Are you considering buying in Monaco, or trying to understand how this market works? You are in the right place. In 2025, the average price per square meter exceeds €57,500 according to official IMSEE data, making the Principality the most expensive real estate market in the world. But this figure alone is not enough to understand the reality on the ground. Depending on the district, property type, and market segment, prices vary by a factor of three. This guide details these figures, what explains them, and what they mean for a buyer.
The Principality covers 2.02 km². It is one of the smallest and most densely populated states in the world. As of December 31, 2025, Monaco has 1,473 buildings for a total usable surface of 3.4 million square meters, of which 60.2% is dedicated to housing. The territory can hardly expand. Land reclamation projects at sea, such as Mareterra, allow for the creation of a few hectares, but these extensions remain limited compared to sustained demand. Each new residential delivery therefore has a direct impact on prices in the affected district.
Active buyers in the Monaco market are mainly Ultra High Net Worth Individuals (UHNWI), wealthy families, and international entrepreneurs. They are attracted by several Monaco-specific characteristics: the absence of income tax for residents, one of the densest public security systems in Europe with more than 1,300 video surveillance cameras, long-term political and legal stability, and a prestigious living environment.
This buyer profile explains why the Monaco market does not react to the same signals as other markets. During financial or health crises that led to major corrections elsewhere, Monaco did not experience price declines.
In Monaco, “sales” refers to the first sale of a new property or one completed less than five years ago. Volumes therefore fluctuate each year depending on ongoing construction and scheduled deliveries. It is the most volatile segment and the highest in terms of prices. The evolution of the average sale price over five years illustrates this reality:
| Year | Number of sales | Average price |
|---|---|---|
| 2021 | 23 | 10,2 M€ |
| 2022 | 88 | 13,5 M€ |
| 2023 | 28 | 37,2 M€ |
| 2024 | 101 | 36,4 M€ |
| 2025 | 64 | 40,8 M€ |
Source: Real Estate Observatory 2025 - IMSEE
In 2025, the average sale price exceeds €40 million for the first time. Five transactions exceeded €100 million. These figures reflect the standards of recent developments rather than a general market increase.
Resale refers to properties that have already changed hands, or were completed more than five years ago. It is the most active segment: around 87% of annual transactions are resales. Its evolution is more stable:
| Year | Number of resales | Average price | Median price |
|---|---|---|---|
| 2021 | 418 | 5,0 M€ | 3,2 M€ |
| 2022 | 433 | 5,4 M€ | 3,4 M€ |
| 2023 | 388 | 5,7 M€ | 3,5 M€ |
| 2024 | 365 | 6,0 M€ | 3,6 M€ |
| 2025 | 429 | 7,6 M€ | 4,0 M€ |
Source: Real Estate Observatory 2025 - IMSEE
In 2025, total resale volume exceeds €3.2 billion, an all-time record. The sharp increase in average price is partly explained by the arrival on the secondary market of properties delivered in Larvotto. Over ten years, the average resale price has increased by 78%.
The new-build market shows average prices five to six times higher than resales. Supply is entirely dependent on developers’ schedules. The resale market offers more choice: district, building, floor, surface area. It also allows negotiation based on an existing, completed property.
Note: the share of resales under €5 million is declining every year, from nearly 80% of the total in 2016 to less than 65% in 2025 (Source: IMSEE 2025). The secondary market is also moving upmarket.
According to the Real Estate Observatory 2025 of IMSEE, districts are divided into three distinct groups. Larvotto shows the highest prices, at €71,167/m². Monte-Carlo, Fontvieille, La Condamine, and La Rousse form an intermediate group between €51,000 and €54,000/m². Jardin Exotique and Moneghetti are between €43,000 and €45,000/m².
| District | Estimated average price (€/m²) | 2024/2025 change | Notes |
|---|---|---|---|
| Larvotto | €71,167 | +2,2 % | First time above €70,000. Driven by recent deliveries of Bay House and Mareterra. |
| Monte-Carlo | €54,009 | +4,8 % | First district in volume with 164 resales in 2025. |
| Fontvieille | €52,518 | +4,5 % | Former industrial district, valued for its relative price/quality ratio. |
| La Condamine | €52,104 | -0,7 % | Slight decrease, but stable levels compared to 2023. |
| La Rousse | €51,265 | +3,2 % | Second district in resale volume with 100 transactions in 2025. |
| Jardin Exotique | €45,168 | -3,7 % | Decline after strong increase in 2024. Strong rise in volumes (+86%). |
| Moneghetti | €43,797 | +3,3 % | Most affordable prices in the Principality. |
The price per square meter also varies depending on construction period. The newest buildings (built since 2020) average €65,602/m² across the Principality. Buildings from 1990–1999 trade around €45,767/m², those from 2000–2009 around €59,816/m², and those from 2010–2019 around €57,548/m².
Properties built before 1940 remain above €42,000/m², illustrating the absence of significant depreciation due to age in this market. For recent buildings (2020–2029), prices vary strongly by district: from €47,800/m² in Jardin Exotique to €71,241/m² in Larvotto. Find all the residences in the Principality of Monaco and their characteristics.
In 2025, the Monaco real estate market totals 493 transactions, up 5.8% compared to 2024. Total sales and resales volume stands at €5.9 billion, stable compared to the previous record year. This stability results from two opposite dynamics: the new-build market declines in volume (-36.6%) and value (-29.1%), while resales increase in volume (+17.5%) and value (+49.1%).
The resale market returns to positive momentum in 2025, after two years of decline. Monte-Carlo concentrates 164 transactions, or 38% of total resales, and exceeds €1 billion in cumulative value for the first time. Larvotto records its highest volume with 13 resales, totaling €851.9 million, a fivefold increase in one year. This increase is explained by the arrival on the secondary market of residences delivered in Larvotto in 2024.
Market evolution in 2026 will partly depend on the schedule of upcoming deliveries. Each new high-end development modifies statistics in its district, as shown by the Larvotto effect between 2024 and 2025. Upcoming announced deliveries are expected to maintain upward pressure on prices, especially in districts hosting new developments.
No. Purchasing real estate in Monaco is not sufficient to obtain resident status. To benefit from Monaco residency and its tax advantages, an application must be made to the authorities and several conditions must be met: having housing in the territory, proving sufficient financial resources, and obtaining a residence card.
Acquisition costs vary depending on the property type. For a sale (new-build or less than five years old), VAT applies and is included in the listed price. For resale properties, transfer duties are added to the sale price. Notary fees and registration fees apply in both cases and are not included in the listed price.
Yes. Monaco imposes no restrictions on foreign buyers, regardless of nationality. Since Monaco was placed on the FATF grey list in 2025, banking compliance procedures have become stricter for some international buyers.
In Monaco, part of the housing stock belongs to the State and is reserved for Monaco residents: this is the state-owned sector. These properties are not available on the open market.
Indicative ranges based on 2025 resale averages: studio from around €1M; one-bedroom €3–5M; two-bedroom €5–8M; three-bedroom and above €8–10M+. Acquisition fees must be added to these amounts.
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