Monaco property prices: 2023 report & 2024 forecast

Monaco property prices in 2023

According to the report, the average price per square metre was 51,418 Euros, an increase of around 1% when compared to 2022 figures and close to the historic figure of 52,000 Euros seen in 2021. Five out of seven districts exceeded the all-time high.

The mean price of resales stands at 5.7 million Euros, just slightly behind the historic high of 5.8 million Euros recorded in 2019, and more than half of all resales are at or above 3.5 million Euros. This figure represents a 38.1% rise in the past decade.

Demonstrating Monaco’s soaring real estate prices and demand for super-prime property by the world’s wealthiest individuals, in 2023, 18 properties sold for more than 20 million Euros, the highest number on record. This figure is only likely to increase as Monaco property prices continue their upward trajectory and more ultra-luxury developments, such as Marterra and Bay House, come to market.

However, while real estate prices remained high, the market cooled overall, with the number of resale transactions down by more than 10%. Soaring inflation, uncertainty around the global economy, and global events will have certainly played their part in creating a slightly slower real estate market in 2023.

Most sought-after districts in 2023

Monte-Carlo and La Rousse saw the highest number of property transactions in 2023, together accounting for more than 60% of all real estate transactions. La Rousse accounted for 31.7% of all transactions, making it the most popular district in terms of property resales for the first time since 2019, while Monte-Carlo accounted for 30.7% of all transactions.

Larvotto and Monaco-Ville saw the fewest number of property transactions in 2023. However, it’s important to note that even though these districts recorded a low number of transactions, they remain highly sought-after, with Ageprim’s agents regularly working to fulfil clients’ requests for property in these exceptional districts.

In 2023, the average price per square metre rose in almost every district. The districts that recorded the highest Monaco real estate price rises included La Condamine, where prices rose 19.7% to an average of 54,099 Euros per square metre, and Les Moneghetti, which was up 18.3% compared to last year’s report, with an average price per square metre of 46,511 Euros.

Reflecting its ultra-exclusivity, Larvotto recorded the highest price per square metre at 65,857 Euros, up 5.6% compared to 2022.

Monaco real estate predictions in 2024

As we enter the second quarter of 2024, the real estate experts at Ageprim note that Monaco property prices continue to remain positive, with a healthy number of property transactions.

As the global economy stabilises and inflation falls, this positive trend is likely to continue. Our agents are seeing an upsurge in interest as Monaco continues to remain one of the world’s premier destinations for HNWs and UHNWIs, with a stunning selection of property for sale in Monaco across all districts.

With more ultra-luxury residences coming to market in 2024, such as the eagerly anticipated Marterra, Bay House, and Villa Ninetta, the Monaco real estate market remains a ripe opportunity for wealthy investors in search of super-prime property.

Our agents continue to see soaring demand for Monaco property hotspots, including in the districts of Larvotto and Monte-Carlo, especially around the ultra-exclusive Carre d’Or. There also continues to be strong commercial real estate demand thanks to the principality’s reputation for business excellence and its strong standing on the international stage.