The average price per square metre in Monaco topped out at a massive €51,418 in 2023, equating to an almost 40% rise in a decade and setting new records in five of the Principality’s most unexpected neighbourhoods.
The latest annual real estate report from IMSEE, Monaco’s official statistical agency, has just been released, bringing with it a fascinating spread of information on the health and wealth of the Principality’s property market.
Record prices per square metre
Among the revelations are the all-time highs recorded per square metre in five of the neighbourhoods in the Principality, a place that has long held the title as the most expensive country in the world for real estate.
Fontvieille in the west, the Jardin d’Exotique, the Condamine, Les Moneghetti and La Rousse all generated record prices per square metre in 2023.
The Condamine recorded the sharpest rise – a climb of 19.7% to reach €54,099 and clear the €50,000 mark for the first time in history – while property in Les Moneghetti on the northern border generated prices per square metre of €46,511, up 18.3%.
The cheapest neighbourhood continues to be the Jardin d’Exotique area, but prices here still rose 10% in 2023 to demand more than €41,600 per square metre. The most expensive remains the sea-facing Larvotto quartier, which demanded a vast €65,857 for each square metre of property, although prices remained below the record €70,414 observed in 2017.
Across the Principality, only the central Monte-Carlo district, which is home to the famous Carré d’Or of the Casino de Monte-Carlo, the Hôtel de Paris and the Café de Paris, noted a dip. Here, prices fell by 6.2% to €51,628 per square metre.
The figures for Monaco-Ville, also known as The Rock and as being the location of the Prince’s Palace, are not made publicly available.
Prices up almost 40% in a decade
Back in 2014, the first year that IMSEE combined the numbers for new build properties and resales, the average price per square metre in Monaco sat at just over €37,000. This figure rose to its highest point in 2021, when prices came in at close to €52,000, but 2023 isn’t far behind.
According to data compiled by IMSEE and the Department of Tax Services, the mean price per square metre in Monaco last year was €51,418, equating to a 38% rise in a decade.
Photo by Monaco Life