In the world, Monaco’s principality has the highest price per square meter. “A new record was broken in 2021 Monegasque real estate according to a report published by the Monegasque Institute of Statistics and Economic Studies (IMSEE) at the end of January,” says Monaco-based real estate agent Michele Tecchia, based on the annual. For the first time, the average price per square meter exceeded €50,000. The principality’s average price per square meter in 2012 was almost €30,000. An increase of 75% has been recorded in the past ten years to reach €51,912.
An entire sum of 235.6 million euros was recorded in 2021 for the sales of 23 new apartments. In the same year, 417 resales contributed to an overall of more than 2 billion euros. The property was severely affected by the actual sanitary, as the record indicates. The sector’s economy remained stable despite the health crisis; thus, investors are notified of a safe haven.
Michele Tecchia: “In 2021, only 23 out of the 90 new homes were sold in Monaco because the apartments no longer considered new are less costly!”
In 2021, only 23 out of the 90 new homes were sold because the apartments no longer considered new are less costly. 6.5 million euros was the average worth of a sale in 2021; therefore, one out of two new homes were sold at a price above the median price. In 2021, 10.2 million euros was regarded as the average price of sales. “Since some criteria such as the view, floor height, the garden or the terrace area, location, or type of property contributed to the total amount thus, the average price of sales is hardly the reality representation,” explains real estate agent Michele Tecchia.
Michele Tecchia: Average and median resales in Monaco
3.2 million euros was the median displayed price regarding the resales, below the 6.5 million euros for the median price of new homes. In 2021, 5 million euros was the amount for the average price of resales. The amount is half that of sales of new homes. Because the criteria taken into account when doing resales are the same as those of sales, the observation is the same.
Property expert Michele Tecchia: “Monte-Carlo, Larvotto, Fontvieille…: price per square meter depending on the district.”
Some neighborhoods are less expensive than others, even though the high real estate price in Monaco’s principality makes it famous. The assets, living space, the district’s popularity, and many other things can explain that phenomenon. In terms of financial operation, Monte-Carlo, La Rousse, and La Condamine are the top three dynamic districts.
Monte-Carlo
All over Monaco’s principality, Monte-Carlo is the most expensive and most prestigious district. Its Place Casino dating from 1850, recently transformed, and the casino built by Charles Garnier in 1863 makes the district internationally famous. A picture postcard worthy view is offered by the high-end buildings. The most starred gastronomic establishments, beautiful luxury brands, and prestigious residences are brought together in this district. Monte Carlo value per m2 sums to around €60,000 in 2021, as certified by IMSEE annual report.
Larvotto and Fontvieille
€58,800 and €59,700 are the values per m2 for Fontvieille and Larvotto, respectively, thus making them investors’ attractions. Restaurants, night establishments, and proximity to the sea make the Larvotto district very popular. An inspiring sight of the Mediterranean is guaranteed on Avenue Princesse Grace when you choose a tall floor on an exclusive high apartment. The rating of the district has been boosted by the seaside renovation.
The surprising tranquility of nightfall and dynamism during the day of Fontvieille seduces investors. The buyers are attracted by the heliport, restaurants, bars, and charm of its marina. A few steps from Monaco, you are offered sublime beaches because the Cap d’Ail city is close to the district.
La Rousse – Saint Roman
The most classy and luxurious building in the principality, Tour Odeon, is housed in the La Rousse – Saint Roman district. €47,700 is the current standing district’s value per m2. The price per m2 will undoubtedly be driven up by the many projects that will be integrated by 2024.
La Condamine
La Condamine recorded a 70% resale increment in 2021 with 48 resales explains real estate agent Michele Tecchia. In terms of the transaction, it is among three dynamic neighborhoods in the principality. The district is dynamic because of the place d’armes, the marina, its local specialties, international school and pedestrian, and shopping streets.
The Exotic Garden, Moneghetti, and Monaco-Ville
The price per m2 for these three districts ranges between €35,500 and €46,400, slightly lower than the other districts even though they do not lack assets.
Michele Tecchia reports different categories of apartments and their values in Monaco
Topology plays a vital role in the value per m2 of the apartment in addition to location. The average price of apartment sales in 2021, depending on the number of rooms, is shown below.
- Studio – 2.2 million euros
- 2 quarters – 4 million euros
- 3 quarters – 5.8 million euros
- 4 quarters – 11.6 million euros
- 5 quarters and more – 37.2 million euros
The average price of apartment resale in 2021, depending on the number of rooms, is shown below.
- Studio – 1.7 million Euros
- 2 quarters – 3.3 million Euros
- 3 quarters – 5.8 million Euros
- 4 quarters – 7.3 million Euros
- 5 quarters and more – 15.6 million Euros
- Cottages – 15.4 million Euros
The progression of Monegasque real estate
For the past ten years, an increase of 75%was recorded. Investors are getting attracted by the demand and increasing popularity of Monaco principality. The constantly changing demand is not met by the scarce goods in the city of approximately 2km2. New records and prices continue to rise in the Monegasque real estate because of this reason.
The median value per m2 was €29,800 in 2012, which has increased by 75% after ten years to arrive at an average of €51,900. Between 2021 and 2020, a 9% increase was recorded in the worth per m2, thus good update for stockholders. The construction of buildings and price per m2 will continue increasing over the years.
Rise of price per m2
The principality price per m2 will continue increasing because there are plenty of real estate developments underway. Bay House, Testimonio II, and the Honoria Palace are luxurious buildings among the new constructions.
By 2025, the new 6- hectare eco-neighborhood, Mareterra, the most awaited construction, will be done. The approximate price of the property is estimated to range from €50,000 and €100,000, according to multiple sources.
