The real estate market in Monaco continues to generate enthusiasm with figures that continue to break records. A recent study published by IMSEE reveals impressive statistics for the first quarter of 2023, confirming the strength of the Monegasque real estate market.
The IMSEE study reveals that the real estate market in Monaco reached new heights in the first quarter of 2023. With a total of 12 sales in the new real estate 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, setting an all-time record in just three months. Interestingly, more than 80% of these transactions involve goods in the process of delivery, reflecting the high demand in the sector.
This upward trend confirms the growing attraction of investors for the real estate market in Monaco. Buyers are attracted by the quality of new constructions and the possibility of acquiring real estate in a prestigious and secure setting. Know that our agency Petrini Exclusive Real Estate Monaco, is able to offer you a selection of new real estate in Monaco, meeting the most demanding criteria. For example, we can offer you properties at Bay House or Mareterra Anse du Portier.
The resale market is not to be outdone, with a total of 96 transactions recorded in the first three months of 2023. Although this figure is similar to the previous year, the overall value of transactions has increased significantly. These sales represent a total of €563 million, exceeding the amount recorded in the first quarter of 2022 (which was €501 million for 93 transactions) and setting a new record since the first quarter of 2016. A highlight of these transactions is the sale of apartments at very high prices, with only 5 properties sold for less than one million euros, thus reaching a historically low level, while 12 apartments, or 1 in 8, were sold for more than 10 million euros.
These figures reflect the vitality of the Monegasque real estate market, with a 5.3% increase in turnover in the real estate sector in the first quarter of 2023, reaching €151 million. This increase is largely explained by the attractiveness of the Principality and the growing willingness of buyers to want to settle in Monaco.
The real estate market in Monaco is still growing as fast, with records continually broken. Whether in the new real estate sector or resales, the figures testify to the strong demand and attractiveness of the Monegasque Principality for real estate investors. Our agency Petrini Exclusive Real Estate Monaco, specialized in luxury real estate in Monaco, is at your disposal to guide you and offer you apartments for sale or apartments for rent that meet your criteria. We can also support owners in the sale of their real estate, you offer our rental management services as well as strategic support for your land assets. We are here to accompany you throughout the process and offer you a personalized and professional service. Do not hesitate to contact us to realize your real estate project in Monaco.
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