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The world economy is impacted by the health crisis, the Principality's real estate market has shown itself to be resistant to the crisis in 2020 to reach a stratospheric average price in 2021.
Indeed, by reaching an average of €51,912/m2, Monaco keeps its most expensive market place in the world. Passing the symbolic bar of €50,000/m2 translates into a 9% increase in the average price over the past ten years. Not all districts of the Principality are housed in the same boat, Monte-Carlo with around 60,000€/m2 remains the most expensive and coveted district of the Principality, followed closely by Larvotto. The surprise is located at Fontvieille with a record average price of around €58,000/m2, the lowest price is at the Exotic Garden with €35,460/m2.
The new home market represents a total amount of real estate sales in 2021 of €235,000,000 with an average sale price of around €10,000,000, which is lower than the year 2020 with €13,700,000. In 2021, 5 new apartments were sold with a price above €10,000,000, 12 apartments between 5 and €10,000,000 and 6 at less than €5,000,000.
The market for old properties represents a total transaction amount of €2,000,000,000, an increase compared to last year. In 2021, 31 apartments were sold for more than €10,000,000, 94 between €5 and €10,000,000 and 292 for less than €5,000,000.
Prestige real estate has not finished seducing, this extremely positive trend allows Monaco to continue titanic projects such as encroaching on the sea with the new Maraterra district which will see the light of day in 2025.