Monaco Real Estate Market: No New Buildings Completed, Prices Surge

Discover the latest data from IMSEE on Monaco real estate market in 2023, with no new buildings completed but a significant increase in property prices and total transaction value.

The IMSEE, Monaco's official statistics institute, has released the data for 2023, shedding light on key developments in the principality's Monaco real estate market. One notable revelation is that no new buildings were completed last year. Despite this, the market has not been stagnant, with major projects in progress leading to off-plan sales. In 2023, 28 new properties were sold, a decrease from the 88 sold in 2022. However, the average price of each property sold saw a significant increase, with the average price of a new property reaching 37.1 million euros in 2023, compared to 13.5 million euros in 2022. This surge in prices contributed to a higher total transaction value of 1.04 billion euros in 2023, up from 1.02 billion euros in 2022.

In the old property market, 388 apartments in old buildings were sold in 2023, down from 433 in 2022. Similar to new properties, the average price of a property in old buildings also saw an increase, reaching 5.7 million euros in 2023 compared to 5.4 million euros in 2022. The average price per square meter in Monaco reached a staggering 51,418 euros in 2023, a significant jump from 2012 when the average square meter price was 30,000 euros.

The Monaco real estate market experienced a shift in 2023, with fewer new properties completed but higher average prices leading to increased total transaction value. The data provided by IMSEE offers valuable insights into the evolving landscape of Monaco's real estate sector.