The overall volume of Monegasque trade has passed the €3 billion mark for the first time at the end of a third quarter, driven by a considerable increase in imports, according to a report published by the Monegasque Institute of Economic Studies (IMSEE) on 12 December.
Compared to 2023, trade has experienced a significant increase of almost 12%, or a gain of €321.6 million.This increase is mainly the result of an increase in imports, amounting to €356.5 million.
Turnover surpasses €15 billion
At €15.3 billion, the Principality’s turnover reached its second highest cumulative historical level in the third quarter of 2024. Despite a slight decline compared to the same period last year (-1.1%), the trend is improving compared to previous quarters (-6.1% in the first quarter and -3.7% in the second). The most significant decrease in turnover is that of Real Estate Activities (-€87.9 million, or -14.0%), mainly due to Real Estate Merchant Activities (-€58.2 million), and to a lesser extent to that of Real Estate Agencies (-€27.7 million).
“The Principality’s turnover is still slightly down, but the trend is improving compared to previous quarters,” states the study by the IMSEE.
Jobs are up, new businesses are down
With 65,752 jobs (nearly 3,000 more than in the third quarter of 2023) salaried activity in the private sector is up 4.7%. 194 new establishments have been counted, compared to 300 the previous year. New businesses show a much more significant decrease than de-registrations.
Real estate sales are down, tourism is up
Despite a decline in the number of real estate sales and resales, the total amount of these transactions is increasing and is around €3 billion. With the exception of cruises, tourism indicators are up over the first nine months of the year.
Compared to the same period in 2023, the number of helicopter passengers has increased by almost 10% this year. The total number of new vehicle registrations is decreasing. However, the share of “ecological” vehicles is increasing.
In short, “The economic trend continues to improve at the end of September 2024,” states the new report by the IMSEE.
Real Estate Figures for 2023 (IMSEE)
New property market:
28 new properties were sold in 2023 (compared to 88 in 2022).
The average price of a new property was 37.1 million in 2023 (compared to 13.5 million in 2022).
The total amount of transactions in new properties was 1.04 billion in 2023 (compared to around 1.2 billion in 2022)
Old property market:
388 apartments in old properties were sold in 2023 (compared to 433 in 2022)
The average price of a property in old properties in Monaco is 5.7 million euros in 2023 (compared to 5.4 in 2022).
The total amount of transactions in old properties is 2.19 billion in 2023 (compared to 2.35 billion in 2022).