Monaco’s real estate is also a big draw for living and working here, which you can see from the graphics below.
This highlights the total value of all transactions of first-time sales and resales of existing properties. You can see that it has risen by 4.4% and almost 3 billion euros.
320,5 millions of euros
2018 was a record year for selling new apartments and in 2019, the numbers still remained high. 33 apartments were sold, which is still comparatively higher than the start of the decade.
The market for real estate sales is dependent on deliveries. Unlike in 2018, a very small number of new-build apartments intended partly for sale were delivered (9). In 2019, three-quarters of transactions were off-plan, which served to limit the decline in the volume of sales.
The real estate resale market grew in value. This was driven by a relatively high number of transactions involving villas or apartment buildings.
However, the market continues to be sustained by more or less short-term development projects, such as 45 rue Grimaldi, L’Exotique and the Tour des Giroflées, and also by the sale of apartments delivered in 2018 (such as Le Stella).
Of the 33 apartments sold, 25 were sold off-plan.
The table below shows how the numbers of sales depends on new deliveries:
2.475,4 millions of euros
As with the new build real estate market, the number of resales remained high in 2019 – equating to 429 apartments in total.
Four-room properties rose significantly by 24.4% with three-room properties taking a dip (28.1%) but still remaining high.
In total, 15 villas were sold in 2019 – most for real estate development. This was the highest number seen since this observation recording was created in 2010.
Mean price per square metre
2018 saw a large increase (+18.1%) and in 2019, the price per square metre remained high, only falling slightly to -1.3% and remaining above 48,000 euros. In 10 years, it has risen by almost 71%.
In the Monte-Carlo, Fontvieille and La Condamine districts, the price per square metre of real estate resales was above 50,000 euros in 2019.
Furthermore in Fontvieille, the price per square metre rose by 14.2% – the only district in which the price has doubled in ten years.
These figures further illustrate why investment in Monaco continues to be a positive choice.