Monaco's real estate market has shattered records, with half of its properties sold for over €22 million in 2024, continuing the trend of sky-high prices. The latest data from the Monegasque Institute of Statistics and Economic Studies (IMSEE) shows a notable rise in both the number of transactions and property prices. Despite some market fluctuations, the figures highlight Monaco’s continued allure as a prime location for luxury real estate investment.
A Surge in New Property Sales
In 2024, the number of transactions surged by 12%, totaling 466 sales. This increase was primarily driven by the booming market for new properties. A major catalyst was the completion of the Mareterra development, which added 130 new luxury homes to the market. This influx of new properties led to a record-breaking 101 transactions for newly built residences, nearly quadrupling the previous year’s volume.
In contrast, sales of existing properties dipped slightly for the second consecutive year, down 5.9% to 365 transactions, marking the lowest level since 2012.
Price Growth Across the Board
Monaco’s real estate prices reached new heights in 2024. The average price for existing homes climbed to €6 million, up 5.7% from the previous year. Meanwhile, newly built properties commanded an average price of €36.4 million, a figure that, though slightly lower than 2023, still far exceeds past levels. The price per square meter hit a record €51,967, a 1.1% increase compared to 2023.
Luxury Market Dominates
The luxury property market remains the most dynamic sector. Properties sold for over €10 million accounted for 14.2% of all transactions, with the number of homes changing hands for over €20 million nearly doubling over the past decade. The most prestigious neighborhoods, including Monte-Carlo and the newly developed Mareterra area, continue to see the highest prices, cementing Monaco’s position as one of the world’s most expensive and sought-after property markets.