Monaco Properties: Insights into 2024 Real Estate Trends in the Principality
2024-11-08
2024 Monaco Real Estate Trends: Exclusive Insights
Monaco continues to solidify its reputation as a premier luxury destination, attracting an ever-growing number of ultra-high-net-worth individuals (UHNWIs). The combination of breathtaking Mediterranean views, an attractive tax environment, and unparalleled exclusivity positions Monaco as a highly coveted locale for real estate investment. At Monaco Properties, we are dedicated to offering you the latest insights and expertise in navigating this dynamic housing market.
Current Housing Market Overview
In 2024, the housing market in Monaco remains vibrant, reflecting a significant increase in demand for luxury properties. The average price for high-end apartments has reached impressive heights, particularly in sought-after areas like Larvotto and Monte-Carlo, where prices can soar well above €65,000 per square meter. This increase underscores the continued desirability of Monaco as a living destination for affluent buyers.
Growing Demand Amidst Limited Supply
With a finite number of residential units—only 21,123 available and a substantial portion privately owned—the pressure on Monaco’s housing market has intensified. This scarcity has prompted new developments to meet the increasing demand for both luxury living spaces and larger homes.
Two key projects currently shaping the residential landscape include:
- Bay House: This ambitious development will feature two towering structures comprising 56 luxurious apartments and five exclusive rooftop villas. It is part of the Testimonio II initiative, which aims to enhance community living by incorporating essential amenities such as a nursery and a new campus for Monaco’s esteemed International School.
- Mareterra: This groundbreaking €2 billion land reclamation initiative is set to expand Monaco’s territory by 3%. Offering 110 apartments and 10 villas, Mareterra promises high-end living, with some properties priced at over €100,000 per square meter. Designed by a renowned architect, this development will include a vibrant waterfront promenade and retail plaza, further enhancing the allure of Monaco's lifestyle.
The Local Perspective
While the luxury market continues to flourish, Monegasques, who represent about one-third of the population, are also feeling the effects of rising housing costs. In response, a long-term housing plan initiated by Prince Albert aims to increase the number of state-owned apartments, ensuring that the needs of local residents are addressed alongside the demands of new wealth in the Principality.
Why Is Monaco So Attractive?
Monaco’s appeal has only strengthened in light of rising taxes and geopolitical instability elsewhere, leading many high-net-worth individuals to seek refuge in this secure haven. Factors like privacy, a stable political environment, and an exceptional quality of life are making Monaco an increasingly attractive option for international buyers.
Market Trends and Predictions
The property market in Monaco has demonstrated resilience, with prices increasing significantly over the past decade. Despite a decline in some segments, particularly smaller apartments, larger properties continue to be in high demand. Recent trends indicate a preference for larger living spaces, with a substantial percentage of new build sales being apartments with three or more bedrooms.
Conclusion
Monaco’s real estate landscape is poised for continued growth, driven by an influx of wealth and a limited supply of premium properties. At Monaco Properties, we possess the knowledge and expertise to assist you in navigating this evolving market, whether you’re looking to invest or find your dream home in this beautiful Principality.
Contact Us
For more detailed insights into the Monaco real estate market and to explore our exclusive listings, contact MonacoProperties.
- Phone +377 97 97 33 97
- Whatsapp: +33 6 40 62 65 76
- Email: info@mpmonaco.com
Disclaimer: As a Monaco real estate agency, we partner with authorized local companies to assist with relocation, residency, and other services beyond real estate transactions. We do not provide legal advice, and our services should not be seen as legal counsel. For specific needs, we collaborate with local professionals. Information on our website and blog is for general purposes only and does not reflect individual legal procedures.
