Monaco is more than a place, it’s a global brand. Arguably the best known tax haven on the planet, it benefits from the power of economics 101 – more and more people want to live here but there’s no more space.
We already have 38,000 from 139 countries living in just two square kilometres of space. One in three of those people are multi-millionaires and there’s more than a sprinkling of billionaires.
Land is so scarce here that they’ve been reclaiming it from the sea since the 1880s. The latest such project is Portier Cove, a €2 billion project to create the first eco-friendly district in the Principality.
2018 was an exceptional year for Monaco real estate, with prices rising an average of 18% across all districts. That makes the average price per square metre €48,800, the most expensive market in the world.
One of the trends we’re seeing in the last two years is for more families to settle in Monaco, driving up demand for three and four bedroom apartments which carry a premium per square metre over the traditional one and two bed homes.
The average sale price is now €5.2 million and there were 523 transactions in 2018, the last full year for which we have data. The total value of all those transactions came to €2.7 billion, up 31% on the previous year.
In short, the overall Monaco real estate market is in prime health. Take a look at our district by district guides to see how prices have held up over not just the last year or two but for the past decade. When you see the capital gains that have been achieved, maybe getting on the Monaco property ladder will start to make sense for you, wherever you are in the world.
