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2021 - NEW RECORD FOR PROPERTY PRICES IN MONACO

Average property prices in Monaco reach a new all-time high. The year 2021 was marked by the recovery of the real estate market. In Monaco, as in the rest of the world, real estate price growth was supported by historically low interest rates and the exceptional performance of the financial markets. After the shock of the Covid-19 pandemic on all global economies, central banks injected phenomenal amounts of liquidity to finance the recovery and support financial and real estate asset prices.

Real estate markets in Monaco, as in the rest of the world, have largely benefited from these ultra-accommodative monetary policies. It is in this context that the average price per square meter reached a new record in Monaco, rising from €47,619 in 2020 to €51,912 in 2021. That's an increase of 9%.

 

Evolution of prices per square meter in Monaco since 2006

 

A number of real estate transactions still below its historical record
 

While the average price of real estate in Monaco reaches a new all-time high, the number of transactions in the old sector is still 25% below its all-time high at 417 real estate transactions in 2021 compared to 555 real estate transactions in 2014. The opposite evolution of these two curves is explained by the fact that, on the one hand, owners seeing prices rise year after year prefer to wait rather than sell to continue to benefit from the rise in prices. And on the other hand, by the fact that rising prices reduce the pool of investors who can afford to buy a property in Monaco.

 

Small apartments are easier to buy and sell
 

Small apartments (Studio and 2 rooms) accounted for 58 % of real estate transactions in 2021. It is this segment of the real estate market that offers the greatest liquidity to investors on both the supply and demand sides.

 

Number of existing real estate transactions per year

 

Reduced supply of large apartments drives up prices


It is particularly in the category of very large apartments (5 rooms and more) that the increase in prices and the number of transactions was the strongest. The Principality's firm policy of obtaining residence permits encourages wealthy people to live in Monaco with their families, which automatically leads to an increase in the price per square meter of large apartments, where demand far exceeds supply.


Evolution of prices per square meter in Monaco by type of apartment

 

For further information, please contact MONACO PROPERTIES : 
 

Tel. +377 97 97 33 97 

Whatsapp : +33 6 40 62 65 76

Email : info@mpmonaco.com 


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Issue 05 | 2023

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