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In the first quarter of 2023, Monegasque real estate market trends recorded a significant increase in resale transactions, with 96 transactions, exceeding the previous year's period. Although the number of transactions is similar to the previous year, the total value of resales increased significantly, reaching 563 million euros, setting a new record since the first quarter of 2016. Notably, the sale of apartments at very high prices was remarkable, with only 5 properties sold for less than one million euros, while 12 apartments, were sold for more than 10 million euros. This trend reflects the vitality of the real estate market in Monaco, with a 5.3% increase in turnover in the real estate sector during this period. This growth is largely explained by the attractiveness of the Principality and the growing interest of buyers to settle in Monaco.
Let's now move on to a new overview of the Monegasque real estate market trends for the second quarter of 2023.
The real estate market in Monaco continues to attract attention with recent figures revealing interesting trends for the second quarter of 2023.
During the second quarter of 2023, the Monegasque new property market recorded 19 apartment sales, representing a significant decrease of 42.4% compared to the record of 33 sales in 2022. However, it is important to note that this number remains higher than the trend observed over the past ten years, with an average of 15 properties sold in the first six months of each year.
What is even more remarkable is the total amount of sales in this segment. Mainly driven by the offshore extension project, sales are around €600 million, surpassing the 2022 record of €342.1 million. This financial performance underlines the continued demand for quality new real estate in Monaco.
For the resale market, the second quarter of 2023 shows a slight decrease in volume, with 206 transactions recorded, 17 fewer than in 2022, which equates to a decrease of 7.6%. However, in terms of the total value of transactions, the market recorded an increase of 1.0%, reaching €12.2 million. Total resale transactions for this half-year amounted to €1.2 billion.
A notable trend in this segment is the sale of apartments at high prices. Only 5 properties were sold for less than one million euros, reaching a historically low level.
Thus, these data testify to the robustness of the Monegasque real estate market, with sustained demand for quality new real estate and an increase in the value of transactions in the resale segment. The continuation of offshore expansion projects and Monaco's attractiveness for real estate investors contribute to maintaining solid growth. For all your real estate transactions in Monaco, our agency Petrini Exclusive Real Estate Monaco remains at your disposal to offer you a professional and personalized service.
If you are considering real estate transactions in Monaco, whether for purchase, sale or rental, our agency Petrini Exclusive Real Estate Monaco is at your service, ready to offer you professional and personalized support throughout the process. We also encourage you to regularly check our website to stay informed of all the latest news concerning the Monegasque real estate market, and to subscribe to our newsletter to discover in preview our properties for sale or rent.
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