Real estate in Monaco in 2024: key figures of an extraordinary market
The key figures of Monaco’s real estate market confirm a clear trend: rising prices. The market fully lives up to its reputation as an ultra-specific microcosm. In February 2025, the IMSEE (Monaco Institute of Statistics and Economic Studies) released the latest sector data. With a total volume of €5.9 billion for resales and new developments, the market highlights unprecedented dynamics: expansion, pressure and segmentation. One thing is certain: prices have reached a record level.
Key figures of Monaco real estate: record prices per m² reached
Hong Kong, Geneva, New York or London had better watch out. Monaco once again ranks at the top of the global race for the highest price per square meter. Why? Demand far exceeds supply. No need to be an expert economist to understand the issue. Buildable land is becoming increasingly scarce. As a result, the Principality has expanded into the sea with the delivery of a monumental eco-district called Mareterra, which has strongly influenced the market. Monaco continues to innovate and positions itself among model destinations. Over the past five years, real estate statistics have shown a highly resilient market, even in a post-COVID context:
- 2020 to 2022: continuous increase in prices per m²;
- 2022 to 2023: slight decline of -1.8% in the resale market, at €51,418/m², still at an extremely high level;
- The average price has remained above €50,000/m² since 2021.
The year 2024 recorded a total volume of €5.9 billion in real estate sales, according to IMSEE—an increase of 80% compared to 2023. This total includes both new developments and resales. In 2024, the average price of a high-end new property reached €36.4 million, an all-time record in absolute value. A total of 101 transactions were recorded, including 57 new apartments sold for over €20 million. Seven of them even reached the staggering amount of €100 million. Notably, this marks the fifth consecutive year of growth in both average and median prices.
As for resales, Monaco once again stands out with exceptionally high prices per square meter. Here is the breakdown by district:
- Larvotto: €97,563;
- Monte-Carlo: €53,911;
- Fontvieille: €53,908;
- La Condamine: €53,801;
- Jardin Exotique: €49,847;
- La Rousse: €45,303;
- Les Moneghetti: €42,326.
Transactions: a stable but highly selective market
The trend points toward scarcity of family properties and ultra-luxury assets. A total of 466 transactions were recorded in 2024: 101 new developments and 365 resales. This represents a 12% increase compared to 2023, driven by new sales. Conversely, resales declined by -5.9%, the lowest level since 2012. A general decrease is observed across all property types except two-room apartments, which surged by 26.3%. Regarding the most active districts, here is their ranking:
- Monte-Carlo leads with 132 resales (36% of the total).
- La Rousse ranks second with 91 transactions, despite a 26% decrease.
- Fontvieille, La Condamine and Les Moneghetti follow.
Rentals: pressure on the high-end rental market
It is difficult to obtain an accurate overview of the Monaco rental market, as no official data has been published. However, market trends are clear: large apartments are increasingly scarce. Properties with three rooms or more are highly sought after, driving rental prices sharply upward. The Carré d’Or and Larvotto districts command particularly high rents. In Carré d’Or, prices range from €190/m² to €229/m², while Larvotto follows closely at €119/m². The rental market is now competing with sales, as rising rents encourage many residents to consider buying as a long-term solution. Another observed trend is a dynamic relocation cycle, with landlords terminating leases to re-let properties at higher prices.
Mareterra: the major project shaping the market
The completion of Mareterra at the end of 2024 caused prices to soar. After eight years of construction, this luxury eco-district increased Monaco’s surface area by 3%. The project has profoundly reshaped the local real estate market. Of the 159 new homes delivered in 2024, 130 come from Mareterra. This ripple effect is also felt in neighboring districts, now experiencing valuation pressure. As a collateral effect, some older properties have also seen their prices rise significantly.
2025 outlook: continued upward momentum?
Monaco will maintain its status as a prime destination for foreign investors thanks to its strengths:
- full exemption from income, wealth and capital gains taxes;
- security, confidentiality and political stability;
- excellent connectivity (Nice airport, heliport).
However, the Principality faces a growing challenge: an extremely tight market. At the same time, competing destinations such as Dubai, Singapore, London and New York continue to attract similar investor profiles. With very few new projects planned in Monaco, supply remains insufficient to meet rising demand. Prices are therefore expected to continue increasing, particularly in the following districts:
- Carré d’Or;
- Larvotto;
- La Condamine.
Five dynamics shaping Monaco’s real estate market
Unlike other international markets, Monaco reacts with a certain delay to global fluctuations. It remains a resilient ecosystem, less prone to panic effects. This is largely due to the profile of buyers—highly capitalized wealth investors—and the extreme scarcity of available land. In 2025, several signals reinforce this trend:
1. Gradual decline in interest rates in the eurozone
Although late 2024 did not trigger a clear rebound in transactions, early 2025 showed signs of recovery, with increasing purchase intentions and the completion of postponed deals. This context could help ease an extremely selective market.
2. Tax changes in the United Kingdom
Since April 6, 2025, the non-domiciled tax regime has been abolished. UK residents are now taxed on their worldwide income. This major fiscal shift is already prompting wealthy individuals to consider Monaco as a long-term alternative due to its tax neutrality.
3. Demographic growth and land pressure
The steady arrival of new residents keeps the market under pressure. As one of the world’s most expensive markets, Monaco continues to see prices not only remain high but increase further, supported by structural scarcity and sustained demand.
4. Modernization trend
Facing the scarcity of new land, many owners are opting for extensive renovations of existing properties to enhance quality standards, optimize space and improve energy efficiency. This phenomenon is gradually reshaping the market supply.
5. Rising environmental requirements
Environmental considerations are increasingly influencing investment decisions, even in the luxury segment. Monaco follows this trend with HQE-certified projects and local regulations that promote sustainable construction. The impact is clear: green real estate is gaining value.
2025 outlook for Monaco real estate
Monaco’s real estate market in 2025 is characterized by a dual movement: influenced by international dynamics while preserving its own logic. This uniqueness makes it a prime wealth refuge, resilient to global shocks and offering long-term opportunities for savvy investors.
Understanding the indicators means understanding the opportunities. MyCrown Estates supports you in decoding the market… and investing wisely. Choosing the right agency is essential in such a demanding sector.