You are considering buying in Monaco, or you are trying to understand how this market works? You are in the right place. In 2025, the average price per square metre exceeds €57,500 according to official data from IMSEE, 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 from one to three times. This guide details these data, what explains them, and what they imply 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 2025 Real Estate Observatory of IMSEE, districts are divided into three distinct groups. The Larvotto shows the highest prices, at €71,167 per m². Monte-Carlo, Fontvieille, La Condamine and La Rousse form a mid-range group between €51,000 and €54,000 per m². The Jardin Exotique and Moneghetti are positioned between €43,000 and €45,000 per 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. |
To choose a district based on your project and budget, consult our guide to Monaco districts: where to buy according to your budget and your project.
The price per square metre also varies depending on the building’s construction period. The most recent properties (built since 2020) reach an average of €65,602 per m² across the Principality. Buildings constructed between 1990 and 1999 trade at around €45,767 per m², those from the 2000–2009 period around €59,816 per m², and those from 2010–2019 around €57,548 per m².
Properties built before 1940 remain above €42,000 per m², illustrating the absence of any significant depreciation linked to age in this market. For recent buildings (2020–2029), prices vary significantly depending on the district: from €47,800 per m² in Jardin Exotique to €71,241 per m² in Larvotto. Explore the full range of 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. The overall volume of sales and resales stands at €5.9 billion, a level stable compared to the previous year’s record. This stability results from two opposing dynamics: the new-build market declines in both volume (-36.6%) and value (-29.1%), while resales increase in both volume (+17.5%) and value (+49.1%).
The resale market regained positive momentum in 2025 after two years of decline. Monte-Carlo accounts for 164 transactions, representing 38% of total resales, and surpasses €1 billion in cumulative value for the first time. Larvotto records its highest volume with 13 resales, for a total of €851.9 million, a fivefold increase in one year. This rise is explained by the arrival on the secondary market of residences delivered in 2024 in the Larvotto district.
The evolution of the market in 2026 will partly depend on the schedule of future deliveries. Each new high-end development modifies the statistics of the relevant district, as illustrated by the Larvotto effect between 2024 and 2025. The next announced deliveries are expected to maintain upward pressure on prices, particularly in districts hosting new construction projects.
Land scarcity, international demand, favorable tax conditions for residents, and institutional stability are the pillars of the Monaco real estate market. These structural factors have not changed. Over the past ten years, the average price per square metre has increased by more than 40%, and the average resale price by 78%. The annual observatory of IMSEE documents this progression rigorously each year.
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 submitted to the authorities and several conditions must be met: having accommodation in the territory, proving sufficient financial resources, and obtaining a residence card. The steps to obtain Monaco residency after a purchase are detailed in our dedicated guide.
Acquisition costs vary depending on the type of property. For a “sale” (new-build or property less than five years old), real estate VAT applies and is included in the listed price. For a resale, transfer duties are added to the purchase price. Notary fees and registration costs are added in both cases and are not included in the listed price. It is recommended to budget for these costs from the outset when defining your budget.
Yes. Monaco imposes no restrictions on property acquisition for foreign buyers, regardless of nationality. Since Monaco was placed on the FATF grey list in 2025, banking compliance procedures have become more stringent for certain international buyer profiles. It is recommended to anticipate these delays in your acquisition timeline.
In Monaco, part of the housing stock belongs to the State and is reserved for Monegasque residents: this is the “state-owned sector” (domanial housing). These properties are not available for purchase on the open market. The IMSEE observatory data, and therefore all figures in this guide, relate exclusively to the private sector, the only segment accessible to both foreign and Monegasque buyers.
The following ranges are indicative, based on average resale prices observed in 2025. A studio starts from around €1 million. A one-bedroom apartment ranges between €3 and €5 million depending on location. A two-bedroom apartment is between €5 and €8 million. Three-bedroom apartments and larger start from around €8 to €10 million. Acquisition costs must be added to these amounts, including transfer duties and notary fees.
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