Monaco Properties: Q2 2024 Real Estate Market Insights
2024-10-11
Q2 2024 Real Estate Review: Understanding Monaco’s Market Trends
As Monaco’s premier real estate agency, Monaco Properties takes pride in offering our clients the latest insights into the local property market. With luxury properties continuing to attract discerning buyers, our team has carefully analyzed the latest report from the Institut Monégasque de la Statistique et des Études Économiques (IMSEE) for Q2 2024 to bring you an in-depth look at the trends shaping Monaco’s real estate landscape.
Monaco Real Estate Market Overview: Key Findings for Q2 2024
Monaco remains a global symbol of luxury and exclusivity, and while the number of transactions has decreased this quarter, the market continues to reflect strong values. Here are the key takeaways:
1. Decline in New Property Sales
- The number of new property transactions dropped sharply in Q2 2024, with just 7 sales, representing a 63.2% decline compared to the same period last year.
- Despite this, the total value of these transactions reached €323.2 million, showcasing the robust nature of Monaco’s high-value real estate market. Even with fewer sales, Monaco continues to command some of the highest property values in the world.
2. Resales Still Hold Strong
- While resale transactions also fell by 15.5%, with 174 properties sold, the total value of resales reached €1.1 billion. This underscores that Monaco’s real estate remains an attractive investment, particularly for those seeking exclusive, high-end properties.
At Monaco Properties, we’ve seen this trend firsthand. Clients are drawn to the Principality’s unique offering of safety, luxury, and lifestyle, and are increasingly selective in their purchases. Even as the market stabilizes, the demand for premium properties remains steadfast.
Understanding the Market Drivers
Monaco’s Appeal for Global Buyers Monaco remains a prime destination for international buyers, with wealthy individuals from the United States, UK, and the Middle East continuing to drive demand. As noted in the IMSEE report, non-EU buyers accounted for over 40% of the market in the first half of 2024—a figure that has steadily increased since the pandemic. Many buyers are drawn to Monaco not only for its exclusivity but for the security, favorable tax conditions, and unrivaled lifestyle it offers.
At Monaco Properties, we’ve noticed a growing trend among our clients who are seeking homes that are more than just investments; they’re looking for a piece of the unique Monaco experience, with properties that offer privacy, luxury amenities, and breathtaking views.
Limited Supply Driving High Prices One of Monaco’s defining market characteristics is its limited supply of properties. This scarcity, paired with high demand, ensures that prices remain at the top of the global real estate market. Even with a drop in the number of transactions, property values remain resilient, making Monaco’s real estate market a safe and appreciating asset.
Market Stabilization: What It Means for Buyers and Sellers
Following several record-breaking years, particularly during and after the pandemic, Monaco’s real estate market is beginning to stabilize. This doesn’t mean a downturn; rather, it signals a maturing market where buyers are becoming more discerning, waiting for the right property rather than rushing into transactions.
For buyers working with Monaco Properties, this stabilization offers a unique opportunity. There’s less competition in the market, meaning those looking for a new home or investment property can afford to be more selective. Sellers, meanwhile, can rest assured that the value of their property remains high, supported by the continued demand for Monaco’s ultra-exclusive real estate.
Looking Ahead: Monaco’s Real Estate Market for 2024
The outlook for the remainder of 2024 remains positive. At Monaco Properties, we anticipate a continued interest from international buyers, particularly those seeking prime properties in locations such as Monte Carlo, Larvotto, and Fontvieille. New developments, including Portier Cove and sustainable luxury residences, will add value to the market and create fresh opportunities for both buyers and investors.
While transaction volumes may not return to the highs seen in previous years, the overall value of the market is expected to remain strong, with prices driven by the Principality’s enduring appeal as a haven for the world’s wealthiest individuals.
MONACO PROPERTIES - Your Partner in Monaco Real Estate
At Monaco Properties, we understand that buying or selling a property in the Principality is more than just a transaction—it’s about securing a lifestyle, a legacy, and a valuable asset. As the market evolves, we remain committed to providing our clients with expert guidance, exclusive listings, and the latest market insights.
Whether you are looking to buy, sell, or invest, our team at Monaco Properties is here to assist you with every step of the process, ensuring you make the most informed decision. Contact us today for personalized service and access to Monaco’s finest properties
