largely driven by sales of new developments, which reached 101 transactions, with a median price exceeding 22 million euros. The delivery of the Mareterra project, which added 130 new homes in the Larvotto district, has greatly contributed to this dynamic. On the other hand, the resale market continues to slow and has reached its lowest level since 2012. Despite this drop in activity, the average price per square meter of resales sets a new record at €51,967/m² in 2024, slightly exceeding its previous peak in 2021.

Every year, Petrini Exclusive Real Estate analyses the developments in the real estate market in Monaco in order to offer precise summaries and enlightened perspectives to investors and residents. Thanks to an in-depth knowledge of the local market, we identify major trends and anticipate changes in the sector. In this context, we have carried out an in-depth study on the trends of the Monegasque real estate market in 2024, highlighting the dynamics by district, the evolution of prices and investment opportunities. We also invite you to consult our analysis of the forecasts for the Monegasque real estate market in 2025, in order to anticipate future developments.

This article offers a detailed reading of the key figures for 2024, as well as an analysis of the trends and prospects for the coming months.

A Monegasque real estate market in full evolution

Monaco's real estate market in 2024 is characterised by contrasting developments. While the number of new home sales is at a record high, the resale market continues to slow down for the second year in a row. These trends are part of a global economic context marked by strong demand for luxury real estate and a limited supply in the Principality.

Growth driven by new home sales

The year 2024 saw a 12% increase in the total number of transactions, 50 more apartments than in 2023. This increase is mainly due to the increase in sales of new properties, which reached 101 transactions, a level not seen since the creation of the Observatoire de l'Immobilier in 2006. The Mareterra project, with its 130 homes delivered in the Larvotto district, plays a key role in this dynamic, bringing new buying opportunities to a market where supply remains historically limited.

The total amount of real estate transactions amounts to €5.9 billion, an increase of +80% in one year and a figure that has more than doubled in ten years. This exceptional volume reflects not only the increase in sales of new properties, but also the increase in the prices of the most prestigious properties, especially those with a value of more than 20 million euros.

A declining resale market

In contrast to new home sales, the real estate resale market continues to slow, with 365 transactions recorded in 2024, a decrease of -5.9% compared to the previous year. The decline marks the second consecutive year of declines and brings resale volumes to their lowest level since 2012.

Several factors explain this trend:

• A reduced supply, with a limited number of properties available on the secondary market.

• High prices, which slow down the turnover of the real estate stock and limit buying opportunities.

• A growing attractiveness of new construction, which captures a larger share of transactions thanks to recent and high-end real estate programs.

Despite this slowdown, the resale market continues to show high prices, with an average price per square meter reaching €51,967, a new all-time high. The contrasting trend between new home sales and the resale market reflects a changing Monegasque real estate market. This dynamic influences not only investment strategies, but also growth prospects for the coming years.

The most popular neighborhoods in 2024

The Monegasque real estate market shows strong disparities between districts, with significant price differences between the most popular areas and those with more moderate developments. While some districts are reaching record levels, others are experiencing adjustments, reflecting the dynamics specific to each sector of the Principality.

Larvotto: the highest price per square metre

With an average price of €97,563/m², the Larvotto district has the highest value on the Monegasque real estate market in 2024. However, this figure should be interpreted with caution as it is based on a low number of transactions, which can lead to significant year-over-year variations. The presence of exceptional real estate programs, such as Mareterra, contributes greatly to this valuation, by attracting an international clientele looking for prestigious properties on the seafront.

Monte-Carlo: the most dynamic district

Monte-Carlo remains the most active sector of the market, accounting for more than a third of resales with 132 transactions recorded in 2024, an increase of +10.9% compared to the previous year. With an average price per square meter of €53,911/m², the district continues to attract buyers, thanks in particular to its proximity to the Casino de Monte-Carlo and its high-end infrastructure.

Fontvieille and La Condamine: sustained attractiveness

These two districts have very similar prices per square metre: €53,908/m² for Fontvieille and €53,801/m² for La Condamine. Their attractiveness is based on several factors:

• Fontvieille, with its modern residences and its proximity to the port, appeals to a clientele looking for a quieter living environment, while remaining close to the center.

• La Condamine, a historic and commercial district, benefits from a strong demand for small and medium-sized properties, attracting both investors and permanent residents.

The Exotic Garden: the strongest growth

The Exotic Garden recorded the largest price increase in 2024, with an increase of +36.4%, bringing the average price per square meter to €49,847/m². This increase is due in particular to the resale of apartments located in a luxury building, reflecting a growing interest in this district which offers panoramic views of the Principality and a more airy residential setting.

