Monaco’s Prime Real Estate Market Remains Strong in 2023, According to Savills

Monaco’s Prime Real Estate Market Remains Resilient Despite Global Challenges

Monaco has solidified its position as the most expensive prime property market in 2023, with the average price per square meter reaching €51,418 (US$55,852), according to a report from Savills. Despite global macroeconomic challenges, the principality saw a modest 0.9% growth in prices per square meter, maintaining its stronghold in the luxury real estate market.

In comparison to other major cities, Monaco’s real estate prices far exceeded those of Hong Kong, New York, London, and Dubai, showcasing the exclusivity and desirability of properties in the principality. The report revealed that there were 416 transactions in Monaco in 2023, representing a decrease compared to the previous year. However, the total transaction value remained relatively stable, indicating a shift towards fewer but higher-value transactions.

One significant trend highlighted in the report was the growing interest in larger apartments in Monaco. The proportion of apartments selling for more than €5 million increased in 2023, reflecting the preferences of high-end buyers. With stricter residency requirements, potential buyers are now seeking properties that match their family size, leading to a surge in demand for more spacious accommodations.

Despite the challenges posed by the pandemic, Monaco’s real estate market has shown resilience and adaptability. New developments like Mareterra and Bay House Monaco are set to launch this year, adding more luxury apartments and villas to the market. As Monaco continues to offer a safe and prestigious environment, it remains an attractive destination for high-net-worth individuals looking to invest in prime real estate.

Overall, the future outlook for Monaco’s real estate market remains positive, with Savills predicting continued demand from buyers seeking exclusivity and luxury in one of the world’s most renowned destinations.