Monaco Real Estate Market in 2023: Trends and Records Report

The Real Estate Market in Monaco in 2023: Luxury Report and Statistics

In the heart of the Riviera, Monaco continues to capture the imagination and interest of investors from all over the world, particularly in the luxury real estate sector. In 2023, the Principality of Monaco is proving to be not only a haven of peace for affluents looking to invest in real estate, but also a barometer of luxury trends on a global scale. This article aims to dive into the heart of the real estate resale market in Monaco, highlighting the nuances and dynamics that characterize this exclusive niche in times of economic and social change. Before diving into the dynamics of the Monaco property resale market in 2023, it is essential to understand what exactly the term "resale" means in the context of real estate. Unlike a "sale" which may involve the transaction of a new property directly from the developer to the buyer, a "resale" refers to the transaction of a second-hand property, i.e. a property that has already been inhabited or owned by someone else before. In a market as exclusive as Monaco, resales play a significant role, reflecting not only the circulation of luxury goods but also the trends and preferences of buyers in the high-end segment.

Despite a significant reduction in the number of transactions observed this year, the Monegasque real estate resale market has seen its prices rise, reaching unprecedented heights. This trend raises intriguing questions about the underlying factors that continue to propel Monaco to the top of luxury real estate destinations. What are the most sought-after neighborhoods? How do price records per square metre reflect the perceived and real value of Monegasque real estate? And above all, what implications do these trends have for future investors and residents of Monaco?

Through a detailed analysis of recent data, provided by IMSEE (Monegasque Institute of Statistics and Economic Studies) this article explores the key aspects of the resale market in Monaco, focusing on the evolution of prices, the most sought-after property segments, and buyers' preferences. From Monte-Carlo to La Rousse, we decipher the neighbourhoods that attract the most attention and why. We also examine the role of external economic factors and Monegasque real estate policy in shaping these trends. Finally, we offer an overview of the future outlook, assessing how current trends could shape Monaco's real estate market in the coming years.

 

Overview of the Resale Market in Monaco

The year 2023 marked a period of intriguing paradoxes for Monaco's real estate market. Although the overall volume of resale transactions has declined, demand for luxury real estate has never been more vibrant, leading to a remarkable escalation in prices per square metre. This dynamic raises questions about the specific factors that make Monaco so attractive to prestige buyers, even in economically uncertain times.

Decrease in Transactions, but Increase in Prices

The Monaco market remains a bastion of stability and growth in the luxury real estate sector. The decline in the number of transactions in 2023 can be attributed to several factors, including a limited supply of available properties and increased caution among buyers in the face of global economic uncertainties. However, this reduction in supply, coupled with sustained demand, has led to a significant increase in prices. The data indicates that the average price per square meter for resales has reached record levels, confirming Monaco as one of the most expensive and desirable real estate destinations in the world.

 

Record Price per Square Meter

Monaco has always been synonymous with luxury and exclusivity, and property prices reflect this reality. In 2023, the resale market saw prices per square meter exceed all previous records, especially for apartments with 4 rooms and more. These staggering figures are a testament to the exceptional value buyers place on the unique location, security, and prestige associated with living in Monaco.

 

Contributing Factors

Several factors contribute to the strength of the resale market in Monaco, including favourable taxation, a luxurious living environment, and a privileged location on the French Riviera. In addition, Monaco continues to attract an international clientele thanks to its status as a global financial center, its political stability, and its rich social and cultural calendar. This, combined with a limited real estate supply due to the country's small size, creates an environment where demand far outstrips supply, propelling prices to all-time highs.

 

Privileged Districts: Focus on Monte-Carlo and La Rousse

In Monaco's luxury real estate landscape, Monte Carlo and La Rousse stand out as pillars of exclusivity and prestige. In 2023, these two neighborhoods dominated the resale market, concentrating more than 60% of real estate transactions, a statistic that highlights their unparalleled attractiveness to demanding buyers.

 

Monte-Carlo: A World Reference in Luxury

  • Monte Carlo is not only the beating heart of Monaco; It is a globally recognized symbol of luxury. With its legendary casinos, haute couture boutiques, and top-notch hotels, the Monte-Carlo district is the scene of an opulent lifestyle. The properties here offer spectacular sea views and privileged access to an ecosystem of luxury services and entertainment. It is a neighborhood that promises not only a prime real estate investment but also an unparalleled living experience.

