The Monaco property market is unique. The small size of the Principality is in inverse proportion to its aura: the 2.02 km² State of Monaco shines on the international stage. Monaco attracts, Monaco seduces with its history and the saga of the reign of the Grimaldi family, with its economic rising from the 19th century onwards, with all the records it has set, particularly in the field of real estate. How this Principality has managed to maintain its exclusivity over time to become a living legend today.
Monaco’s property market: 2022, a record-breaking year
After two years slowed by the health crisis, property sales are set to soar in 2022. This is the conclusion of a report by the Monegasque Institute for Statistics and Economic Studies (IMSEE).
The figures are dizzy, with 520 transactions recorded for a total of 3.54 billion euros. These figures clearly reflect the recovery and revival of real estate transactions in Monaco and its continued appeal to a wealthy social class. Indeed, the price per square metre is around €50,000. This compares to around €30,000 per square metre in 2012. “The price has risen by almost 75% in 10 years,” notes IMSEE.
Of the recent flat sales, one in six, or fifteen properties, sold for more than €20 million, and 25 sold for more than €10 million.
Prices per square metre vary from district to district, with Carré d’Or and Avenue Princesse Grace being the most exclusive areas. These are followed by Larvotto and Fontvielle. The “cheapest” prices are in the Jardin Exotique area.
Monaco, from fishing village to Odeon Tower
One name is inextricably linked with Monaco: Grimaldi. For more than 700 years, the family has ruled and shaped the state. It was in the 19th century that Charles III began the great transformation that would change Monaco forever. His vision was to transform a fishing village into a destination for the wealthy, synonymous with luxury and glamour.
He launched a vast programme of works to build luxury hotels and residences, and above all the legendary Casino de Monte-Carlo. Casino gambling, which had been banned in neighbouring countries, enabled the Principality to grow rich and develop rapidly. At the same time, the Prince abolished taxes on persons, property and chattels, which led to an intense building boom. The rise of Monaco began and continued with the descendants of the Grimaldi family.
A symbol of this rise is the Odeon Tower, built in 2015, 49 floors of luxury and splendour, fast becoming one of the most expensive residential buildings in the world.
Monaco, a land of prestige and luxury
Monaco is rich. Its GDP is 8.34 billion dollars in 2022. This put its inhabitants at the top of the world in terms of per capita income: $234,315.
The Principality derives most of its income from Monegasque VAT, trade and real estate, which generate 40,000 jobs and a turnover of more than 11 billion euros.
Real estate therefore plays a central role in Monaco’s economic life. Its small size and unique location between the Mediterranean Sea and the mountains, as well as its rapid economic development, have led Prince Rainier III to build many very tall buildings.
Life in Monaco is a luxury. An exceptional environment with prestigious homes, designer boutiques, Michelin-starred restaurants and world-renowned cultural and sporting events. We know all about the Principality and its particularities. We can offer you our expertise to guide you through the process of buying or selling your property. Want to find out more about Monaco and all the opportunities it has to offer? Explore properties for sale in Monaco.
Source: (Imsee) Monegasque Institute for Statistics and Economic Studies