What are the predictions of property prices in Monaco for 2023?
Monaco's real estate market is renowned for its exclusivity, featuring limited supply and high demand from affluent individuals seeking luxurious properties in a prime location. While the market has seen a notable increase in property prices in recent times, it has remained relatively stable. However, like any other real estate market, the prices can be influenced by various factors, such as economic conditions, supply and demand, interest rates, and government policies.
Even the super-prime market is likely to feel the impact of rising borrowing costs, inflation, and economic turmoil. The fall in global stock markets and the world being on the brink of a global recession is likely to lead to more caution among the world's wealthiest individuals when considering the acquisition of super-prime real estate.
However, historically, prime real estate has been seen as a safe hedge against inflation and economic downturns. Therefore, while the market might see a slight cooling off, it is unlikely to dip significantly. Furthermore, those who invest during a cooling market often reap the rewards when global economies return to good health.
The Ukraine/Russian war has impacted economies worldwide, causing global financial market jitters and fuelling inflation and rising interest rates. With strict financial sanctions on Russian individuals, some have been removed from the Monaco real estate market, leading to a very slightly reduced pool of buyers. However, this is likely to have a very limited impact on 2023 predicted Monaco real estate trends as Russian buyers have made up only a very small pool of buyers over the past few years.
In 2022, the Monaco real estate market experienced a surge in luxury properties for sale, and this trend is expected to continue in 2023. The market's robustness and strong demand are reflected in the introduction of new developments, such as the Bay House, which is set to offer super-prime apartments, penthouses, and ultra-rare villas with private outdoor spaces and swimming pools in the exclusive district of Larvotto. The Bay House will feature amenities such as a full-service spa, fitness area, concierge services, and 24/7 security, with delivery scheduled for early 2024.
Another completed development is L'Exotique, designed by renowned architect Rudy Ricciotti, which provides luxurious residences in the Jardin Exotique district. Each residence features oversized terraces and stunning sea views, along with a swimming pool, hammam, sauna, lush foliage, and secure underground parking.
Lastly, the 45G is a 15-floor residential building located in the heart of La Condamine, boasting 72 apartments and two penthouses, each with a rooftop swimming pool. Many of the apartments offer magnificent views of the Mediterranean Sea and the Principality of Monaco.
It is difficult to predict with certainty what will happen to Monaco's property prices this year, as the global economic situation and various other factors can influence the market. However, it is generally believed that demand for luxury properties in Monaco will remain strong due to the principality's favorable tax environment, safety, and prime location on the French Riviera. Therefore, it is possible that property prices may continue to rise in the coming years. However, it is important to note that real estate markets can be volatile and subject to unexpected changes, so it is always advisable to seek professional advice before making any investment decisions.
If you like to receive further information about the real estate market of Monaco, please contact MONACO PROPERTIES :
Tel. +377 97 97 33 97
Whatsapp : +33 6 40 62 65 76
Email : info@mpmonaco.com
