Real Estate Prices

Price per m2 in Monaco: a stable real estate market

The Principality of Monaco, located between France and Italy, offers an impressive housing stock. Very dynamic, this sector records a constant increase in living space. Indeed, the many current and future projects guarantee a stable and prosperous real estate market.

Each year, the Monegasque Institute of Statistics and Economic Studies (IMSEE) lists real estate transactions in Monaco. In this field, we speak of “sale” in the case of a delivery of a new apartment or one under construction. Regarding the term “resale”, it corresponds to the second sale of a good or the first but 5 years after its placing on the market.

In 2021, 23 sales of new apartments were recorded for a total amount of 235.6 million euros. With regard to resales, there were 417 that same year, i.e. a total amount of more than 2 billion euros. Despite the health crisis, the sector's economy remains stable, representing a safe haven for investors.

In 2022, the new home market will set a new record with 88 sales, i.e. 4 times more apartments than in 2021.

In the first quarter of 2023, the real estate market in Monaco reached new heights. With a total of 12 sales in the new property sector, the market doubled compared to the same period of the previous year, which had 6 sales. These transactions generated a total sum exceeding 400 million euros, thus establishing an absolute record in just three months.


Average prices for an apartment in Monaco

Average and median prices of real estate purchases in Monaco

Of 90 new homes delivered in 2021, only 23 sold that year. This is explained by a high cost, much higher than apartments that are no longer considered new. In 2021 the median price of a sale was 6.5 million euros. Thus, one property out of two sold at a price higher than this.

As regards the average price of purchases, it amounts to 10.2 million euros in 2021. It should be noted that this average hardly represents the reality of the market since other criteria come into play, such as the height of the floor, the view, the area of ​​the terrace or the garden, the type of property or its location.

In 2022, the average price of new property sales in Monaco will register a significant increase of 32%, reaching 13.5 million euros. However, the median price is experiencing a slight drop and stands at 5.6 million euros.

Average and median resale prices in Monaco

Regarding resales, the median price was displayed at 3.2 million euros, well below the median price in the new which amounted to 6.5 million euros.

As for the average price of resales, it amounts to 5 million euros in 2021, i.e. half the sale of a new apartment. However, the observation remains the same as that on sales since many other criteria are to be taken into account. The most significant example relates to the 417 resales, of which 292 concern goods of less than 5 million euros, i.e. 70% of all transactions.


Property prices in Monaco

Prices per square meter by district

Even if the Principality of Monaco is famous for its high real estate prices, some neighborhoods are nevertheless less expensive than others. This can be explained, among other things, by the popularity of the district, its assets and its living space. In the top three of the most dynamic districts in terms of financial operations, we find, unsurprisingly, Monte-Carlo, then La Rousse and finally La Condamine, which has entered the top three for the first time.

Monte Carlo

Monte-Carlo is undoubtedly the most prestigious district of the Principality, but also the most expensive. It is particularly famous internationally for its Casino built in 1863 by Charles Garnier and its Place du Casino dating from 1850 and recently transformed. The recent very high-end buildings of the One Monte-Carlo district offer a view worthy of a picture postcard. In 2022, this is experiencing a slight decline.

On the other hand, this district brings together the most beautiful luxury brands, starred gastronomic establishments as well as many prestigious residences. Thus, the annual report drawn up by the IMSEE certifies that in 2021 the price per m2 of Monte-Carlo amounts to almost €60,000.

Larvotto and Fontvieille

The two other districts most popular with investors are Larvotto and Fontvieille, with prices per m2 of €59,700 and €58,800 respectively. The Larvotto district is very popular for its proximity to the sea, its many restaurants and its night establishments. In addition, choosing a top-of-the-range building on a high floor on Avenue Princesse Grace guarantees an impressive view of the Mediterranean. On the other hand, the recent renovation of the seaside resort has undoubtedly boosted its rating.

In 2022, with more than €62,000/m² (+4.4% compared to 2021), it is again at Larvotto that the price per square meter is the highest.

As for the Fontvieille district, it seduces for its dynamism during the day and its surprising tranquility at nightfall. The charm of its marina, the heliport and its many restaurants and bars are all arguments that seduce buyers. In addition, this district is close to the city of Cap d'Ail which offers sublime beaches just a few steps from Monaco. In 2022, the price per square meter decreased slightly compared to 2021, from €58,800 to €55,279.

