Analysis of the sales market in the Principality
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The Principality is not immune to cycles, but it moves through them in its own way. Like all sectors, real estate has its own trends. The evolution of the real estate sales market in Monaco shows strong readjustments, in a territory where buying a property is as much a matter of wealth strategy as of the search for stability. Here is what emerges from the latest report submitted by IMSEE (the Monegasque Institute of Statistics and Economic Studies).
2020–2021: fewer listings and a refocus on the high end
Against the international cycle, Monaco displays a unique real estate trajectory. Since 2020, sales have confirmed a model based on scarcity, tax appeal and the very high end. A period marked by a decline in transaction volume and reduced international mobility. Paradoxically, high prices were maintained. This relative stability is explained by a refocus on the most exclusive properties, often reserved for an already established clientele.
Real estate sales market in Monaco: recovery, speculation and pressure on larger units
Between 2022 and 2023, the economic rebound quickly triggered an influx of foreign capital. Some districts saw their prices rise. Family apartments have even become a rare commodity, extremely sought after by investors. The arrival of the Mareterra district, an iconic extension project of the Principality, generated a domino effect in neighbouring areas. The project alone crystallises the tensions of the moment: land scarcity, the search for ultimate comfort and heightened expectations from investors. International clients claim the right to enjoy large spaces, which have become one of the essential criteria for an investment in Monaco.
Service offerings weigh heavily in the balance
These new buyers, already seduced by the ultra-luxury experience in Dubai, New York or London, are looking for prestigious apartments. But not only that. They demand addresses with a strong sense of service. Moving into a property is no longer enough. The client must have a unique experience, with a 24/7 concierge service, as one can often see in New York, access to fitness spaces, or coworking areas. The codes of the high end demand a simplified quality of life, so that everything adapts perfectly to the expectations of the new owner. Behind the numbers lies a tangible reality: only properties offering a complete living experience find a buyer without delay. One thing is certain: the residential market in Monaco will continue to generate attention.
2024: sector segmentation and record prices
In 2024, a record was set with total sales volume of 5.92 billion euros, representing an increase of 80% compared with the previous year, according to IMSEE. This total includes both new-build sales and resales. The average price per m² reached €51,967! The acquisition segment surged with 101 sales, up 260% in value. The average price of a property sold in the new-build market stands at 36.4 million euros, with a median price of 22.1 million euros, confirming a strong concentration on ultra-premium properties and a marked gap between exceptional units and the rest of the stock. Despite a decline of 5.9%, the resale market shows very high prices per square metre:
Larvotto: €97,563/m²
Monte-Carlo: €53,911/m²
Fontvieille: €53,908/m²
La Condamine: €53,801/m²
Jardin Exotique: €49,847/m²
La Rousse: €45,303/m²
Les Moneghetti: €42,326/m²
La Condamine, for example, with its village atmosphere and immediate proximity to the Port, attracts a mixed clientele, from young entrepreneurs to established families.
New-build or older properties: two speeds, two clienteles
New-build remains very high end. It includes exceptional developments such as Mareterra, as well as Bay House in the Larvotto district, and the Odéon tower a few years ago. Negotiation margins are virtually non-existent there: ultra-premium features justify price levels that are rarely discussed. New-build offers no room for negotiation, but it does have a showcase effect.
Older properties, often renovated, remain dependent on location and level of finish. However, one can observe a willingness among developers to merge adjacent properties. These projects aim to give a facelift to the buildings that have marked the Principality, while meeting ultra-luxury standards. Comfort is therefore maximised without sacrificing the functionality of living spaces.
The profile of buyers in Monaco
Clients come from all walks of life. These international buyers see Monaco as a safe haven market, combining neutral taxation and political stability. Often Swiss, Italian, British or Russian, they are also increasingly younger, and want to settle in the Principality as families. The profile of these new buyers is undeniably linked to the global geopolitical situation. The international context allows some investors to make their moves as they see fit. The latest example is the British government. The United Kingdom abolished the “non-dom” tax regime in April 2025. Its citizens will therefore be taxed on their worldwide income. A change that is very likely to have consequences for high-end real estate in the Principality. As you will have understood, acquiring a prestige property requires being supported by a Monegasque real estate agency that truly knows the market.
Future evolution of the real estate sales market in Monaco
Prices will see a slight increase in sought-after districts such as the Carré d’Or, and also Larvotto. Larger properties, such as three- or four-room apartments with terraces, will feel the impact of renewed market tension. Demand will increase for homes with service offerings. Another side of the sector not to forget: the growing importance of off-market deals.
In any case, Monaco will remain a wealth refuge in 2025. In this closed, discreet and codified market, making a successful purchase requires a sharp strategy. The real difference? Being accompanied by those who have the keys, not just the listings.
