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Monaco real estate figures in 2022 have increased, but by how much? This growth in real estate in the Principality of Monaco is a good indication of the development of the country, but have we reached a glass ceiling?
Compared to the year 2021, real estate in Monaco in 2022 grew by 18.2%.
The Monegasque Institute for Statistics and Economic Studies (IMSEE) has just published its 2022 Real Estate Observatory. speaks in value.
There was, last year, the sale of 88 apartments, all with a rather homogeneous distribution. Two-room apartments are, however, the least sold this year.
This progression is also marked by the construction of housing, such as the Villa Portofino, L'Exotique, the Villa Trianon, or even La Farniente II. A total of 146 dwellings were built, more than double the annual average.
There are also constructions that are still in progress that allow off-plan sales.
As for the numbers, we are almost at 1.2 billion in transaction value (precisely at 1.190 billion). This amount is due in particular to the sales of apartments with at least 4 rooms, which make it possible to reach 835.5 million in value.
Apartments with four or more rooms represent 80% of real estate sales in Monaco.
The resale market, or old real estate, is slowly approaching the amount of 2019, which was 2.475 billion. In 2022, we were at 2.35 billion, thanks to the resale of 432 homes.
This figure, which is constantly growing, is made possible thanks to transactions within Monte-Carlo and La Rousse, which represent almost two thirds of the 2.35 billion real estate transactions in Monaco.
More specifically, Monte-Carlo represented 39.6% of the amount of transactions and La Rousse represented 28.5%.
In terms of transactions, the figures are also on the rise. For transactions between 10 and 20 million, the number of sales is 30, compared to 19 previously, and 17 for properties over 20 million (compared to a figure of 12 before).
Construction now occupies an increasingly important place in real estate in Monaco. In 10 years, the turnover of this sector of activity specific to real estate has increased from 800 million to 2.1 billion euros, with a remarkable increase of 5.3% compared to 2020.
Construction in Monaco has also enabled an increase in the workforce, with nearly 5,600 employees in 2021 with the recruitment of 1,500 additional people in 10 years.
Specialist construction work accounted for two-thirds of construction in Monaco in 2021.
Taking into account the evolution of the real estate market at the end of a complicated Covid period and the various other players to be taken into account, the cost of Monegasque real estate remains high.
The resale price per m2 once again exceeded the €50,000 mark, reaching almost €52,000.
In view of the spectacular growth of 2022, we cannot expect a positive development for 2023 and the following years.
We could soon reach prices similar to those of 2019, and even exceed them in future years.
Real estate in Monaco is becoming more and more expensive but there are also more and more opportunities that you have to know how to seize, especially with all the construction projects in progress.
Even if Monaco is the second smallest country in the world behind the Vatican and has an area of only 2.2 km2, it remains very attractive for investors who are targeting a clientele with the financial means, settling in Monaco for the luxury and calm that life provides within the principality.
The other advantage for investors and buyers is Monegasque taxation, which is a strong point, by not taxing income from capital and work on its residents.
With an increasing development and its many advantages, it is easy to predict that Monegasque real estate will continue on this trend in the coming years.
