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Monaco Property Market Shows Resilience Despite Fewer Transactions in 2023

Monaco property market prospects in 2024
© Remy Hellequin

The Monaco property market demonstrated surprising strength in 2023, according to the latest data by L’Institut Monégasque des Statistiques et des Etudes Economiques (IMSEE – Monaco Statistics). While the number of transactions dropped by 105 compared to the previous year, the total value remained near historic highs at €3.23 billion. This resilience highlights the enduring appeal of Monaco for high-net-worth individuals.

The average sales price per square metre also remained impressive, reaching €51,418 in 2023. This figure fell just short of the all-time high of €52,000 recorded in 2021 and even surpassed historical averages in five out of Monaco’s seven districts.

One factor contributing to the stable pricing may be the lack of new flat completions in the non-regulated sector in 2023 and the changing needs of buyers. Following a surge in deliveries in 2022, the absence of new inventory in 2023 created a scenario of constrained supply in the coming years. This, combined with the continued allure of Monaco and the French Riviera as a destination for the wealthy, may lead to further price increases in the second half of 2024 and through 2025.

Furthermore, Monaco’s status as a playground for the affluent has been bolstered by the recent success of regional events and the buildup of the upcoming Olympics being held in Paris in July and August.

The 2024 Formula 1 Grand Prix, Cannes Film Festival, and Cannes Lions advertising festival all led to a sizeable uptick in tourism which supports economic growth in the region. Property investors looking to build their property portfolio in Monaco and the surrounding regions often visit the south of France at this time of year to see properties.

The French Riviera continues to be among the world’s leading destinations for the wealthy elite, solidifying the long-term prospects of the Monaco property market and the surrounding regions including Cannes and Antibes.