Monaco continues its numerical transformation in the real estate sector with a clear ambition: become a major actor of Proptech in Europe. Since 2022, the Principality has intensified its efforts to make technological innovation a key lever in its real estate sector. Let’s revisit the recent evolutions and the new dynamics that shape the monegasque real estate market.
Proptech, the contraction of « Property » and « Technology », designates all numerical technologies applied to the real estate sector. This domain has experienced a quick growth thanks to the integration of solutions data, artificial intelligence (IA), the Internet of things (IoT) and the blockchain. These innovations impact each step of the real estate cycle : from conception to maintenance, through to asset management and secure transactions.
The evolution was marked by an acceleration of investments and a larger acceptance of new technologies in the sector. In 2024, advanced 3D modeling tools, IoT captors improved for energy management, and intelligent contracts based on blockchain are now widespread, making both operational efficiency and security in real estate transactions in Monaco easier.
The monegasque real estate market, already considered to be the most expensive in the world in 2022, with an average price of 50 000 €per square meter, continues its quick ascent. In 2023 and today, in 2024, this price has gone up and now reaches 55 000 €per square meter, consolidating Monaco’s place as one of the most exclusive and coveted real estate centers on an international level. This price explosion reflects not only the property scarcity and the exceptional attractivity of the Principality, but also the growing demand for luxury properties in a secure, tax-advantaged environment.
In this context of extreme market tension, Proptech is establishing itself as a strategic response to the growing need for efficiency, sustainability and transparency.
These innovative technologies enable us not only to simplify and optimize real estate processes, but also to reinforce the competitiveness of players in this sector that is changing radically.
The Principality of Monaco, where real estate and construction contribute around 20% of gross domestic product (GDP), has successfully positioned itself as a veritable innovation laboratory for the Proptech sector. Thanks to its favorable regulatory framework and dynamic economy, Monaco attracts the leading companies in the sector.
Sophisticated solutions, such as immersive virtual tours with striking precision, or predictive building maintenance management systems, are developed and tested here. These technological advances represent a decisive asset for investors and asset managers, providing them with increasingly sophisticated tools.
The management of real estate assets in Monaco is now highly digitalized. Since 2022, the introduction of property management cloud platforms continues to expand, allowing investors to monitor their properties in real time. The usage of blockchain for transactions and smart contracts simplifies and secures real estate purchases. By 2024, nearly 40% of real estate transactions in the Principality will integrate blockchain solutions to guarantee optimal security and traceability.
The IoT has also made progress, with an increased use of sensors for managing building energy. This technology allows for more effective predictive maintenance and promotes a sustainable approach, essential in a market as selective and expensive as Monaco. In alignment with the goals of the Principality to reduce energy consumption, these sensors help to cut energy costs while optimizing comfort management for residents.
Monaco is pursuing its ambition to become a smart city at technological lead. Since its pioneering partnership with Huawei for the complete installation of 5G in 2019, the Principality has not stopped investing in digital infrastructure. In 2024, Monaco is now equipped with full fiber optic and 5G, thus creating an ideal environment for the experimentation of proptech technologies.
The Extended Monaco program, launched in 2020, continues to support this numerical transformation. More than 50% of the post-COVID plan has been dedicated to digital technologies, boosting Monaco as an innovation leader in Europe. The deployment of a sovereign cloud in 2023 has also strengthened data security and data sovereignty, offering a solid infrastructure for local and international proptech companies.
Another important axis in the evolution of Proptech in Monaco is the emphasis placed on sustainability. By 2024, Monaco aspires to become a smart city focused on carbon neutrality. Buildings that are connected and energy self-sufficient are currently under development, with pilot projects for sustainable construction integrating renewable energies and solutions based on the circular economy.
The innovations of proptech in this field are not only found in new buildings, but also in the renovation of existing real estate. Numerous luxury buildings, some dating from the early 20th century, now incorporate technological solutions to reduce their carbon footprint, improve resource management and optimize energy efficiency.
In 2024, Monaco continues to position itself at the avant-garde of Proptech innovation in Europe. Thanks to its massive investment in digital infrastructure and its unique real estate market, the Principality is a true laboratory for the future of real estate. The combination of 5G, IoT, blockchain and AI allows Monaco to shape a market for real estate that is more sustainable, transparent and profitable. The next few years will be decisive in consolidating this leading position in the Proptech sector.
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