Monaco Real Estate Market Shines with Remarkable Performance in Q1 2023
The real estate sector in Monaco has once again demonstrated its resilience and continued growth, delivering exceptional performance in the first quarter of 2023. With record-breaking sales, rising property values, and a thriving market, Monaco's real estate industry remains at the forefront of luxury and investment opportunities.
Record-Breaking Sales:
The new-build real estate market in Monaco exhibited tremendous dynamism, with 12 sales recorded in Q1 2023, doubling the number of transactions compared to the same period in 2022. These remarkable sales surpassed the €400 million mark, setting an all-time record for a first quarter. It is worth noting that over 80% of these transactions involved properties that were in the process of being delivered, highlighting the strong demand for new developments in the principality.
Stability and Growth in Resale Market:
The resale market in Monaco remained stable in terms of volume, recording 96 transactions in Q1 2023, representing a 3.2% increase compared to the previous year. However, the resale market witnessed substantial growth in value, surging by 12.4% to reach an impressive €563.0 million, the highest level since Q1 2016. These figures underscore the attractiveness and enduring value of Monaco's real estate assets.
Noteworthy Sales Statistics:
The Monaco real estate market continues to attract discerning buyers seeking exclusivity and luxury. Out of the total transactions, only five properties were sold for less than €1 million, marking a historically low level. In contrast, a remarkable 12 flats, or one in every eight properties, were sold for more than €10 million, highlighting the demand for prestigious residences in the principality. Such extraordinary sales figures reflect the desirability and enduring value of Monaco's real estate assets.
Positive Impact on Turnover:
The outstanding performance of real estate merchant activities, combined with the rental of land and other properties, has resulted in a significant increase in the sector's turnover. Real estate activity turnover increased by €7.60 million in Q1 2023 alone, representing a significant 5.3% increase. This upward trend reflects the overall strength and vitality of the Monaco real estate market.
Conclusion:
Monaco's real estate market has demonstrated its durability and desirability yet again, with remarkable results in the first quarter of 2023. The principality continues to provide exceptional investment opportunities and a vibrant luxury property scene, with record-breaking sales, rising property values, and a robust market. As Monaco welcomes new establishments to its real estate sector, the future remains bright for those seeking to invest in one of the world's most prestigious and prosperous markets.
