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Monaco a real estate market resistant to the crisis

11 June 2021

Whether you are looking for a second home, rental property or a complete relocation, a solid knowledge of the global real estate markets is essential.

As expected, there are some areas that even a global pandemic or political problems cannot shake: Monaco remains at the top of the list as the most expensive place to buy property, thanks in large part to its abundance of wealthy residents. The ultra-exclusive lifestyle offered by owning a property in Monaco is another major contributor to the cost of buying in this coveted destination. The Principality is full of gourmet restaurants and designer boutiques, as well as many luxury yachting clubs, not to mention a very busy sporting calendar. If one place on earth has been specially designed for wealthy people, it is Monaco. The sun all year round, the taxes favorable to wealth and the privileged location on the Côte d'Azur do not damage its immense attractiveness either.

Concerning the sale of new apartments in 2020, one in three transactions exceed ten million euros. This evolution is due to the typology of the goods sold but also to the move upmarket of the goods offered. The average price of a real estate sale fell slightly in 2020 while that of a sale is rising sharply. The price per m2 trades on average at 47,600 euros in the Principality, however, as Monaco clung to first place for another year, the average price per square meter fell by 1.1% over one year while 'it has grown by 52% over the past decade.

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