THE MOST EXPENSIVE SQUARE METERS IN THE PRINCIPALITY

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The evolution of the price per square meter in Monaco

The real estate market in the Principality is performing effectively. The number of property transactions grew by 44% in 2021 compared to 2020, according to the Monegasque Institute for Statistics and Economic Studies (IMSEE). No other country in the world has seen more growth.

Last year, 417 transactions took place, representing a 5.6% increase. The greatest increase is seen in large apartments, such as those with more than five rooms. Of course, there are differences between neighborhoods. La Condamine is the most targeted and accessible sector. In 2021, 48 properties were resold in this area, up from 28 the previous year. The price per square meter ranges between 40 and 50,000 €. Small apartments represent the majority of sales, with one and two bedrooms accounting for 80% of purchases.

However, the figures must be viewed in context. In total, real estate sales represent a market of 2.096 billion euros. In comparison to 2019, the value remains lower, as in 2019 purchases exceeded 2.475 billion euros. As a result, the Monegasque market has yet to regain its pre-crisis volume.

On the more affordable side, you can find apartments in districts such as Moneghetti and Le Jardin Exotique. They benefit from many shops, the proximity of the hospital, and quick access to the highway. There are also very few apartments left for sale in Le Rocher.

The price per square meter of a Carré d'Or property can exceed 100,000 euros

Monte-Carlo and Carré d'Or are the top choices. It is also the most expensive district in the Principality. Le Mirabeau, le Métropole, or Monte-Carlo Star on a high floor offers sea views and high-quality services. The prices of the most luxurious apartments range between 80.000 and 100,000 euros per square meter.

The districts of Larvotto, Saint Roman, and La Rousse are constantly changing, with the majority of real estate projects centered there, including the recently completed Odéon Tower, the Mareterra offshore extension, Testimonio II, and the Wallflowers Tower. The two-state towers are central to the newly built Testimonio complex. With 27 and 30 floors, these towers are among the tallest residential buildings on the Côte d'Azur. The two towers, which contain 348 state-owned apartments (more than 180 of which have already been allocated and will be delivered by the end of the year), have panoramic balconies with breathtaking views of Monaco and the Mediterranean. The project is completed with beautifully landscaped gardens and public spaces with easy access to the secured parking with 1,100 spaces on 13 levels.

The Mareterra extension will include five buildings and 14 villas, bringing a total of 60,000 m2 of luxury housing by the end of 2024. A one-hectare public park, offices and shops, a port, and underground public parking will make it Monaco's new hot spot.