The Moneghetti and La Rousse: contrasting developments

• The Moneghetti have an average price per square metre of €42,326/m², down slightly compared to the previous year (-4.2%). This residential area, well served and popular for its luxury buildings, remains attractive for families and residents wishing to get away from the tourist heart.

• La Rousse, the second largest district in terms of transaction volume after Monte-Carlo, recorded a decrease of -6.8%, with an average price of €45,303/m². This evolution can be explained by a more limited supply in 2024, while the district remains sought after for its prestigious residences such as the Odéon Tower.

The trends observed in 2024 show a hierarchy of prices according to location, the quality of infrastructure and the supply of available properties. While Larvotto, Monte-Carlo and Fontvieille remain the most exclusive areas, districts such as the Jardin Exotique and La Condamine are gradually moving upmarket. This development reflects the diversity of the Monegasque market, where each sector plays a distinct role in the overall attractiveness of the Principality.

Price per square meter and evolution of the resale market

The real estate resale market in Monaco in 2024 continues to stand out for its high prices, despite a drop in the number of transactions. While the volume of resales fell for the second year in a row, the average price per square metre reached a new record of €51,967, confirming the attractiveness and exclusivity of the Monegasque market.

An average price per square metre on the rise

In 2024, the average resale price increased by +1.1% compared to 2023, surpassing the previous record set in 2021. Over the last ten years, this evolution represents an increase of +44.3%, with an average annual increase of +4.2%.

However, this increase is not uniform according to the types of property:

• Studios and three-room apartments recorded the strongest growth with +5.7% and +7.6% respectively.

• Apartments with four or more rooms saw a slight decline, with a decrease of -2.0% for four-room apartments and -3.7% for five-room apartments or more.

• Prestige properties retain their attractiveness, especially properties priced above €10 million, whose number of transactions increased by +10.6%.

New construction transactions: a spectacular surge

The market for new property sales in Monaco reached a record level in 2024, confirming the Principality's attractiveness for buyers looking for exceptional properties. The total amount of sales in new construction amounted to €3.7 billion, a figure higher than the cumulative number of transactions recorded between 2006 and 2021. This surge can be explained by several factors, including the delivery of 159 new homes, including 130 from the prestigious Mareterra project, which significantly contributed to the increase in sales volume.

The typology of properties sold in new buildings testifies to the evolution of the market towards increasingly exclusive properties. In fact, 70% of sales are for apartments with 4 rooms or more, a trend that illustrates the growing interest in spacious, high-end homes. High-priced transactions dominate the market: more than 57 properties sold for more than €20 million, confirming that Monegasque real estate is mainly aimed at a wealthy clientele looking for an exceptional living environment and high-quality services.

What is the impact of interest rates and regulations on real estate in Monaco?

The recent increases in variable interest rates have had a limited impact on the Monegasque real estate market, where a majority of buyers make their purchases without recourse to bank credit. However, they can:

• Slowing down transactions in the resale market by reducing demand from some investors.

• Affect foreign buyers who have to finance their acquisition, reducing their purchasing power.

At the same time, environmental regulations are playing an increasingly important role. Monaco aligns with European sustainability requirements, which involves:

• Increased compliance costs for new construction and renovations.

• Increased demand for environmentally friendly properties incorporating advanced ecological standards.

• A growing interest from buyers in projects such as Mareterra, designed according to strict environmental criteria.

In a context of global economic turbulence, these factors are influencing the Monegasque market, which nevertheless remains resilient thanks to its attractiveness and the strong demand for luxury real estate.

Luxury real estate in Monaco: ever more exclusive?

The Monegasque real estate market is resolutely focused on ultra-luxury. In 2024, one in two new apartments sold for more than €22 million, while the average number of transactions in new buildings reached €36.4 million. These figures illustrate the scarcity and high valuation of available properties, a phenomenon accentuated by the Principality's small size and sustained international demand.

Apartments with 5 rooms and more now dominate the market, with an average price exceeding 18.8 million euros. This segment attracts a privileged clientele, made up of international investors and residents looking for properties with large volumes, exceptional finishes and exclusive services such as concierge services, private swimming pools and direct access to the beaches.

Compared to other luxury markets such as London, New York or Hong Kong, Monaco stands out for its prices per square meter that are among the highest in the world, but also for its advantageous taxation and unique economic and political stability. While cities such as London or New York can offer comparable properties in terms of standing, they do not benefit from the regulatory and tax framework that makes Monaco a destination of choice for the wealthy.

