Real estate in Monaco has hit another record, with new apartment sales reaching €400 million in Q1 2023 for the first time in the history of the Principality.

According to the latest economics report by statistics group IMSEE, Monaco’s economy has bounced back from the pandemic with nearly every category seeing an uptick in the first quarter of 2023.

Trade has surpassed 2019 levels to hit €900,000, revenue is up by €600,000, and the number of private sector jobs rose by 5% over 2022.

SCORCHING PROPERTY MARKET

But the most impressive statistics in the report relate to the real estate sector.

There were 12 sales of new-build properties in the first quarter of 2023 – twice as many as in Q1 2022. They achieved a sales total of more than €400 million, an “absolute record for a first quarter”, according to IMSEE.

More than 80% of these transactions were for apartments that were in the process of being delivered.

Meanwhile, the resale market was stable with 96 transactions, an increase of 3.2% on Q1 2022, to reach €563 million in value. This figure is 12.4% more than that achieved in the same period last year, and has not been seen since Q1 2016.

Only five properties were sold for less than one million euros, a historically low level, while the rest exceeded €10 million.

SEE ALSO:

Monaco Real Estate: The private new builds that are changing Monaco’s landscape

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Photo by Cassandra Tanti, Monaco Life