Monaco Real Estate Prices Reach New Heights in 2024, Approaching €52,000/m²
Monaco's Real Estate Market in 2024: A Record-Breaking Year
Monaco's real estate market has achieved remarkable milestones in 2024, underscoring its status as a premier destination for luxury living. The average price per square meter of resales reached €51,967, surpassing the previous record set in 2021 (€51,912). Over the past decade we can see 44.3% rise. $
Transaction Volume and Market Value
The number of real estate transactions increased by 12.0% in 2024, with 50 more flats sold compared to 2023. This surge was driven by sales, which set a new record with 101 new properties sold, notably with the delivery of the Mareterra project. In contrast, resales continued to decline by 5.9%. The total market value reached a record high of €5.9 billion, with nearly two-thirds (€3.7 billion) derived from sales. This marks an over 80% increase in one year and a doubling over the past decade.
Price Trends by Apartment Size
The demand for smaller properties has surged, with studios and three-room apartments experiencing significant price increases. Studios saw a 5.7% rise, while three-room apartments increased by 7.6%, reflecting a growing preference for compact, luxury living spaces. In contrast, larger apartments (four-room and five-room) experienced slight decreases in price per square meter but maintained their ultra-luxury status.
Monaco’s Most Expensive Neighborhoods in 2024
Monaco's neighborhoods continue to command premium prices, with Larvotto leading the market. In 2024, the average price per square meter in Larvotto reached €97,563, the highest in Monaco. Other notable neighborhoods include:
- Larvotto €97,563
- Monte-Carlo: €53,911/m²
- Fontvieille: €53,908/m²
- La Condamine: €53,801/m²
The Jardin Exotique district saw the highest price increase, with a 36.4% rise, reaching €49,847/m², driven by new high-end developments.
Monaco’s Neighborhoods prices in 2024:
Mareterra: A New Era in Luxury Living
A significant contributor to the rising property values is the development of Mareterra, Monaco's new eco-district. This six-hectare area, reclaimed from the sea, offers luxury residences with prices reaching up to €120,000 per square meter. Designed by renowned architects such as Renzo Piano and Lord Norman Foster, Mareterra features 110 apartments, four townhouses, and ten villas, all of which have been sold. The development emphasizes sustainability, incorporating renewable energy sources and green spaces, enhancing its appeal to affluent buyers.
Investment Opportunities
Despite the high prices, Monaco's real estate market remains attractive to ultra-high-net-worth individuals (UHNWI) seeking premium properties. The Principality's tax advantages, safety, and luxury lifestyle continue to draw investors. In 2024, one in two properties sold for over €22 million, with an average price of €36.4 million, underscoring the market's resilience and appeal.
Conclusion
Monaco's real estate market in 2024 has demonstrated remarkable growth and resilience, with record-breaking prices and continued demand for luxury properties. The development of new, high-end districts like Mareterra and the sustained appeal of established neighborhoods ensure that Monaco remains a premier destination for luxury real estate investment.
Looking to invest in Monaco's luxury real estate market? Contact Monaco Properties for expert guidance, in-depth market analysis, and exclusive property opportunities tailored to your investment goals.
- Phone +377 97 97 33 97
- Whatsapp: +33 6 40 62 65 76
- Email: info@mpmonaco.com
