by Virtually Properties 
Real Estate Monaco in 2023:
Predictions Based on 2022 Performance
After a successful year in 2022, it is easy to predict the growth of Monaco’s real estate market in 2023. All indicators show complete confidence in the continued increase in property sales, based on the analysis of 2022 data.
Looking ahead to 2023, the trend of rising property values is expected to continue, as Monaco remains a highly sought-after location for luxury real estate. With a strong and stable economy, attractive tax policies, and beautiful Mediterranean scenery, it is no surprise that demand for properties in Monaco continues to rise.
Real estate sales market in 2022
In 2022, the real estate market in Monaco witnessed significant growth, with the construction of 146 flats – more than double the annual average. The new housing market set a new record with 88 sales, marking a four-fold increase in transactions compared to the previous year. Sales of flats with four rooms or more accounted for over 80% of the total amount of new housing transactions, contributing to a record-breaking €1.19 billion in sales – an increase of €835.5 million.
10-years trend in the number of sales by apartment type:
The average price of new housing sales in 2022 was €13.5 million, a significant increase of 32%. However, the median price experienced a slight decline, settling at €5.6 million. Out of the 88 transactions, 25 flats were sold for more than €10 million, with 15 of them exceeding €20 million. This means that one out of every six flats sold for over €20 million.
sales market continues to grow and this can consolidate the expectation for raising Real Estate Monaco in 2023
Real estate resales market in 2022
The resales market in Monaco has seen an upturn in recent years. In 2022, the total number of resales increased by 3.6%, exceeding the 2019 level but not quite reaching that of the years 2014-2016. The surface area built for residential use is mainly concentrated in the Monte-Carlo and La Rousse districts, accounting for 43% of the total.
In terms of flat types, resales increased for all except 2-room apartments, which saw a decline of 5.4%. Specifically, 3-room apartments experienced a significant increase of 18.4%, with 16 more properties sold in 2022 compared to the previous year. The number of resales is also increasing in the Monte-Carlo and La Rousse districts, which alone make up almost two-thirds of the transactions in 2022.
Number of resales by apartment type :
Resales have picked up in Monaco-Ville after three years of downturn, reaching a level similar to the average between 2006 and 2018. However, the number of properties sold is decreasing in La Condamine, Jardin Exotique, and Moneghetti.
In terms of the value of resales, 2022 saw a 12.1% increase compared to 2021, largely due to transactions involving villas, which doubled in amount. The total value of resales amounted to €2.35 billion, approaching the 2019 record of €2.48 billion. The Monte-Carlo district saw a significant increase of 20.7%, with resales totaling €930.6 million and accounting for almost 40% of the total in the Principality. La Rousse also saw a considerable increase, with €200 million more than the previous year, i.e., a 43.6% increase.
In 2022, the number of transactions over €10 million increased sharply, with 16 more properties sold than the previous year, representing a 51.6% increase. Although the number of transactions under €10 million remained stable, the market is showing strong signs of growth, indicating a positive outlook for the real estate resales market in Monaco.
Price per square metre in Monaco: An Overview of 2022
Monaco’s real estate market has always been an expensive affair, and the trend continues in 2022. Despite a slight dip of 1.8%, the average price per square metre in Monaco remains high, with an average of almost €51,000. The price has gone up by more than 60% in the last ten years, reflecting the strong demand for Monaco’s real estate market.
The price per square metre for studios, 3-room flats and units with five or more rooms are decreasing in 2022 compared to 2021, but still remain above the levels seen in 2019 and 2020. However, the prices for 2 and 4-room apartments have increased, with a record level of almost €53,000 per square metre.
average price per square metre by apartment type :
Larvotto district continues to be the most expensive area in Monaco, with a price per square metre of more than €62,000, which is a 4.4% increase from 2021. Of the eight districts in Monaco, five have experienced a decrease in the price per square metre compared to 2021. But compared to 2020, the price has increased in Fontvieille, Monte-Carlo and La Rousse.
In the Moneghetti district, the price per square metre has risen by 11.6% in 2022, reaching its highest level since 2019 at over €42,000 per square metre.
Comparative Study of Property Sales and Resales in 2022
In 2022, the real estate market in Monaco experienced significant growth in both sales and resales. According to a recent study, the cumulative number of transactions increased by a remarkable 18.2%. This growth can be attributed mainly to the new housing market, which almost quadrupled in size.
The increase in the market value of these transactions was even more striking, with a growth of 51.8% compared to the previous year. This growth was primarily due to a fivefold increase in sales.
Interestingly, the study found that the average transaction price increased more markedly for new housing. Despite a slight decrease in the average price per square meter, real estate in Monaco remains one of the most expensive in the world.
The study suggests that buyers can expect to pay a premium for their slice of the Mediterranean paradise, as the real estate market in Monaco continues to grow and prosper.
Overall, the outlook for Monaco’s real estate market in 2023 is optimistic, with sustained growth and an increasing number of high-value transactions anticipated for Real Estate Monaco in 2023.