La Rousse - Saint Roman

Following the classification, we find the district of La Rousse - Saint Roman which houses the Tour Odéon, probably the most expensive building in the Principality. By 2024, many large-scale real estate projects will come out of the ground and will undoubtedly drive up the price per m2 in this district. It currently stands at €47,700. In 2022, the price remains stable.

La Condamine

In 2021, the number of resales recorded in the La Condamine district increased by 70% with 48 resales. It is one of the three most dynamic neighborhoods in terms of transactions. Among other things, there is the international school, the marina, the place d'armes and its local specialties, as well as several pedestrian and shopping streets, such as rue Princesse Caroline. In 2022, the price per square meter is €44,329.

The Moneghetti, Exotic Garden and Monaco-Ville

Then come the districts: Les Moneghetti, Jardin Exotique and finally Monaco-Ville. Even if these areas are not lacking in assets, their prices per m2 are slightly lower and range between €35,500 and €46,400.


The different types of apartments and their prices

In addition to the location of the property, its typology also plays an important role in its price.

In 2021, there were a total of 23 purchases of new apartments or apartments under construction, i.e. 44% more than in 2020. Among these transactions, five studios and one 2-room apartment found takers. The most coveted type of housing seems to be 3 rooms since eleven of the total transactions concerned dwellings of this type. This represents almost half of real estate purchases in 2021. Finally, three 4-room apartments and three 5-room apartments were sold that year.

In 2021, here is the average sale price of an apartment according to its number of rooms:

Studio €2.2M
2 rooms 4M€
3 rooms €5.8M
4 rooms €11.6M
5 rooms and + €37.2M


As for resales, there were 417 in 2021, or 5.6% more than the previous year. Among these resales, nearly 80% concern apartments with 3 rooms or less, i.e. 330 transactions. The 4 coins are losing popularity with 46 resales in 2021 compared to 51 in 2019 and 2020, a drop of about 10%. Conversely, resales of homes with 5 or more rooms experienced an increase of 41.7%. There were 24 resales of this type of apartment in 2020 compared to 34 in 2021. Finally, 7 resales concern villas in 2021.

In 2021, here is the average resale price of an apartment according to its number of rooms:

Studio €1.7M
2 rooms €3.3M
3 rooms €5.8M
4 rooms €7.3M
5 rooms and + €15.6M
Villas €15.4M


Whether for sales or resales, studios, 2P and 3P are the most coveted types of housing for buyers in 2021.

In 2022, prices per square meter for studios, 3-room apartments and apartments with 5+ rooms decreased, but they remain above those of 2019 and 2020 for each type of apartment.

However, the prices per square meter of 2-room apartments and 4-room apartments have increased significantly. Indeed, they increased by 11.1% and 5.4% respectively, thus reaching record levels close to €53,000/m.


The evolution of Monegasque real estate over the past ten years

A 75% increase in ten years

The increasingly popular Principality of Monaco continues to attract investors. However, the city of 2km² where goods are scarce does not meet the constantly changing demand. For this reason, Monegasque real estate prices continue to climb and reach new records.

In 2012, the average price per m2 was €29,800. Ten years later, prices have increased by nearly 75% to reach an average of €51,900 per m2. Good news for investors, the price per m2 continues to rise: it increased by another 9% between 2020 and 2021. It is estimated that it will continue to increase over the years and the construction of buildings. After recording a strong increase of 9% in 2021, the average price per square meter will experience a slight drop in 2022, with a decrease of 1.8% or €1,000 on average. Despite this drop, the average price remained above the symbolic threshold of €50,000/m², standing at nearly €51,000/m². It is estimated that it will continue to increase over the years and the construction of buildings


The price per square meter continues to rise

On the other hand, many very high standard real estate projects are underway and could continue to increase the price per m2 in the Principality. Among these new constructions, we find among others the luxury buildings: Testimonio II, Bay House, the Exotic or the Honoria Palace.

The most anticipated construction is of course Mareterra, the new 6-hectare eco-neighbourhood which should see the light of day by 2025. According to several sources, it is estimated that properties in this area should be sold between €50,000 and €100,000. the m2.

If you are considering becoming an owner in Monaco, through purchase or rental, contact our Monaco Real Estate Agency. Our team is at your entire disposal to inform you.

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