La Rousse: The Charm of Modernity and Sight

  • La Rousse, often seen as an extension of Monte Carlo's dynamism, has a more contemporary side of Monaco. This area is particularly appreciated for its modern real estate developments, offering breathtaking panoramas of the Mediterranean and high-quality living comfort. The impressive increase in the number of resales in La Rousse (+42%) in 2023 is a testament to its growing attractiveness, allowing the area to establish itself as a destination of choice for those looking to combine modern luxury with stunning views.

 

A Resale Market Dominated by Exclusivity

The predominance of Monte Carlo and the La Rousse-Saint Roman district in the resale market in Monaco reflects a broader trend towards the consolidation of luxury real estate in exclusive enclaves. These neighborhoods, with their unique blend of history, modernity, and high-end services, continue to attract an international clientele looking for safe and prestigious real estate investments.


 

Monaco Price Records: A Detailed Analysis

In 2023, the resale market in Monaco continued to defy expectations, recording prices per square meter that set new highs. Notably, the average price per square meter for resales exceeded the €51,000 mark, approaching its previous record of nearly €52,000 per m² in 2021. This remarkable rise in prices illustrates not only the robustness of the Monegasque real estate market but also the sustained interest in luxury properties in this prestigious enclave.

 

Real-world examples of price records

In particular, 4-room apartments have seen their average price per square meter reach record levels, with a significant increase to €56,106. This increase reflects an increased demand for larger spaces, offering luxury, comfort, and exceptional views. In addition, properties with five rooms and more also saw impressive growth, with an average price per square metre that increased by 187%, testifying to the unwavering appeal of Monaco's most exclusive real estate.

 

Factors Influencing Record Prices

These astronomical prices are the result of several key factors, including Monaco's prestigious location, the exceptional quality of the properties, and a real estate market characterized by limited supply in the face of constant global demand. The Principality's advantageous tax policy, combined with its reputation for security and stability, continues to attract wealthy investors from all over the world.

 

Implications for future buyers

For potential buyers, these price records highlight the importance of an investment in Monaco as an investment of choice in luxury real estate. These trends also indicate that, despite high prices, demand for exceptional properties remains robust, potentially offering significant long-term returns.

To conclude our analysis of the price records in Monaco, here is a list of the average prices per square meter by district in 2023, reflecting the diversity and exclusivity of the Monegasque real estate market:

  • Larvotto: €65,857/m², maintaining its position as the most expensive area, with an impressive increase of 56% compared to the previous year.
  • Monte-Carlo: €59,175/m², a district synonymous with luxury and exclusivity, recording an increase of 70%.
  • La Condamine: €54,099/m², exceeding the €50,000 threshold for the first time, which represents an increase of around 20%.
  • Fontvieille: €51,872/m², known for its modernity and port facilities.
  • Jardin Exotique: €51,628/m², crossing the €40,000 mark, with a growth of 100%.
  • La Rousse/Saint Roman: €51,527/m², appreciated for its residential setting and panoramic views.
  • The Moneghetti: €46,511/m², marking one of the strongest growths with +183%.

These figures not only illustrate Monaco's enduring attractiveness as a luxury real estate destination, but also highlight the most popular areas for investors and residents. With prices per square meter far exceeding those of other luxury real estate markets around the world, Monaco continues to set the standard for luxury and exclusivity.

 

Buyers' Preferences: Luxury Apartments in Monaco

Luxury apartments in Monaco continue to captivate a high-net-worth international clientele, with buying trends that reveal a strong interest in spacious, high-end properties. This preference for space and luxury can be explained not only by the desire for exceptional comfort but also by the search for unrivalled exclusivity and security, characteristics of the Monegasque real estate market.

 

Purchasing Trends Study

In 2023, Monaco saw increased demand for apartments with three rooms and more, indicating a trend among buyers to favor larger living spaces. These apartments, often with panoramic sea views and luxurious interior amenities, offer not only comfortable living space but also status and prestige associated with the Monegasque address. Buyers are looking for properties that combine state-of-the-art technology, refined interior design, and exclusive services, such as 24-hour security, dedicated concierges, and wellness facilities.

