Monaco’s real estate market has reached unprecedented heights, with 2024 emerging as a year of exceptional records. According to the latest data from the Monegasque Institute of Statistics and Economic Studies (IMSEE), the total value of real estate sales more than tripled compared to the previous year, reaching a staggering €3.7 billion—an all-time high since the institute began tracking the market in 2006. This surge, driven by both an increase in sales volume and the premium value of high-end properties, marks an extraordinary year for the Principality’s real estate sector.
The 2024 market figures stand out as record-breaking in many ways. Sales of new developments soared to 101 transactions—up from just 28 in 2023—making it the highest transaction volume ever recorded. Monaco’s land extension projects, particularly the highly anticipated Mareterra development, played a crucial role, delivering 159 new apartments, with half of them selling for over €22 million. The average price of a new property stood at €36.4 million, and seven properties surpassed the €100 million threshold.
Meanwhile, Monaco’s resale market saw a continued decline in transaction volume, with 365 resales recorded in 2024, down from 388 the previous year. However, resale prices remained at record highs, with the average resale property reaching €6 million—up from €5.7 million in 2023—bringing the total resale market value to €2.179 billion. The price per square metre for resales also hit a record €52,000, reflecting Monaco’s enduring status as a prime destination for ultra-high-net-worth individuals (UHNWIs).
Despite the decline in resale transactions, Monaco’s real estate market continues to thrive, with new developments fueling demand and prices holding strong. As international investors continue to seek a foothold in the Principality, Monaco solidifies its position as one of the most exclusive and valuable property markets in the world.
To understand the drivers behind this impressive rise in Monaco’s real estate sector, Hello Monaco spoke with Alessandro Ponzi, the founder and owner of Panorama Properties Monaco, a leading agency specializing in high-end properties in Monaco and the South of France.
HM: The real estate market in Monaco has broken several records in 2024, with sales totalling 3.7 billion euros. From your perspective, what do you believe has fueled this remarkable surge in transactions?
Alessandro Ponzi: Several key factors have contributed to this surge. The primary one is Monaco’s limited land availability, which continues to drive prices up. Furthermore, after the pandemic, we saw a substantial increase in the number of ultra-high-net-worth individuals looking to relocate to Monaco for its political stability, favourable tax regime, and superior lifestyle offerings. Developments like Mareterra and the high demand for prime luxury properties have also played a significant role, setting new benchmarks for property values. Additionally, the shift in global economic conditions, with inflationary pressures and geopolitical uncertainties, has made Monaco even more attractive to investors seeking secure assets.
HM: The price per square metre has now surpassed 52,000 euros. How sustainable do you think this rapid price growth is, and what impact do you foresee in the coming years?
AP: Monaco has historically seen strong and steady price growth, and while it’s difficult to predict future trends with absolute certainty, the fundamentals of the market suggest that long-term appreciation is likely. The scarcity of space and the continuous demand from wealthy individuals make Monaco’s market resilient. However, the rapid pace of growth might slow down in the short term as even the wealthiest buyers start to hit affordability thresholds. It’s likely that we’ll see more demand for newly developed properties that justify these high valuations due to their modern amenities and prime locations.
HM: With Monte-Carlo seeing the most significant price increases, do you expect demand to remain concentrated in this district, or do you foresee shifts toward other areas in Monaco?
AP: Monte-Carlo is undoubtedly the crown jewel of Monaco, and its appeal will not diminish. Its prime location, luxury amenities, and established prestige continue to make it a top choice for buyers. However, we are witnessing a growing interest in areas like La Rousse and Larvotto, where buyers can find premium properties with stunning sea views at comparatively more attractive prices. The redevelopment of districts like Fontvieille’s waterfront will also likely attract high-net-worth individuals seeking luxury living with a more tranquil environment. Over the long term, we can expect these peripheral districts to see significant price appreciation, especially as infrastructure and amenities continue to improve.
HM: The luxury market continues to dominate, with seven properties exceeding 100 million euros in sales. Do you think the ultra-luxury segment will remain the driving force of the market, or are we likely to see increased demand for other types of properties in Monaco?
AP: The ultra-luxury segment will undoubtedly remain the driving force in Monaco’s market, as the city-state has established itself as a magnet for UHNWIs. The market will continue to attract investors looking for top-tier residences, particularly those with cutting-edge designs and exclusive locations. However, I believe we will see an increasing demand for properties in the range of 5 to 10 million euros. There’s a growing interest from professionals and entrepreneurs establishing their base in Monaco. Furthermore, we anticipate a rise in demand for high-end rental properties and serviced apartments, as businesses expand in the Principality, bringing more people to the area.
Panorama Properties Monaco has remained at the forefront of Monaco’s dynamic real estate market by consistently adapting its strategies to reflect both local and global trends. The agency, which is renowned for its deep market knowledge and bespoke services, continues to cater to an elite clientele seeking the finest properties in one of the world’s most sought-after locations.
In an ever-evolving market, Panorama Properties has shown remarkable flexibility. Whether it’s adapting to the rapid pace of new development projects like Mareterra or understanding the shifting preferences of international buyers, the agency ensures that it stays ahead of the curve. The team at Panorama Properties is constantly refining its approach, staying responsive to changes not only within Monaco but also to global economic trends that shape the luxury real estate sector.
As Monaco’s property market continues to break records, Panorama Properties Monaco is positioned as a trusted partner for those seeking to navigate this ever-competitive market, ensuring that each client receives a personalized experience tailored to their exact needs and aspirations.
