A thriving market in 2021
As every year, the Real Estate Observatory publishes its figures on real estate transactions in the Principality. The old and new market has been scrutinized. Despite the Covid-19 pandemic, Monaco experienced strong sales growth in 2021.
New constructions delivered in 2021 in Monaco
According to the study carried out by the Monegasque Institute of Statistics and Economic Studies1 (IMSEE) on the real estate market in Monaco in 2021, 90 new apartments came out of the ground that year. The MoNa Résidence project, a high-end ecological tower 86 meters high, alone accounts for 62 of the 90 new apartments. Rue Bel Respiro, in a quiet area, but a stone's throw from the Carré d'or, the Villa Palazzino, a new luxurious building, has 25 apartments. The elevation of the Villa Parana has enabled the construction of 2 new apartments in 2021. Finally, the Esméralda, rue Bellevue, was demolished and then rebuilt, to give rise to high-end 6-storey housing.
This study also publishes figures for the last decade, for comparison. If the year 2015 was a record year with the construction of 195 apartments, the year 2016 was poor in the matter, since it did not count any new housing. Similarly, 2019 saw few new developments with only 49 new apartments, just like 2020 and its 26 new apartments. 2021 has therefore been a favorable year for the field of new real estate in Monaco.
Real estate transactions on the new home market in 2021
In view of the number of sales of new apartments in 2021 in Monaco, the new real estate market has been rather flourishing. Indeed, according to IMSEE, 23 new apartments were sold in Monaco in 2021, i.e. 7 more than in 2020, but 10 less than in 2019.
These transactions represent a total amount of 235 million euros, with an average sale price of 10.2 million euros. Half of the apartments, 12 in total, were sold at a price between 5 and 10 million euros. 6 others were purchased at a price of less than 5 million euros, and 5 at more than 10 million euros.
A 44% increase in sales in 2021 in the Principality
In 2021, Monaco saw a 44% increase in property sales. The quality of life and local taxation attract buyers, thus raising the price per m² to €52,000. In 10 years, the city-state has seen a 75% increase in prices.
The "old" real estate market in Monaco
Real estate resales were also numerous in 2021 in Monaco. In total, the Principality counts 417 old apartments sold. This represents an increase of 22 apartments, compared to the year 2020. Some neighborhoods were more affected by these resales. This is the case of Monte-Carlo, with 135 transactions in old real estate, but also of La Rousse with 100 resales, and La Condamine with 48 resales.
The 417 apartments sold in 2021 represent a figure of more than 2 billion euros, with 292 sales at less than 5 million, 94 sales between 5 and 10 million, and 31 transactions carried out at more than 10 million euros. Close to the average sale price of new apartments in 2021, that of old apartments amounts to 10 million.
In Monaco, prices are still at their highest, an undeniable sign of a dynamic real estate market. The scarcity of properties contributes to this, despite a high number of new constructions for the year 2021. The time is therefore good for growth for the Principality.