IMSEE has published its Observatory of real estate in Monaco in 2022.
This study concerns only the sale and resale of real estate in the Principality. The market is growing after two years of health crisis. The number of transactions (520) is up by 18.2% compared to last year and the value of these transactions is up by 51.8% to €3.54 billion.
The new housing market:
This increase is notably explained with the new build market: 146 new properties were recorded on the Monegasque market in 2022, of which 88 flats were sold for €1.19bn. This is an important year in terms of deliveries for Monaco, the third after 1993, the record year with its 431 flats, and 2015 with 195.
It is also the first time that the amount of new property sales has exceeded one billion euros. By way of comparison, it amounted to 235.6 million euros in 2021 with 23 transactions. This is due in particular to the sale of 4 rooms or more, which represents more than 80% of transactions.
It should be noted that one flat in six was sold for more than 20 million euros.
The market for existing properties :
The resale market is also growing with 432 transactions, slightly up compared to 2021 (+3.6%), for €2.32bn. The market is thus approaching its 2019 record of €2,475.4 million.
Nearly two thirds of resales are in the Monte Carlo and La Rousse districts, and nearly 40% of the transaction value is in Monte Carlo (+20.7% compared to 2021).
The average price of a transaction is up for the 3rd consecutive year, reaching 5.4 million euros. Note that the number of transactions over 10 million euros is increasing strongly (+51.6%)
The price per square metre is slightly down, reaching €50,982, with a record price for 2-room (52,661) and 4-room (53,359) apartments.
For more information on real estate in Monaco, please contact Emilie Le Graverend: e.legraverend@rosemont-mc.com
Picture: Monte Carlo SBM