Monaco’s real estate market did something unusual in 2025: it stayed almost exactly where it was. The total value of all transactions reached €5.9 billion, which matched the record set the year before. However, underneath that steady headline, the market was anything but static.

Monaco’s statistics body IMSEE unveiled its Real Estate Observatory 2025 during a press conference at the Ministry of State on Monday 17th February, revealing a market in quiet transformation while introducing a highly anticipated new tool designed to measure the market more honestly than ever before.

Two markets moving in opposite directions

The report shows that in 2025, new-build sales fell sharply, while resales more than made up the difference.

Sales of brand new homes dropped from 101 transactions in 2024 to 64, showcasing a quiet year for completions. Their total value fell by a billion euros to 2.6 billion. Even so, 2.6 billion coming from just 64 transaction is an extraordinary figure. In fact, more than half of those sales exceeded 20 million euros, and five crossed 100 million.

Resales told the opposite story. At 429 transactions worth a combined 3.2 billion euros, the secondary market set an all time record, up 49 per cent in value in a single year. The driver was largely owners reselling recently delivered luxury apartments. “Sales fell by a billion, resales rose by a billion,” said Céline Caron-Dagioni, Minister for Infrastructure and Urban Planning. “A lot of it is simply apartments that had been bought and very quickly put back on the market.”

And the figures are remarkable. The average resale price reached 7.6 million euros, up 26.8 per cent in a year. For the largest properties including five rooms or more, the average leapt to 29 million euros, a rise of 10 million in 12 months. The Larvotto district, with just 13 resales, generated 851.9 million euros, mainly from the Mareterra project and other recent developments landing on the secondary market.

A new way to measure Monaco’s property prices

The most significant announcement, however, was methodological. Monaco now has a more accurate way of calculating price per square metre, which changes the picture considerably.

The old method was quite simple: average the resale prices in a district for a given year. It was straightforward, but easily distorted. For example, three exceptional transactions in Larvotto in 2024 pushed the district’s reported average to 95,000 euros per square metre. But, this figure did not accurately reflect the broader market.

The new model includes both sales and resales and takes into account when a building was constructed, not just where it is and when it sold. Pierre-André Chiappori, Minister for Finance and an economics professor who helped design it, explained the logic: “An apartment in Monte-Carlo is not worth the same as one in Les Moneghetti. A building from the 1970s is not worth the same as one completed last year. This model separates all three effects cleanly, something the old one could not.”

After using this method, Monaco’s average prince per square metre in 2025 turns out to be 57,569 euros, the second highest ever recorded. At the top of the table sits Larvotto’s district at 71,167 euros, the first time any district has crossed the 70,000 euro threshold. Monte-Carlo follows at around 54,000 euros, and even the most “affordable” districts – Les Moneghetti and the Jardin Exotique – come in above 43,000 euros. Lastly, for new buildings completed since 2020, the average prince rises to 65,602 euros per square metre.

What the data revealed

Using this new model, one unexpected finding arose, say the experts. Buildings from the 1990s appear relatively cheaper per square metre than those built in either earlier or later decades. “That is the definition of a good statistical model,” Chiappori said. “One that teaches you things you couldn’t see before.”

Caron Dagioni provided an explanation for this. The 1990s were Monaco’s first generation of modern urban development, before today’s standards on energy performance, construction quality and public space were established.

The new index goes beyond publishing annual statistics. The government already uses it as a shared reference point in negotiations with developers over projects involving public land, removing the scope for competing valuations. “It gives everyone – including investors, developers, and the state – an indicator that is the same for everyone and cannot be challenged,” Caron-Dagioni said.

She then added: “A developer planning a project can apply the district and decade to get a credible first estimate. The only real uncertainty is where prices will be in two or three years. But this removes an enormous amount of guesswork.”

All historical square metre data has been recalculated under the new method for consistency and can now be found at imsee.mc/publications.

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Main photo credit: Monaco Life