During 2023, the real estate market experienced a similar curve to worldwide markets, which is a decrease in the number of transactions mostly due to the increase of the interest costs. Where the princely market distinguishes itself, this decrease in volumes has not caused a decrease of prices, on the contrary, as the price by meter square has gained in value during last year.
This phenomenon, almost unique in the world, can be explained by the particularities of Monaco where the demand largely surpasses the offer.
Here are some numbers and data from IMSEE (Monegasque Institute of Statistics and Economic Studies) for 2023…
Rarity and luxury continue to grow the real estate value. Monaco stands out in this regard. In 2023, the price of the resale market exceeded 51 000€per square meter, getting closer to the absolute record of 2021 of nearly 52 000€ by m². This progression of the prices sheds light on the robustness of the Monegasque real estate market and the continued interest in luxury properties.
The IMSEE (Monegasque Institute of Statistics and Economic Studies) study
reveals that it is the 4 room apartments that have experienced the highest increase in prices, going up to 56 106€ per m². For properties of five and more, the prices have progressed up to 187% in 2023, reinforcing a tendency ancred on searching the most exclusive properties of the Principality.
Near 60% of real estate transactions in Monaco in 2023 were done in the neighborhoods of Monte-Carlo (Carré d'Or) and La Rousse. This predominance can be explained by different factors in the two neighborhoods:
On the one hand, Monte-Carlo is the most prized and sought after spot of the Principality.
On the other hand, the La Rousse neighborhood,which is located higher, offers a magnificent view to its residents as well as numerous modern residences. All of which boosts the resale market.
Larvotto, 65 857 €/m² : Maintains its leading position as the most expensive neighborhood, with a 56% increase over 2022.
Monte Carlo, 59 175 €/m² : Dynamic and luxurious, this neighborhood has seen a 70% increase in sales.
La Condamine, 54 099 €/m² : Exceeded the €50,000 threshold for the first time, a milestone that should be maintained over the coming years.
Fontvieille, 51 872 €/m² : A lively monegasque neighborhood full of activities.
Jardin Exotique, 51 628 €/m² : Also climbing above €50,000 per m², driven by growth of over 100%.
La Rousse/Saint Roman, 51 527 €/m² : Appreciated for its residential setting and panoramic views.
Moneghetti, 46 511 €/m² : Buoyed by staggering growth of +183%.
In 2023, the Larvotto district is Monaco's most expensive, with a price per square meter of €65,857, up 56% on the previous year. It is followed by Monte-Carlo (Carré d'Or), where the price is €59,175/m². In third place was La Condamine, which exceeded €50,000/m² for the first time, reaching €54,099.
In 2023, the average price per square meter in Monaco for the resale market exceeded €51,000. This figure is likely to rise further in the coming months and years. This average price testifies to the strength and attractiveness of the Monegasque real estate market.
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