Monaco’s real estate sector saw its revenue fall to just under €1.1 billion in 2025, as a slowdown in property development and home sales weighed on one of the Principality’s key industries, official figures show.
Turnover across the sector dropped 5.1% on the year, according to the statistics institute IMSEE — a shallower decline than the 7.6% fall recorded across Monaco’s wider private economy, and one that reflects the sector’s business activity rather than property prices.
Fewer new apartments
The largest part of the sector — the firms that own property and develop projects — accounts for 56.5% of revenue and fell 16.8% to €609.8 million. Property development alone was down 10.3% at €329.7 million, which IMSEE attributed to the completion of several major building programmes and, as a result, fewer new apartments delivered during the year.
Revenue from the buying and selling of property fell further still, down 23.3% to €280 million, also linked to weaker new-home sales. The number of firms trading property has been declining since 2021, a trend the institute connects to a 2024 law tightening the rules for property dealers.
Rentals and management grow
Other parts of the sector expanded. Work carried out for third parties — estate agency, brokerage and building management — rose 22.8% to €268 million, while renting out and operating property grew 8.2% to €201.3 million. These steadier, recurring activities offset some of the fall in one-off development and sales income.
Jobs still rising
The sector continued to hire even as its revenue fell. It employed 1,904 people in 2025, up 2.5%, at a time when private-sector employment across Monaco fell 1.2%, while the number of employers held steady at 462. Most of those jobs are in third-party services, which make up 87% of the workforce, led by building and co-ownership management. Property development employs far fewer people but saw the fastest growth, up 17.9%.
An older, more Monegasque workforce
IMSEE said the sector’s staff were older, and included more Monegasque nationals, than the private sector as a whole. Workers aged 45 and over made up 59.3% of the total, against 45.2% across the private sector, while Monegasque nationals accounted for 21.6% of employees — more than double their share of the wider workforce. Italians were also over-represented, at 20.5%.
The institute cautioned that Monaco adopted a new activity classification, NAF 2025, in January 2026 and recalculated the sector’s results, so the figures cannot be compared with its earlier reports.
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Photo credit: Cassandra Tanti