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.
Photo by Monaco Life