Monaco’s housing sector continues to suffer from a severe and persistent shortage of supply due to the extreme scarcity of available land and the steadily rising demand from high-net-worth individuals. Despite these constraints, the market continues to demonstrate remarkable resilience, with prices increasing in both the sales and rental segments.
This comprehensive report, drawn from the Global Property Guide, reviews the key dimensions of Monaco’s real estate market and highlights the latest developments and long-term trends.
Overview of Monaco’s Housing Market
The Principality’s real estate market shows notable resilience and a strong structural ability to adapt to short-term cyclical changes. According to the latest data released by Monaco’s Statistical Office (IMSEE), the average price per square meter for resold residential units reached approximately €51,967 (US$56,249) in 2024, marking a 1.1% increase year-on-year and a cumulative rise of 44.3% over the past decade.
Prime Areas by Price
Larvotto remains the most expensive district in the Principality, with the average price of resold units surging by a sharp 48.14% compared to the previous year, reaching €97,563 (US$105,602) per square meter. However, this jump was influenced by a very limited number of transactions—only three deals recorded during the year.
The Jardin Exotique area also recorded strong growth of 36.43%, with the average price rising to €49,847 (US$53,954) per square meter, driven by intense activity in high-end luxury development projects. It is worth noting that Monaco-Ville was not included in the report due to the insufficient volume of available data.
Performance of Newly Built Properties
Newly built properties showed relative price stability, with the average price of new residential units reaching around €36.4 million (US$39.4 million) in 2024. Although this represents a slight decline of 2.15% compared to the previous year, prices remain well above historical averages, supported by a shift in transaction profiles and strong demand for large, multi-bedroom luxury units.
Out of the 101 new residential units sold during the year, more than half were priced above €20 million (US$21.6 million), while seven units exceeded the €100 million (US$108.2 million) mark.
Market Outlook
Monaco’s real estate market continues to be shaped by land scarcity, sustained global demand from high-net-worth individuals, and the growing appeal of new luxury developments. Forecasts point to a continuation of moderate and steady price growth in the coming period.
Experts also stress that the market’s fundamental drivers support a long-term upward trajectory. Market participants report an average annual price increase of around 5% over the past three decades, a trend that is expected to persist.
Demand Drivers
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The successful launch of luxury real estate projects continues to stimulate demand in the primary market.
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Monaco’s strong appeal to wealthy individuals, driven by its unique advantages such as the absence of income, capital gains, and inheritance taxes, in addition to political stability and a high standard of living.
