Monaco's Real Estate Market Reaches New Heights in 2024, Setting Records

Monaco's real estate market has achieved remarkable growth in 2024, continuing its legacy as a premier global destination for luxury property investments. According to the latest report from the Monegasque Institute of Statistics and Economic Studies (IMSEE), the principality has seen a significant increase in new housing developments, with 159 new residences completed, the highest in over three decades. This surge is largely attributed to the development of Mareterra, an eco-district on the Larvotto coastline, which alone contributed 130 new apartments. Not included in these figures is the upcoming Bay House complex, expected to add 56 apartments and five luxury villas by the end of the year.

The sales of newly built apartments have particularly soared, with 101 transactions recorded in 2024, predominantly involving spacious multi-room units. This segment has witnessed an unprecedented total real estate transaction value of 5.9 billion euros, marking an 80% increase from the previous year. A significant portion of these transactions involved ultra-luxury residences, with more than half exceeding 20 million euros and at least seven surpassing 100 million euros. This reflects a growing trend among elite investors seeking unique, high-standard properties that offer privacy, superior design, and exclusive amenities.

Despite the robust growth in new developments, the resale market in Monaco presents a contrasting scenario. While the total value of resale transactions remained stable, the number of sales has decreased, reaching its lowest point since 2012. However, this has not affected the escalating prices, as the average price per square meter in resale properties hit a record high of 51,967 euros. The district of Larvotto, in particular, saw prices per square meter soar to over 97,500 euros, driven by a few high-value transactions. These trends underline Monaco's enduring appeal as a safe haven for affluent buyers, with the real estate sector expected to continue attracting significant interest despite potential fluctuations in growth rates in the coming years.