 

Unique Features of Luxury Real Estate in Monaco

Luxury real estate in Monaco is distinguished by several unique features that attract buyers from all over the world:

  • Location & View: Apartments often offer stunning views of the Mediterranean, with spacious terraces to enjoy.
  • Security & Privacy: Monaco is renowned for its exceptional security and discretion, providing unparalleled peace of mind to residents.
  • Exclusivity and Prestige: Owning a property in Monaco is synonymous with global prestige, attracting a clientele looking for exclusivity.
  • Luxury Services: Many apartments are located in residences offering high-end services, such as spas, indoor pools, and gyms.

These features, combined with a favourable tax framework and cosmopolitan environment, make luxury apartments in Monaco a preferred choice for buyers looking for a safe and prestigious real estate investment. Current market trends show that, despite global economic fluctuations, demand for these exceptional properties remains strong, highlighting the continued resilience and appeal of Monaco's luxury real estate market.

 

Economic Influence on the Resale Market in Monaco

The global and local economy plays a major role in the dynamics of Monaco's real estate market, a sector characterized by its resilience and exclusivity. In 2023, despite the persistence of a global inflationary trend, the Monegasque real estate market showed exceptional strength, with an average price per square metre of resales approaching its all-time high of €51,418, illustrating the stability and ability of this luxury market to withstand economic uncertainties. The Principality enjoys a constant appeal to investors seeking security and prestige, supported by stable economic policies and limited supply that keep prices high.

 

Monaco's Real Estate Market: Predictions for 2024

For 2024, anticipating trends in Monaco's real estate market requires an in-depth analysis of local and global economic factors, as well as the specificities of the luxury real estate sector. Interest rates, which have fluctuated significantly in recent years, will play a crucial role. If rates were to return to their previous levels, this could influence demand, especially for investors who are sensitive to funding costs. However, Monaco, with its advantageous taxation and exclusive living environment, remains largely unaffected by these fluctuations, attracting a wealthy clientele regardless of macroeconomic conditions.

Monaco's decision to suspend EU accession negotiations reinforces its position as a haven of stability and exclusivity. This independence allows the Principality to maintain its attractive tax framework, a key factor in the continued attractiveness of the luxury real estate market. As a result, it is reasonable to expect the Monegasque real estate market to continue to thrive in 2024, supported by robust demand for prestige real estate and limited supply that keeps prices high.

While Monaco's real estate market is not immune to global economic volatilities, its unique characteristics position it favorably to continue to attract high-profile investment. The combination of a stable economy, a favourable tax policy, and a limited supply of real estate should continue to support prices and demand in this exclusive sector.

 

Choose Petrini Exclusive as your partner in the purchase of your property

In sum, the detailed analysis of the real estate market in Monaco in 2023 highlights an undeniable trend: despite economic fluctuations and global challenges, Monaco stands out for its resilience and unwavering attractiveness in the luxury real estate sector. This unique environment, characterised by sustained demand, record prices and limited supply, confirms the Principality as a destination of choice for savvy investors and discerning buyers.

In this context, choosing our agency as a partner to acquire a property in Monaco in 2024 represents a wise strategic decision. With our deep local market expertise, proprietary network and understanding of the trends and dynamics at work, we are ideally placed to guide our clients through the complex landscape of Monegasque luxury real estate. Our commitment to excellence, combined with an in-depth knowledge of the most desirable neighbourhoods and the most exclusive properties, makes us the best partner for those looking to invest in an exceptional living environment.

With a personalized approach and unparalleled attention to detail, we ensure that each transaction is not just a real estate acquisition, but a strategic investment that meets our clients' unique aspirations and needs. By choosing our agency, you are opting for a trusted partner who can successfully navigate Monaco's real estate market, ensuring that your investment in 2024 is as prestigious and secure as the Principality itself.

In a world where exclusivity and security are becoming increasingly sought-after luxuries, our agency stands as the guarantor of your interests, opening the doors to one of the most coveted real estate markets in the world. Make your Monegasque dream a reality in 2024 with us, your best partner for a successful property acquisition in Monaco.

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