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Day: 29 January 2023

Monaco Real Estate: A resilient market returns to near record-breaking levels

by: Elsa Carpenter
29/01/2023

In Part II of Monaco Life’s Real Estate Report for 2022, we look at the strength of the market in the post-Covid era as well as where the best price-per-square-metre deals can be found.

Residential property covers almost two thirds of developed land in Monaco’s 2.1km² and a considerable 43% of that is concentrated in the Monte-Carlo and La Rousse neighbourhoods. So it’s no surprise that the majority of resale and previously owned property sales – the focus of Part II of this report – took place in these two quartiers.  

According to the latest figures by IMSEE, of the 432 transactions recorded during the last 12 months, 158 were signed for property in the famous central Monte-Carlo district, the home of Monaco’s iconic Carré d’Or, and a further 118 in La Rousse, the slice of land located just above the seaside Larvotto neighbourhood. Monaco-Ville, better known to most as Le Rocher or the Rock, and Larvotto both recorded the lowest number of sales, with 16 and five apiece.  

Near-record breaking year

Overall, sales came close to toppling the 2019 record of €2.48 billion, coming in at €2.35 billion. This is a 12.1% progression on the 2021 figures, demonstrating a return to the trends of pre-Covid years. Profits made in Monte-Carlo alone neared the €1 billion mark at €930.6 million, a more than 20% increase on the previous year.  

In the past decade, real estate sales in the Principality have increased by almost 100% and the average price has climbed 80.7%. Now is sits at €5.4 million, closing in on the lofty levels set in the industry’s benchmark year of 2019.

Monaco is attracting families

As discussed on Monaco Life’s latest ‘This Week in Monaco’ podcast, the Principality is trying to build its attractiveness to families and it’s a strategy that appears to be working.

In the four-bedroom and over category, 43 properties were sold, including nine villas. Their combined sales reached €730 million. Villas are in high demand and despite the numbers being similar in 2021, when seven such homes were sold, the prices that were fetched last year more than doubled on those of the previous period.  

Monaco’s price-per-square-metre continues to hover around €51,000, but in the four-bedroom+  segment, the price-per-square-metre now exceeds €55,000. Larvotto, where sea views and space come at a premium, was the most expensive district for this marker, with the price-per-square-metre reaching €62,351. The lowest in this range is in the Jardin Exotique, where the average property sells for just under €35,000 per-square-metre. 

 

READ MORE: 

Monaco Real Estate: New build sales top €1 billion for first time ever

  

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Photo by Monaco Life

Profligate Monaco held in Marseille

by: Luke Entwistle
29/01/2023

AS Monaco came away from the Stade Vélodrome with a point but will have been disappointed not to have earned more for their impressive efforts against Olympique de Marseille on Saturday.

By any team’s standards, a draw away to Marseille is considered a solid result. However, Monaco’s 1-1 draw is a scant reward for a match largely dominated, particularly in the first half.

The Principality side should have headed into the break three goals up, not just one. Jordan Veretout’s own goal from a Caio Henrique free-kick gave Monaco the lead, however, that should have been supplemented by at least another goal, and would have been if not for some profligate finishing from the usually prolific Wissam Ben Yedder.

Ruben Blanco, in for the injured Pau Lopez, got the better of the striker, who during the last match scored a hat-trick. Vanderson was also just inches away from adding to the score, but going in just one up at the break, the game was still very much alive.

Alexis Sanchez reminded them of that just two minutes into the second half. Alexander Nübel parried a Nuno Tavares shot right into the past of the Chilean international, who in one swift blow undid all of Les Monégasques’ good work.

Marseille, with the cauldron that is the Stade Vélodrome ignited, began to push. Leonardo Balerdi struck the bar later in the second period, but neither side could find a winner. Monaco couldn’t avenge their late defeat to Les Phocéens back in November, but they at least prevented them from increasing the gap between themselves and the podium.

“The score could have been 0-2, 0-3, or 0-4 at half-time, but we lacked efficiency. We should have killed the match, but we should still be proud of what we did,” lamented Philippe Clement post-match.

The fixture list doesn’t get too much easier for Monaco, who face Auxerre at the Stade Louis II on Wednesday before facing Paris Saint-Germain, OGC Nice and Bayer Leverkusen twice in a hectic February schedule.

 

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Photo by AS Monaco