Monaco real estate in 2024: the key figures of an exceptional market
Published on:
Monaco’s key real estate figures confirm one trend: rising prices. The market remains true to its reputation as an ultra-specific microcosm. IMSEE (Monaco Institute of Statistics and Economic Studies) released the latest sector data in February 2025. With a total value of €5.9 billion for resales and new builds, the market highlights unprecedented dynamics: expansion, pressure, and segmentation. One certainty: prices are reaching record levels.
Monaco real estate key figures: record reached for price per m²
Hong Kong, Geneva, New York, and London had better watch out. Monaco is once again near the top of the rankings in the race for the world’s highest price per m². The reason? Demand far exceeds supply. No need to be a specialist or a renowned economist to grasp the issue. Buildable land is becoming increasingly scarce. So much so that the Principality expanded into the sea with the delivery of a monumental eco-district called Mareterra, which strongly influenced the market. The Principality is innovating and positioning itself among model destinations. For five years now, real estate statistics have shown a highly resilient market, even in a post-COVID context:
2020 to 2022: continuous increase in price per m²;
2022 to 2023: slight decline of -1.8% in older properties, to €51,418/m², yet still at an extremely high level;
The average price has remained above €50,000/m² since 2021.
In 2024, total real estate sales volume reached €5.9 billion, according to IMSEE. That is +80% compared with 2023. This total includes both new-build transactions and resales, the Monaco Institute of Statistics and Economic Studies reported. In 2024, the average price of a high-end new property reached €36.4 million, a record in absolute value. As for transactions, 101 sales were recorded, including 57 new apartments above €20M. Seven of them even reached the pharaonic sum of €100M. Importantly, this is the fifth consecutive year of increases in average and median prices on the market.
In terms of resales, once again Monaco stands out with per-square-metre rates that push statistics higher. Here is the breakdown by district:
Larvotto: €97,563;
Monte-Carlo: €53,911;
Fontvieille: €53,908;
La Condamine: €53,801;
Jardin Exotique: €49,847;
La Rousse: €45,303;
Les Moneghetti: €42,326.
Transactions: a stable but ultra-selective market
The trend points to scarcity of family properties and ultra-luxury. A total of 466 transactions were recorded over 2024: 101 new-build sales versus 365 resales. In other words, the market rode a 12% increase in transactions compared with 2023, thanks to growth in new sales. Conversely, the sector shows a -5.9% decline in resales: the lowest level since 2012. A general drop is observed, except for two-room flats, which are breaking records with a 26.3% increase. Regarding the most active districts, here is their geographic distribution:
Monte-Carlo with 132 resales (36% of the total), placing the district in first position.
La Rousse ranks second with 91 transactions, i.e. one resale out of four, despite a 26% decline.
Fontvieille, La Condamine, and Les Moneghetti follow in the ranking.
Rentals: pressure on the high-end rental stock
It is difficult to form a precise picture of Monaco’s rental market, as no data has been officially published. Still, one only needs to listen to hear market trends. It appears that large apartments are currently in short supply. Properties with three rooms and more are indeed highly sought after, but their scarcity in the area is driving prices up sharply. The Carré d’Or and Larvotto districts bear substantial rents. The former shows prices ranging from €190/m2 to €229/m2. Just behind it, the latter location stands at rates of €119/m2. The rental sector is on track to rival the sales market. Indeed, when rents become too high, many consider buying as a long-term solution. Another observable trend is a relocation cycle driven by landlords who have terminated leases in order to re-let at higher prices.
Mareterra: the major project influencing the market
The delivery of Mareterra at the end of 2024 sent prices soaring. After eight years of works, this luxury eco-district increased Monaco’s surface area by 3%. The development deeply reshaped Monaco real estate. Of 159 new homes delivered in 2024, 130 came from Mareterra. The snowball effect is visible in neighbouring districts, which are now under valuation pressure. A “collateral effect” of this trend is that some older properties have also come under price pressure and are seeing their values rise.
2025 outlook: a still upward dynamic?
Monaco will retain its status as a leading destination for attracting future foreign investors thanks to its strengths:
total exemption from income tax, wealth tax, and capital gains tax;
security, confidentiality, political stability;
connectivity (Nice airport, heliport).
But the Principality will have to face a growing issue: an extremely tight market. At the same time, competing destinations such as Dubai, Singapore, London, and New York continue to attract the same investor profiles. In Monaco, few new projects are forthcoming. Supply is therefore insufficient for relatively growing demand. In terms of prices, the trend should remain upward, especially in the following districts:
Carré d’Or;
Larvotto;
La Condamine.
Five dynamics that will weigh on Monaco’s real estate market
Unlike other international markets, Monaco reacts to global fluctuations with a certain lag. It remains a resilient ecosystem, little prone to panic effects. This is explained in particular by the nature of buyers (strong wealth profile, highly capitalised) and by the ultra-scarcity of available land. In 2025, several signals are reinforcing this dynamic:
1. Gradual decline in eurozone interest rates
If the end of 2024 was not enough to trigger a clear rebound in transactions, the first months of 2025 have suggested a recovery: rising purchase intentions and completion of deferred transactions. This context could make a market that has so far been extremely selective more fluid.
2. Fiscal change in the United Kingdom
Since 6 April 2025, the non-domiciled (non-dom) regime has been abolished. This means British residents will now be taxed on all their worldwide income. This fiscal upheaval is already prompting some wealthy profiles to consider Monaco as a lasting alternative, due to its tax neutrality.
3. Demographic growth and land pressure
The constant arrival of new residents sustains a tight sector. Monaco, one of the most expensive markets in the world, is seeing prices not only hold steady but also progress, supported by structural scarcity and consistently strong demand.
4. Trend towards modernisation
Faced with the scarcity of new land, many owners are opting for major refurbishment of existing properties. Objective: raise the quality of amenities, optimise space, and improve energy efficiency. This phenomenon is gradually reshaping supply.
5. Rising environmental requirements
Environmental issues are becoming part of investors’ purchasing criteria, even in luxury. Monaco follows this trend with HQE-certified projects and local regulation that promotes sustainable construction. The impact is clear: green real estate is gaining value.
2025 outlook for Monaco real estate
Monaco real estate in 2025 is characterised by a dual movement: it is shaken by international dynamics while retaining its own logic. This singularity turns it into a leading wealth-preservation haven, resistant to global turbulence and continuing to offer long-term opportunities for informed investors.
Knowing the indicators means understanding the opportunities. MyCrown Estates supports you in decoding the market… and investing in it intelligently. Choosing the right agency is essential in such a demanding field.
