Monaco real estate market report 2022; sales soar by 18.2%
There were a record number of sales in 2022, according to the latest Real Estate Observatory report published annually by the Monegasque Institute of Statistics and Economic Studies.
The report states that the principality enjoyed a robust year and is well on its way toward post-pandemic economic recovery, with many figures now exceeding pre-pandemic growth.
According to the Monaco real estate report, the total number of transactions for both sales and resales was up by 18.2%, reaching a record value of 3.54 billion Euros.
Demonstrating strong demand, the new housing market quadrupled in value compared to 2021, partly due to numerous construction projects. And, while the average price per square metre dropped slightly below last year’s historic high, it remained above 50,000 Euros per square metre, maintaining the principality’s position as the world’s most expensive real estate destination.
According to the report, the past 10 years have seen property prices grow by 60%, providing real estate investors unprecedented returns on investment.
Here we explore some key findings from the 2022 Monaco real estate report.
New property sales up
New property sales in Monaco are booming, fuelled by a host of new luxury developments sur as L’Exotique. New development sales are taking place both off-plan and post-construction, contributing to a vibrant real estate market. According to the real estate report, 146 apartments were built in 2022, two times the annual average, culminating in 88 sales, four times more transactions than in 2021.
Monaco real estate sales exceeded 1 billion Euros for the first time, and 50% of sales are now worth more than 6.5 million Euros.
The average square metre price dips but remains above 50,000 Euros
Property prices dipped slightly in 2022, likely due to economic turmoil and rising inflation. The average price per square metre fell by around 1,000 Euros in 2022 to 50,982 Euros. This is compared to the historic high of 51,912 Euros recorded in 2021. Despite this slight dip, property prices remain above the historic 50,000 Euro mark, and the last decade has seen property prices increase by 60%.
Interestingly, the price per square metre for 2 and 4-room apartments increased compared to 2021, reaching a record level of nearly 53,000 Euros. However, the square metre price for studios, 3-room apartments, and apartments with more than 5 rooms fell.
Larvotto and Les Moneghetti only districts that see price per square metre increase
The price per square metre for properties in Larvotto was up 4.4% compared to 2021. It was also Monaco’s most expensive district, with the average price per square metre at 62,351 Euros.
Les Moneghetti was the only other district that saw the price per square metre increase, rising by 11.6%. The average price per square metre in Les Moneghetti was 42,278 per square metre, making it one of the least expensive districts.
Monte-Carlo recorded the lowest drop in price, down -8.2%, recording an average price per square metre of 55,054 Euros in 2022. Fontvieille recorded a -6.1% drop, and La Condamine recorded a -4.4% drop.
Resale property transactions exceed pre-Covid figures
Demonstrating a robust post-pandemic recovery, Monaco’s real estate resales figures exceeded pre-pandemic levels for the first time. There were 432 resales in 2022, compared to 417 in 2021, 395 in 2020, and 429 in 2019. In the past decade, the highest number of resales occurred in 2014, when 555 properties were sold.
Nearly 40% of resale transactions are for properties in Monte-Carlo
Despite the average price per square metre dropping by some 8.2 percent, Monte-Carlo remained the principality’s most favoured district, attracting 39.6% of all property resale transactions, the Monaco real estate report states.
This is followed closely by La Rousse, with 27.3% of all property transactions. Larvotto recorded the least number of property transactions. Just 5 properties changed hands, representing 1.2% of property resales in 2022. This represents a historic trend for the district, where properties rarely come to market.
Average Monaco real estate sale prices continue to rise
As demand continues to rise, so do property prices. The average price of property resales reached 5.4 million Euros in 2022, and one in two transactions is for a property valued at more than 3.3 million Euros.
The number of transactions over 10 million Euros also continues to rise, as does the number of transactions for properties priced at over 20 million Euros. In 2022 30 properties were sold valued from 10 to 30 million Euros – compared to 19 in 2021 – and 17 properties sold from more than 20 million – compared to 12 in 2021.
For more Monaco real estate market analysis and industry insights, contact the experts at Ageprim. Alternatively, browse our collection of Monaco real estate for sale and enjoy the many benefits of owning a property in Monaco.
