The real estate resales market

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.

Surface area occupied by dwellings, including public housing, by ordered district’ in 2024 Sources: Department of Forward Studies, Urban Planning and Mobility, Monaco Statistics

In 2024, the average price per square metre of resales in Monaco reached €51,967, just exceeding the previous record set in 2021 (€51,912).

This represents an increase of 1.1% compared with 2023 and a 44.3% rise over 10 years.

Resales of property refer to dwellings that have already undergone a transfer of ownership or those that were completed more than five years before the transaction.

Ten-year change in the number of resales by flat type Sources: Department of Tax Services, Monaco Statistics

The term ‘villa’ used in this real estate observatory encompasses both detached houses and entire buildings. Since these properties are often bought with the intention of being demolished for a new development, an analysis of their resale is less relevant. As such, the price per square metre of the transaction reflects the construction potential of the future property project and is not calculated for villas.

The buildings and surface areas inventoried include those under construction and/or authorised.

Since Sovereign Order no. 4,481 of 13 September 2013, the Principality’s territory has been divided into seven ordered, precisely delimited districts based on the urbanisation plan, to which are added the two reserved sectors of Monaco Ville and Ravin Sainte Dévote governed by Law Order no. 674 and Sovereign Order no. 3,647 of 9 September 1966, as amended. However, given the special nature of the Ravin Sainte Dévote, the statistics for this area are included in the Moneghetti.

Evolution of the value of resales by district Unit: million euros Sources: Department of Tax Services, Monaco Statistics

Housing, including public housing, accounts for 60.4% of the surface area built in the Principality.

More than 40% of the surface area built for residential use is located in the Monte-Carlo and La Rousse districts.

With 23 fewer transactions than in 2023 (-5.9%), the number of resales decreases for the second consecutive year, standing at 365, its lowest level since 2012.

Except for 1-bedroom flats, which record 25 more resales (+26.3%), all property types show a decline, particularly 2-bedroom and 3-bedroom flats, which account for 18 and 15 fewer resales than the previous year, representing -16.5% and -30.0%, respectively.

In 2024, the resale value approaches €2.2 billion, a stable level compared to 2023 (-0.6%, or -€12.4 million), despite the decrease in the number of transactions (-5.9%).

The rises of €117.4 million (+36.6%) for 1-bedroom flats and €47.9 million for villas nearly offset the decline in other property types.

Ten-year change in mean resale price by flat type Unit: million euros Sources: Department of Tax Services, Monaco Statistics

In 2024, the resale value rises in 5 out of 8 districts. The largest increase in value is €109.5 million in Monte-Carlo, which maintains its historic first place. More than two-thirds of the total resale value takes place in this district.

La Rousse remains in second position, accounting for nearly 20% of the total resale value in 2024, despite a drop of around €200 million.

In 2024, the mean resale price is €6 million. This is the highest ever observed in the Principality. It increases by 5.7% compared to 2023 and by 66.7% over the past 10 years.

The median price has risen more slowly (+2.9%), but also reaches its highest level. As a result, more than half of resales are priced at €3.6 million or more in 2024.

In 2024, the mean resale price increases for all types of flats. It reaches its highest historical level for each property type, except for 1-bedroom flats, for which it still rises by 8.2%.

The mean price for 3-bedroom flats is €11.2 million, after a growth of 20.3%, i.e. nearly €2 million more than in 2023.

For properties with 4 or more bedrooms, the mean price has more than doubled in the past 10 years, reaching €18.8 million.

With the increase in price per square metre and changes in buyer demand, the number of resales under €5 million has followed a downward trend since 2014 (-43.6% over 10 years). In 2024, 239 properties were sold for less than €5 million, accounting for approximately 65% of resales, compared with 424 in 2015, or more than 80%.

The number of properties sold for over €10 million increases by 10.6% compared to 2023, with their proportion rising from 12.1% to 14.2%.

In 2024, 19 resales exceed €20 million, a record level since the creation of this observatory. This number has nearly doubled over the past 10 years.

The mean price per square metre of resales exceeds its 2021 record and reaches €51,967 in 2024 in Monaco, following a rise of 1.1%.

This represents an increase of 44.3% over 10 years, or 4.2% average annual growth.

It is important to menation that this study was carried out thanks to data provided by the Mortgage Division of the Tax Services Department concerning resales.

However, the surface area of the properties sold is not always known.

Ten-year change in the mean price per square metre of resales Units: million euros, m2 and euros Sources: Department of Tax Services, Monaco Statistics

The known sample concerns 3,506 resales carried out between 2015 and 2024 for a value of €17.5 billion and a surface area of almost 373,000 mz. In 2024, the surface area is known for 314 transactions out of 365, or 86.0%. Over the last ten years, the cumulative percentage was 81.2%.

In 2024, the price per square metre increases for flats with fewer than 3 bedrooms, particularly for studios (+5.7%) and 2-bedroom flats (+7.6%), with prices reaching €47,836 and €50,437 per square metre, respectively, marking their highest historical levels.

This indicator is down for 3-bedroom flats (-2.0%) and for apartments with 4 or more bedrooms (-3.7%), but at €54,256 and €58,767 per square metre respectively, it remains very high compared to previous years.

The price per square metre of resales stands at €97,563 in Larvotto. However, this indicator should be treated with caution in this district, which only recorded 3 transactions with a known surface area in 2024.

Up by 1.8%, the price per square metre reached €53,911 in Monte-Carlo, closely followed by Fontvieille at €53,908, just €3 less. La Condamine is not far behind at €53,801.

At Jardin Exotique, the price per square metre rises by 36.4% to set a record of €49,847, driven by 3 sales in a very high-end building.

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.