A new publication by the IMSEE (Monegasque Institute of Statistics and Economic Studies) revealed that 2024 was record-breaking year for real estate in Monaco. Published on 6 February, the study stated that 101 new homes were sold in 2024, a new record.
€5.9 billion
The total amount of real estate sold reached its highest level in 2024: 5.9 billion euros. That’s about 80% more in one year and more than double in 10 years. The total number of real estate transactions increased by 12.0% in 2024, or 50 more units than in 2023.
Resales decreased slightly
Although total and new sales experienced an increase, resales declined by 5.9%. In 2024, the average price per square metre of resales reached €51,967 in Monaco and slightly exceeds its previous record set in 2021 (€51,912). It increased by 1.1% compared to 2023 and by 44.3% in 10 years.
Mareterra
The high amount of new sales can be attributed to the completion of the Mareterra project. The deliveries of new apartments in the private sector vary greatly from one year to the next, depending on the quantity and progress of construction sites in the Principality. In 2024, 159 apartments were completed, after a year without any. This number is a record since 1993. The Mareterra project alone enabled the delivery of 130 homes in the Larvotto district.
Number of new sales triples in 2024
In 2024, the amount of new sales more than tripled compared to its previous record (1.2 billion euros in 2022) which was already particularly high. It stands at 3.7 billion euros, a number higher than the cumulative amount of sales from 2006 to 2021.
The amount of 4-room apartments sold was almost one billion euros and sales of properties with 5 rooms and more exceeded 2.5 billion euros (including nearly one billion euros for villas). These two types of homes accounted for nearly 95% of the total amount of transactions.
Average home sells for over €35 million
In 2024, half of all homes sold for more than €22 million, for an average of €36.4 million. Even if these figures are down from the record-breaking 2023, they remain at a level significantly higher than previous years.The median price of 2024 is almost 4 times higher than that of 2022.
