Off-Market Real Estate in Monaco: 
The Confidential Market for Prestige Properties

In 2025, the average price per square metre in Monaco stood at €57,569. Despite a slight decrease of 1.4% compared with the record set in 2024, this figure remains historically high. The Principality recorded 493 property transactions, representing a 5.8% increase year on year, for a total value of €5.9 billion, close to the record level reached the previous year. In Larvotto, the estimated average price reached €71,167 per m², an increase of 2.2%, exceeding the symbolic threshold of €70,000 per m² for the first time.

These figures illustrate the exceptional value of Monaco’s property market. However, they do not tell the whole story. Some of the rarest properties are marketed off-market, without any public listing and exclusively to a limited number of pre-qualified buyers. This confidential market is not a parallel market. It is a fully legitimate method of marketing, particularly suited to owners and investors seeking discretion, control over the process and confidentiality.

What is an off-market property in Monaco?

An off-market property is an apartment, penthouse, villa or real estate asset that is not advertised on property portals or through traditional marketing channels. The owner entrusts the sale to a real estate agency but requests that the property be presented only to a small number of buyers who precisely match the defined criteria. The exact address, photographs, price and even the existence of the proposed sale may therefore remain confidential.

The marketing process is based on a targeted introduction between an owner who has clearly defined the terms of the sale, an agency holding a mandate and benefiting from a qualified network, and buyers whose budget, project and timeline have been verified. Once completed and officially registered, an off-market transaction is naturally included in property market statistics. However, official data generally does not reveal how the property was marketed, how many buyers were approached or the confidential conditions under which the negotiations took place.

Why do buyers also seek confidentiality?

Discretion also meets the expectations of buyers. International investors, executives, entrepreneurs, public figures and high-net-worth families often prefer to conduct their property search through a limited number of contacts. They wish to be able to consider an acquisition without unnecessary exposure and without their plans becoming known before the transaction is finalised.

However, commercial confidentiality never means an absence of due diligence. Monaco real estate agents are subject to applicable obligations regarding customer due diligence, identification of beneficial owners and anti-money laundering requirements. True discretion therefore consists in protecting the personal and financial information of the parties while fully complying with regulatory and banking procedures.

Insights from a long-established player in the Monaco property market

As Silvio PIRAS, who today runs the agency founded by his father, Mauro PIRAS, in 1976, explains: “A significant part of our business does not go through public listings. It is based on relationships of trust built over several decades with property-owning families and professionals in the Principality. This continuity enables us to offer our clients properties that will never appear on real estate portals.”

In a territory as small as Monaco, access to confidential properties does not depend solely on an agency’s advertising power. Above all, it depends on the quality of its local relationships, its reputation and its ability to preserve the confidentiality of both sellers and buyers.

How can you access off-market properties in Monaco?

Access to this market is based primarily on two key conditions. The first is a precisely qualified search. Before presenting a confidential property, the agency must have a clear understanding of the buyer’s requirements, including: available budget; type of property sought; preferred districts; minimum surface area; intended use, whether for personal occupation or investment; acquisition timeframe; financing arrangements. This qualification process is essential. An owner who agrees to market a property off-market expects the agency to restrict viewings and presentations to buyers who have a genuine likelihood of completing the transaction.

The second condition is the depth and longevity of the agency’s network. Certain property opportunities become known well before they are officially brought to market. They may arise through ongoing discussions with property owners, families, advisers, property managers or other professionals established in the Principality. An agency that has been operating in Monaco for several decades naturally benefits from a deeper history of local relationships than a newly established market participant. This continuity facilitates access to properties that are only made available on the condition that absolute confidentiality is maintained.

From its offices at Château Périgord, PIRAS Immobilier has been developing these relationships since 1976. As a result, a significant part of its activity in prestigious acquisitions and property investment takes place before any public marketing.

Is off-market always the best sales strategy?

Confidential sales are not necessarily suitable for every property. For an apartment intended to benefit from maximum exposure, public marketing may make it possible to reach a larger number of buyers and compare several offers. For an exceptional, highly identifiable property, or one owned by a seller who places particular importance on confidentiality, an off-market strategy may, on the contrary, be more appropriate.

The right strategy depends in particular on: the rarity of the property; its price positioning; the owner’s profile; the urgency of the sale; the number of potential buyers;,the level of confidentiality required. An experienced agency should be able to advise the owner on the right balance between visibility, selectivity and discretion.

A market built on trust

Off-market real estate in Monaco is not simply a secret list of properties reserved for a privileged few. It is based on a far more tangible principle: trust. The owner’s trust in the agency’s ability to protect confidential information. The buyer’s trust in the quality of the opportunities presented. And finally, the trust between the various professionals involved in supporting and completing the transaction.

In a market as demanding and limited in size as Monaco, this level of trust is rarely built in just a few months. It is the result of a long-standing presence, in-depth knowledge of the buildings and districts, and a consistent commitment to confidentiality.

Accessing Monaco’s confidential real estate market

Are you looking for an apartment or prestigious property that is not publicly advertised? PIRAS Immobilier supports you through a personalised and strictly confidential approach, following a detailed assessment of your search criteria, budget and acquisition timeframe. Owners considering a discreet sale can also benefit from a targeted marketing strategy designed to preserve the confidentiality of the property while identifying the most relevant potential buyers.