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Some markets are merely commented on, while others are truly understood. Monaco real estate clearly belongs to the second category: behind the price-per-square-metre figures that regularly attract international media attention lies an economic mechanism of remarkable consistency. In 2024, the Principality’s gross domestic product exceeded 10 billion € for the first time, driven by real growth of 8.8% according to IMSEE. One year later, the 2025 Real Estate Observatory confirmed a transaction volume of 5.9 billion €. These two figures are not coincidental: they tell the same story. For a buyer considering purchasing an apartment in Monaco, a tenant looking for a prestigious address, or an international investor, understanding the relationship between the economy and the Monegasque property market is the first condition for making an informed decision. This is precisely the perspective that PIRAS Immobilier, a real estate agency in Monaco since 1976, seeks to provide its clients.
The Principality concentrates a remarkably dense level of economic activity within just over two square kilometres. Financial services, business tourism, luxury retail, yachting and construction form the backbone of Monaco’s economy, all within a political environment recognised for its stability. Each day, Monaco welcomes far more workers than it has residents, helping to sustain housing demand that structurally exceeds available supply. This dynamic does not exclude more nuanced developments, and it is precisely the ability to recognise them that distinguishes analysis from simple promotion. At the end of September 2025, IMSEE noted that the completion of major construction projects was weighing on employment and turnover, although both remained at high levels. By the end of June 2026, the institute observed that the main indicators remained robust, with some showing a slight decline compared with 2025. For Monaco real estate, the message is clear: the economic foundations remain solid, but value is increasingly determined by the quality of individual properties rather than by a uniform upward movement across the market.
Published in February 2026, the IMSEE Real Estate Observatory reported 493 residential transactions in 2025, an increase of 5.8%, for a total value of 5.9 billion €, a level comparable to the record set in 2024. The composition of this volume deserves closer attention. Sales of new-build properties, which reached an exceptional peak following the deliveries completed in 2024, declined while remaining above long-term averages.
The resale market, however, recorded a historic year. For the first time, resale transactions exceeded 3 billion €, reaching 3.2 billion €, an increase of around 50%, while the number of transactions remained almost identical to that recorded in 2019. The average resale price reached a new record of 7.6 million €, up 26.8% year-on-year and 78% over ten years. More than one in two resale transactions closed at 4 million € or more, while 22 resales exceeded 20 million €, the highest level recorded since the creation of the Observatory. Monte-Carlo alone accounted for nearly 40% of resales, with transaction value exceeding 1 billion € for the first time. These figures point to a market that is moving further upmarket as a whole, rather than only at a handful of exceptional addresses.
The average price reached 57,569 € per square metre in 2025, down slightly by 1.4% from the 2024 peak, but still the second-highest level ever recorded. Larvotto remains the most expensive district and exceeded 70,000 € per square metre for the first time, reaching 71,167 €. Recently constructed properties recorded an estimated average of 65,602 € per square metre, reflecting the premium attached to energy efficiency, contemporary volumes and high-end amenities. In such a narrow market, however, just a few transactions can significantly influence an average.
The Director of IMSEE pointed out that three transactions in Mareterra had pushed the district’s average price to around 95,000 € per square metre, whereas a level closer to 70,000 € would have been more representative. For this reason, Monaco property prices must always be analysed at the level of the building, floor, orientation and view, rather than relying solely on an overall indicator. The spectacular figures sometimes reported as representative of an entire district are, in most cases, exceptions rather than the norm. “The averages published by IMSEE are essential, but they cannot replace an intimate knowledge of each residence. In Monaco, two apartments of identical size on the same street can have significantly different values depending on the view, floor or quality of the co-ownership. Our role is to translate statistics into decisions,” explains Silvio PIRAS, Director of PIRAS Immobilier.
The appeal of luxury real estate in Monaco is also supported by a clear tax and legal environment. Resident individuals are not subject to personal income tax, with the notable exception of French nationals, who are governed by the Franco-Monegasque tax convention of 1963. There is no annual property tax equivalent to the French taxe foncière, while inheritances between direct-line relatives and spouses are exempt from inheritance tax. A property may be acquired personally or through a Monegasque civil property company, with each structure carrying different implications in terms of costs and succession planning. These general principles cannot replace personalised advice. Each wealth situation requires the guidance of a Monegasque notary and a qualified tax adviser, particularly where the buyer retains tax connections with another jurisdiction.
Placed under increased monitoring by the Financial Action Task Force (FATF) in June 2024, the Principality undertook a major overhaul of its anti-money laundering framework. At its June 2026 plenary session, the organisation adopted Monaco’s fourth progress report and considered, on a preliminary basis, that the action plan had been completed, although Monaco had not yet formally been removed from the grey list. An on-site visit was scheduled for September 2026, ahead of the October plenary session. For the Monaco property market, there are two key lessons. First, transaction volumes increased in 2025 despite this context, indicating that international demand remained resilient. Second, compliance requirements have become permanently more stringent: verification of the source of funds, identification of beneficial owners and more extensive banking due diligence. Anticipating these stages is now an integral part of conducting a property transaction in Monaco smoothly and securely.
Monte-Carlo remains the beating heart of the market, centred around the Carré d’Or and Casino Square, with the greatest transaction depth in the Principality. Larvotto confirms its ultra-prime status, supported by the arrival on the resale market of recently completed residences and the redevelopment of its seafront. Mareterra, the approximately six-hectare offshore extension, introduces a new standard in architecture and environmental ambition, with its first transactions already leaving a clear mark on market statistics. Fontvieille appeals for its calm residential atmosphere and green spaces, while La Condamine, adjoining Port Hercule, combines authenticity with proximity to Monaco’s major events. Across each of these districts, our selection of apartments for sale in Monaco illustrates the diversity of opportunities available, from prestigious residences to exceptional properties with panoramic views.
The strength of Monaco’s economy is also reflected in the rental market. Obtaining a residency card requires proof of accommodation in the Principality, making renting an apartment in Monaco a natural first step for many new residents, executives and entrepreneurs before a potential purchase. As IMSEE does not publish official statistics on rental yields, any projection must be based on direct knowledge of actual rents, residence by residence, rather than on unverifiable averages.
The Monegasque economy provides the framework; value is determined in the detail. In a market where a significant share of opportunities circulates discreetly, often off market, the support of a Monaco real estate expert can make the difference between a successful acquisition and a missed opportunity. Founded by Mauro PIRAS and today managed by Silvio PIRAS, our agency assists buyers, sellers, tenants and investors with a consistent commitment to confidentiality, rigour and bespoke advice. We welcome you to our offices at Château Périgord, one of the Principality’s emblematic residential addresses, to discuss your project in complete confidentiality. Our team can be reached on +377 93 25 30 00 or by email at contact@pirasimmobilier.com.
PIRAS Real Estate has been advising clients on property sales, rentals, acquisitions and management in Monaco and on the French Riviera since 1976.
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