In Monaco since 1976
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Monaco, this Mediterranean enclave, remains an exceptional real estate market, combining luxury, stability, and innovation. In 2024, several key trends shape this unique market, reflecting the evolution of the needs and preferences of international investors.
For decades, real estate prices in Monaco have been consistently rising, and this trend continues in 2024. For example, the average price per square meter for a luxury apartment now exceeds 90,000 euros, according to the latest data from the Monaco Real Estate Observatory. This growth is fueled by sustained demand for exclusive properties, including apartments with sea views and luxury villas.
The tax attractiveness of Monaco is a major factor that draws investors from around the world. With income and inheritance taxes among the lowest in the world, Monaco has become a preferred destination for those seeking to protect and grow their wealth. For example, Monaco's tax laws allow residents to retain a large portion of their income and assets, attracting wealthy clients, including entrepreneurs and celebrities.
In response to growing environmental concerns, Monaco is engaging in sustainable and innovative real estate projects. For example, the "Le Portier" project, a six-hectare land extension into the sea, is designed to be entirely ecological, with positive energy buildings and intelligent use of natural resources. These initiatives reflect Monaco's commitment to preserving its environment while offering luxury properties of the highest quality.
While luxury real estate continues to be the mainstay of the Monegasque market, there is a diversification of the offering to meet growing demand for more affordable properties. For example, urban renovation projects aim to transform former offices into modern and elegant apartments, providing a more affordable option for buyers looking to invest in Monaco. This diversification broadens the base of potential buyers and helps strengthen the resilience of the real estate market.
The COVID-19 pandemic has had a significant impact on the Monegasque real estate market, although the principality has been relatively spared compared to other regions. For example, demand for properties with outdoor spaces and private amenities has increased as buyers seek a safe haven in an exclusive environment. Additionally, the rise of remote work has led some investors to consider Monaco as a secondary or even primary residence, thus boosting demand for luxury properties.
Monaco continues its ambitious infrastructure and urban development program to meet the growing demand for housing. For example, the redevelopment project of the Fontvieille shopping center aims to create a new modern and dynamic living space, with commercial spaces and recreational facilities. These projects enhance Monaco's appeal as a leading real estate destination and contribute to maintaining its position in the global market.
Digital transformation also plays a crucial role in the evolution of the Monegasque real estate market. For example, real estate agencies in Monaco use technologies such as virtual reality to offer immersive virtual tours of properties, allowing potential buyers to view properties remotely. Additionally, online platforms facilitate real estate transactions, providing quick and transparent access to information on available properties.
In conclusion, the real estate market in Monaco in 2024 remains a blend of luxury, innovation, and stability. Real estate prices continue to rise, supported by strong international demand and unmatched tax attractiveness. However, the principality also faces challenges such as pressure on limited space and the need to balance urban development with environmental sustainability. Despite this, Monaco remains a symbol of prestige and sophistication in the global real estate scene.
