The aim of this Real Estate Observatory by the Monaco Statistics (Institut Monégasque de la Statistique et des Études Économiques) is to present one of the sectors of activity in the Monegasque economy, real estate, and more specifically private sector residential real estate, as well as its evolution over the last ten years.
In 2025, 64 sales were recorded, which is above the mean for the last ten years, despite a 36.6% decline compared with 2024. At the same time, the number of resales rose by 17.5% to 429 properties. In total, the number of transactions increased by 5.8% (or 27 additional dwellings) to 493.
The drop in the number of sales in 2025 led to a 29.1% decrease in their value, or €1.1 billion. However, resales, boosted by the arrival of new properties on the market, increased by 49.1% (also +€1.1 billion). Overall, the cumulative value of sales and resales remained stable compared with 2024, at €5.9 billion.
Whether for sales or resales, the mean price is rising to historic levels following recent deliveries of exceptional properties. For sales, it stands at €34.8 million in 2025, an increase of 11.9%. For resales, the increase is even more pronounced, with a jump of 26.8% to €6.4 million.
In the particularly dynamic context of the Monegasque property market, dwellings from new buildings quickly find their way onto the resale market and have a significant impact on observed price levels. As a result, the method used to calculate the price per square metre has evolved to take into account not only resales but also sales, as well as the period of construction of the properties. It is now based on a linear regression statistical model applied to all transactions for which the floor area is known.
In order to ensure the reliability of the estimates, certain segments have been excluded from the scope of the analysis.
Villas, which are highly atypical and frequently acquired for new real estate projects, are not considered. The Monaco-Ville district is also excluded due to insufficient transaction volume over the period studied.
The study is based on data provided by the Mortgage Division of the Tax Services Department relating to transactions involving private sector residential properties. However, the floor area of the properties sold is not always provided. In 2025, the floor area is known for 427 out of 470 properties, or 90.9%. Over the last ten years, this cumulative percentage stands at 86.1%.
The evolution of prices per square metre over the last ten years allows for the monitoring of major trends in the property market. The entire series has been recalculated using the new methodology in order to study the progression of this indicator, which now takes into account both sales and resales. This methodological change means that no comparison can be made with the prices per square metre published in previous observatories, as these were based exclusively on resales and resulted from a different calculation method.
Driven by the release of high-end projects, the price per square metre rose sharply in 2024 to €58,402, an increase of 14.8% compared to 2023. In 2025, it fell slightly (-1.4%), while remaining at a historically high level of €57,569.
Analysing prices per square metre by district highlights geographical disparities in the property market and identifies the dynamics specific to each sector. The data presented is based on a series recalculated according to the new methodology, which now includes both sales and resales.
In 2025, analysis of prices per square metre by district reveals three main levels: Larvotto, where prices are highest; La Rousse, La Condamine, Fontvieille and Monte-Carlo, which are at an intermediate level; and finally Les Moneghetti and Jardin Exotique, where prices are more moderate.
Larvotto remains the most valuable district, with an estimated price per square metre of €71,167 in 2025. After increasing by 2.2%, it exceeds the €70,000 threshold for the first time.
Prices are also rising in Monte-Carlo (+4.8%), at around €54,000 per square metre, as well as in Fontvieille (+4.5%) and La Rousse (+3.2%), where they reach €52,518 and €51,265 respectively. Although prices are slightly down (-0.7%) in La Condamine, they remain in the same range at €52,104.
Prices stand at €45,168 per square metre in Jardin Exotique after falling by 3.7%, while they are up by 3.3% in the Moneghetti district, reaching €73,797.
The study of prices per square metre by construction period highlights price differences that can be explained not only by the age of the properties, but also by the standard of the buildings constructed during each period. This analysis is particularly relevant given that, under the new methodology, sales are now grouped together with resales.
Prices per square metre vary significantly depending on the age and standard of the buildings. Newer properties tend to have the highest prices, particularly those built since 2020, with an estimated price per square metre of €65,602 in 2025. Moreover, properties built before 1940 command the lowest prices, but still exceed €40,000 per square metre.
This section presents the estimated prices per square metre of properties built during the period 2020-2029, by districts. It helps to determine price levels for recent dwellings.
Estimated prices per square metre rose between 2024 and 2025 in all districts for buildings constructed during the current decade.
For the most recent decade of construction (2020-2029), estimated prices per square metre for 2025 vary greatly depending on the district, ranging from €47,800 in Jardin Exotique to €71,241 in Larvotto. They are close to the symbolic €60,000 mark in La Condamine (€59,523) and exceed it in Monte-Carlo (€60,526).
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