The real estate sales market | Living in Monaco

The real estate market is showing positive results in 2024, albeit with some nuances. The number of transactions is up by 12.0%, or 50 flats more than in 2023. This increase was driven by sales, which set a new record with 101 new properties sold, notably with the delivery of the Mareterra project, while resales continued to decline (-5.9%). Total value reached a record high of €5.9 billion, of which almost two-thirds came from sales (€3.7 billion). It is up by more than 80% in one year, and has doubled in 10 years.

The number of sales is determined by the delivery of new flats and the marketing of properties under construction.

The number of new flats delivered in the private sector varies considerably from one year to another, depending on the quantity and state of progress of the Principality’s construction sites. In 2024, 159 properties were completed, after a year in which there were none. This number is a record since 1993.

Real Estate Observatory — Ten-year change in the value and number of real estate transactions transactions Units: billion euros and number of Sources: Department of Tax Services, Monaco Statistics

The Mareterra project alone saw 130 dwellings delivered this year in the Larvotto district.

The sales market records 101 transactions in 2024, reaching its highest level since the observatory was set up in 2006.

Properties with 3 or more bedrooms represent over 70% of sales. Indeed, with 33 dwellings of 3 bedrooms and 39 of 4 or more bedrooms (including 8 villas), these two home types set a new record in 2024.

Of the 19 studios sold, 18 are included in bulk sales that involve other larger flats.

The sales market records 101 transactions in 2024, reaching its highest level since the observatory was set up in 2006.

Of the 19 studios sold, 18 are included in bulk sales that involve other larger flats.

Sales exceed €3.5 billion for the first time.

In 2024, the value of sales has more than tripled compared to its previous record (€1.2 billion in 2022), which was already particularly high. It stands at €3.7 billion, a figure higher than the total sales amounts from 2006 to 2021.

The sales amount for 3-bedroom flats approaches €1 billion, while the sales of properties with 4 or more bedrooms exceed €2.5 billion (including nearly €1 billion for villas). These two property types account for nearly 95% of the total transaction value.

Variations in the mean and median prices are, of course, closely linked to the standing of the properties delivered and under construction.

In 2024, one in two new flats are sold for more than €22 million, compared with an average of €36.4 million. Although these figures are lower than the record set in 2023, they remain well above the levels seen in previous years. In fact, the median price in 2024 is almost 4 times higher than in 2022.

Of the 101 transactions in 2024, 57 properties were sold for more than €20 million, i.e. more than half the total. Among these, 7 exceeded €100 million.

Comparative study of property sales and resales

The sharp rise in the number of sales (+73 flats) offsets the contraction in the number of resales (-23 properties). As a result, the total number of transactions is up by 12.0%, or 50 dwellings.

The total value of transactions rises by more than €2.6 billion driven by the exceptional result of sales, while the value of resales was stable (-0.6%).

In 2024, the mean resale price peaked at €6.0 million. Although the mean price for sales is down, it remains very high, at €36.4 million.