Monaco is the world’s most expensive real estate market. Limited land mass coupled with high demand has resulted in property prices reaching record highs. This demand has stemmed from the principality’s iconic lavish lifestyle.
Residents enjoy access to award-winning restaurants, the world’s finest designer boutiques, and exclusive resorts and spas. Those that reside in Monaco also enjoy economic and political security, world-class healthcare, and an exquisite Mediterranean climate, with the delights of the French Riviera, the Italian Riviera, and the Alps all within easy reach.
How much does an apartment cost in Monaco?
As you would expect, access to such an exclusive lifestyle comes at a price. The Monaco average house price now stands at 51,912 Euros per square metre, according to the latest Real Estate Observatory Report, which is published annually by the Monegasque Institute of Statistics and Economic Studies. This makes the principality the most expensive property market in the world.
According to the report, the Monaco average house price per square metre grew by some 9% in 2021, exceeding 50,000 Euro per square metre for the first time. As the world’s wealthiest have come to learn about Monaco, property prices have soared. In the past decade, they have risen by almost 75%. Let’s look at Monaco’s average house prices in more detail.
What is the Monaco average house price?
According to the report, the Monaco average house price is around 5 to 10 million Euros, with one out of two transactions being for a property worth more than 3.2 million Euros. The number of property transactions for less than 5 million Euros has shown a steady downward trajectory, demonstrating Monaco’s position as the world’s most exclusive real estate destination.
Studio apartments in Monaco cost on average 44,567 per square metre in 2021. In comparison, 5-plus room apartments cost on average 60,546 Euros per square metre, a 21.7% increase compared to 2020. This increase could be a result of the ‘race for space’ in a post-pandemic era.
What types of properties are popular in Monaco?
Studios, 2-room and 3-room apartments are the most popular in Monaco, followed by 4-room, and 5-room apartments. The report states that nearly 80 percent of real estate transactions in Monaco are for 2-room and 3-room apartments, a trend that has remained stable for the past decade. Villas represent the smallest portion of real estate transactions as they rarely come to market.
What are Monaco’s most popular districts?
Monte-Carlo is considered one of Monaco’s most exclusive districts. It will come as no surprise then that this district saw the largest number of real estate transactions. This was followed by La Rousse, Fontvieille, La Condamine, Les Moneghetti, Jardin Exotique, Larvotto, and Monaco-Ville.
According to the report a total of 135 properties were sold in Monte-Carlo in 2021 and 100 in La Rousse. Larvotto – home to Monaco’s exclusive Princess Grace Avenue – saw just 6 in 2021.
The average Monaco house price is highest in Monte-Carlo, at 59,991 Euros per square metre. This is followed by Larvotto at 59,699 Euros. Jardin Exotique recorded the lowest price per square metre at 35,460 Euros.
So, now you know how much an apartment costs in Monaco! If you would like to discover Monaco real estate for sale, then you will need to work with an experienced real estate professional with expertise in Monaco’s fast-moving and in-demand real estate market.