Outlook and challenges for 2025

The trends observed in 2024 suggest price stability despite a smaller market. While new property transactions remain dynamic, the decline in the number of resales (-5.9%) could limit the fluidity of the market and accentuate the scarcity of available supply.

The impact of new real estate projects, such as Mareterra, is a key factor to monitor. These developments are helping to redefine the Monegasque urban landscape by offering ultra-modern residences that meet the expectations of wealthy buyers. However, with limited buildable space, Monaco's capacity to expand remains constrained, which could maintain upward pressure on prices.

Finally, the question of Monaco's attractiveness for international investors remains central. The Principality continues to enjoy sustained demand, fuelled by its political stability, its advantageous tax system and its unique living environment. However, regulatory developments and global economic dynamics could influence investment strategies and redraw the profile of buyers in the coming years.

In 2025, the Monegasque real estate market should therefore continue to be structured around ultra-luxury, while adapting to the new expectations of buyers and the challenges linked to the urbanisation of the Principality.

Carrying out real estate projects in Monaco: tailor-made support

Monaco continues to attract a high-end clientele wishing to carry out exceptional real estate projects. In 2024, the Principality offers many investment opportunities, especially with the delivery of prestigious real estate programs such as Mareterra, which redefines the standards of luxury and sustainability. However, faced with a competitive market and specific regulatory requirements, it is essential to rely on recognized expertise to carry out a real estate project in Monaco.

An exclusive market requiring a tailor-made approach

As the real estate supply in Monaco is limited, accessing the most coveted properties requires a perfect knowledge of the market and an ability to anticipate changes in the sector. Buyers and investors must also take into account the new ecological and regulatory requirements, which impose ever stricter standards on construction and renovation. In this context, personalized support allows you to optimize your project and guarantee an acquisition that complies with the most demanding standards. As a specialist in the Monegasque real estate market, Petrini Exclusive Real Estate supports its clients at all stages of their project, providing them with cutting-edge expertise and an exclusive network. In 2024, our agency stands out for:

• Privileged access to exceptional properties, including off-market properties.

• Tailor-made support, including property search, negotiation and legal and tax expertise.

• The integration of digital technologies, with immersive 3D tours and advanced digital services.

• Personalised post-purchase follow-up, including rental management, development and asset optimisation.

• An eco-responsible approach, in line with the growing demand for sustainable properties that comply with new environmental standards.

Large-scale real estate projects in 2024

The year 2024 marks the delivery of several prestigious real estate programmes, reinforcing the attractiveness of the Monegasque market. These achievements illustrate the sector's evolution towards ultra-luxury residences, integrating sustainable technologies and high-end services.

• Mareterra, Monaco's new eco-responsible district, designed to meet the strictest environmental standards, integrating various types of exceptional residences:

  • The Renzo, an emblematic residence of the Mareterra project, offering prestigious apartments with breathtaking views of the sea.

  • Les Jardins d'Eau, a refined residential complex located on the seafront, combining nature and modern architecture.

  • Mareterra's Townhouses are elegant residences with contemporary architecture, offering spacious living areas with terraces and private gardens.

  • Mareterra Villas, exclusive properties with vast spaces, ultra-luxurious amenities and privileged access.

• Bay House, ultra-luxury complex in Larvotto, comprising 56 apartments and 5 villas, with panoramic terraces and private swimming pools.

• The Luciana, a high-end residence combining architectural elegance and exclusive services, offering a refined living environment in the heart of the Principality.

Reminder of the key programs of the past few years

Some of the programmes delivered in recent years continue to be among the most popular residences in Monaco:

• L'Exotique (2022) – Located in the Jardin Exotique, it offers spacious apartments with green terraces and panoramic sea views.

• Villa Portofino (2022) – A prestigious residence in La Condamine, combining bourgeois architecture and modernity.

• The Palais de la Plage (2021) – An iconic Larvotto residence with exceptional apartments and top-of-the-range services.

• Le 45G (2021) – A modern building in La Condamine, offering penthouses with rooftop terraces and private pools.

• Villa Palazzino (2021) – An exclusive residence in Monte Carlo, combining tradition and modernity with its prestigious townhouses.

• 26 Carré d'Or (2020) – An iconic tower in the Carré d'Or, offering duplexes and a penthouse with a private pool.

These developments underline the dynamism of the Monegasque real estate market, which continues to attract an international clientele in search of excellence and exceptional services. With an exclusive offer and highly personalized support, Petrini Exclusive Real Estate is an essential partner to make a real estate project in Monaco a reality in the best conditions.