2024 analysis of the Monaco property market: a delicate balance between scarcity and prestige

In 2024, Monaco remains the most expensive property market in the world, with an average price of €51,418/m². This scarcity is the central driver of the market, where supply is strictly limited by the Principality’s geography and the rigorous regulation of new developments. This context creates fierce competition for available properties, particularly in flagship districts such as Monte-Carlo, La Rousse and Larvotto. These three districts alone account for more than 60% of transactions.

Prices at their peak

In highly sought-after districts such as Larvotto, the average price now reaches €65,857/m², an absolute peak on the global market. This constant inflation reflects not only demand, but also the perception of Monaco as a secure stronghold for international investors. Prices in other districts such as La Condamine and Les Moneghetti have also risen significantly, by 19.7% and 18.3% respectively, proving that even quieter residential areas are under pressure.

Since the Covid-19 pandemic, demand for larger spaces has grown steadily. Buyers favour apartments with three or more bedrooms, which now account for 60% of sales in new developments. This trend is also reinforced by stricter administrative criteria for obtaining residence cards, under which the size of the property must match the composition of the household.

The preference for more spacious apartments is also reflected in a resale market increasingly focused on luxury properties. Smaller units, such as studios and one-bedroom apartments, are seeing weaker demand, while sales of larger apartments dominate, with an increase of 12% for two-bedroom properties.

In response to this growing demand, major new projects are emerging in Monaco. The Mareterra project, which includes 110 apartments and 10 villas, is an emblematic example. Located on land reclaimed from the sea, this development offers ultra-luxury properties, but their impact on the overall market remains limited, as they are generally sold even before completion.

The Bay House project, with its multi-million-euro apartments, and other developments such as Villa Ninetta and Villa Portofino, also aim to meet this demand for high-end properties, although they are not enough to remedy the persistent shortage.

In 2024, Monaco remains a safe haven for wealth for major fortunes from around the world. With such a competitive property market, the valuation of properties becomes a crucial step in any transaction. The number of buyers seeking to settle in Monaco remains high, particularly among Ultra-High-Net-Worth Individuals looking for security, an advantageous tax regime and a unique quality of life.

Pressure on the market is expected to continue, with forecasts pointing to prices stabilising at high levels and renewed interest in ultra-luxury properties.

Strategic valuation in a unique context

In a market as unique and closed as Monaco’s, property valuation is an essential asset. A detailed understanding of local specificities, whether the inflation of prices per square metre or the impact of new projects, is indispensable to ensure optimal transactions. Whether you are valuing a property in the most prestigious areas such as Monte-Carlo, or assessing new opportunities in districts undergoing transformation such as La Condamine, a professional property valuation will enable you to invest with precision in this exceptional market.