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2021 property report: market rebounds but still down

2021 property report: market rebounds but still down

By Stephanie Horsman - January 25, 2022

Monte-Carlo overtook Larvotto as the most expensive district to buy property in Monaco last year, at €60,000sqm. The annual property report also shows that 417 resale apartments fetched just over €2 billion.

According to the latest report by Monaco’s statistical agency IMSEE released on Tuesday, the real estate market in 2021 saw a rebound on the previous year, with 29 more transactions and €160 million more in sales.

Sales volume, however, remained down by 5%, whilst sales value was down 17% compared to pre-Covid levels.

The number of new sales increased by 44% compared to 2020, though 2021 was still 30% below 2019 levels.

Nearly half the apartments sold last year were three room, signalling the first year since 2006 that so many dwellings of this size have been sold in the Principality. Studios were the next biggest sellers, but even those were way below the 2019 level. In all, 23 new apartments were sold, with a value of €235.6 million.

On the resale side, sales increased by 5.6% and exceeded the 400 transaction mark. With the exception of four room apartments, which saw a drop of 9.8%, every other size of apartment saw an increase, with almost 80% of resales being three rooms or less. In total, 417 resale apartments were sold, valued at just over €2 billion.

The 2021 price per square metre rebounded, and for the first time exceeded the symbolic threshold of €50,000, hitting nearly €52,000. The 10-year increase is an incredible 75%, making Monaco real estate a safe bet.

When breaking down prices per neighbourhood, the water gets a bit murky. For example, in Monaco-Ville in 2021 there were no transactions whose surface area was known, and therefore it was not possible to calculate pricing per square metre.

Larvotto, traditionally the most expensive district, was overtaken by Monte-Carlo, where apartments sold for nearly €60,000 per square metre, while Fontvieille saw prices hovering just behind at €58,000 per square metre.

For those hunting for deals, the Jardin Exotique area had the lowest price per square metre at €35,460.

 

 

Photo by Cassandra Tanti, Monaco Life

 

 

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