According to IMSEE, the real estate market is strongly increasing compared to the last two years and is slowly reaching its pre-pandemic level. The total amount of transactions is even reaching a 3,54 Md € record.
In the Principality, the real estate market is recovering. It is what the annual study of the “Institut Monégasque de la Statistique et des Études Économiques” (IMSEE), published in january 2023 is confirming.
In Monaco, housing (including state owned) represents 61% of the build surface, and 43% of these accommodations are built in the Monte-Carlo and La Rousse neighborhoods.
After a construction period that lasted two years as a consequence of the health crisis, the Monegasque real estate market is experiencing significant growth, with 520 transactions (up 18.2% over one year). However, this figure remains below the number of transactions carried out each year over the period 2014-2016.
On the other hand, the total value of these exchanges has reached a record high of €3.54 billion (+51.8%).
With 88 apartments conceded for an amount of 1,19 Md€, the new housing market has quadrupled in volume and quintupled in value, especially thanks to the delivery of apartments and the numerous projects planned. The older housing market counts 432 transactions (+3,6 %) for a total value of 2,32 Md € (+12,1 %).
If the IMSEE report is to be believed, the delivery of new apartments and the sale by plan in buildings currently under construction largely condition the number of sales.
In the free sector, 146 homes were delivered. In the history of Monegasque real estate, this is the third year with the most deliveries (after 1993 and 2015).
One in two sales is superior to 5,6 M€, while one in six apartments has been conceded for more than 20 M€.
The deliveries of the Villa Trianon (71 apartments) and L'Exotique (63) in particular made it possible to achieve these numbers.
The number of sales has also reached a new record, with no less than 88 apartment sales in 2022, or four times the number of sales in 2021 (23). The surface area of the apartments sold is relatively homogeneous, with the exception of transactions involving two-room apartments, the number of which remains fairly low (7).
Once again, the difference is in the amount of these sales, and sales of apartments with 4 rooms or more have increased by €835.5 million and represent 80% of the total amount of sales.
Once again, with the exception of two-bedroom apartments, resales have increased by 12.1% compared to 2021. This concerns all types of apartments, particularly three-bedroom apartments (+18.4%), and all areas of the Principality.
Almost two-thirds of the total amount of resales (432) took place in the Monte Carlo (158) and La Rousse (118) neighborhoods.
The median price reaches €5.4m and increases for the 3rd consecutive year.
The total value of resales reached €2.35 billion, not far from the record set in 2019 (€2.48 billion). The Monte-Carlo district accounted for the largest amount of resales: €930 million, or nearly 40% of the total amount.
Also, resales in the La Rousse sector are growing considerably, reaching €670 million (29% of the total amount), an increase of +43.6% compared to 2021.
Finally, apart from the Larvotto and Monaco-Ville neighborhoods, which are seeing a rise in the amount of transactions linked to resales, the other sectors of the Principality are seeing a decline.
While it has grown rapidly over the last ten years (+60%), the average price per square meter is declining slightly compared to last year (-1.8%), but it remains above the symbolic 50,000 € mark. This price per square meter has no equal in the world, making Monaco's real estate the most expensive in the world.
As in 2020, the podium of the most expensive neighborhoods in the Principality is dominated by Larvotto (62,351 €/m2), followed by Fontvieille (55,279 €/m2) and Monte Carlo (55,054 €/m2).
In total, with 88 sales and 432 resales, the number of transactions increased by 18.2%, thanks in particular to the new home market, which almost quadrupled in volume and quintupled in value. In this context, the Live In network offers you the benefit of its expertise and tailor-made support in order to acquire the property of your dreams in Monaco.
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