2018 was a good year for real estate in Monaco
As in any real estate market, understanding where these trends come from and the drivers for this market, we thought it prudent to highlight some of the key market figures from 2018. For this reason we approached our trusted real-estate partner CM Monaco Real Estate.
“Overall, 2018 was a good year for real estate in Monaco, and with the new developments in and around the country, the trend looks to continue.” – says Christian Miceli, Associate Manager at CM Monaco Real Estate
Monaco Real Estate Market Figures:
- Number of transactions +11% in existing apartments and a record number of sales for new apartments. Approx. 2.7 billion euros were exchanged on real estate transactions in 2018.
- Prices have been up +18.1% on average from 2017. Mean value in Monaco is now 48 799 euro’s per square meter, which is a new record; this is almost two times the average price of 2009.
- In the new property market, mostly one bedrooms have been sold. In the resale market, we have seen a decrease in studios transactions due to tighter restrictions on residence card applications regarding minimum living spaces. One, two and three bedrooms have been sold more than the previous year.
- Regarding areas, Monte Carlo is still the place to be combined with La Rousse, these two areas represent 60% of the number of transactions completed and 66% approximately of the amount exchanged.
- Prices have been up everywhere except Larvotto. There is a large gap between the Monte Carlo average of 56,000 euro per sq. meter and the less expensive Moneghetti at 36,000 euro per sq. meter.
“We remain highly positive on the forecast of the Monaco real estate market, however, due to the space constraints, the number of properties on offer will always be limited.” – says Christian Miceli, Associate Manager at CM Monaco Real Estate
Many renovations by property developers are underway, providing better quality or upgraded properties in the market.
New projects such as the sea extension will be a good advertisement for Monaco and will provide modern, high-grade residences.
The demand should remain high as the world is full of uncertainties with Brexit, Trump, Yellow Jackets in France, the political situation in Italy and the situation in the Middle East
Monaco works hard to attract further UHNWI’s from around the world. The visit of Xi Jinping in Monaco, the HSH Prince Alberts visit in India, and the upcoming trip of the Monaco Economic Board to Singapore are confirming this commitment
“The Principality of Monaco is a safe haven. When you buy real estate in Monaco, you don’t just buy an apartment, you buy something unique which is “Monaco”” – explains Christian Miceli, Associate Manager at CM Monaco Real Estate
One of the safest places worldwide, 300 days of sun per year, no direct tax 130+ nationalities, good education and health system, modern infrastructures and an easy connection to Nice airport, make Monaco a business-friendly and lifestyle attractive option for HNW and UHNWI’s.
Finally yet importantly, political stability, HSH Prince Albert’s long-term vision ensures the Principality of Monaco continues to be successful for the future.
All that is included in the price you pay to become a resident and property owner in Monaco, so don t wait to buy real estate in Monaco, buy real estate and wait.
Why CM Monaco Real-Estate?
CM Monaco Real Estate is a family owned Monégasque real estate agency with its core focus being on real estate in Monaco, including a large selection of on and off-market properties.
Also CM Monaco Real Estate is the Premium partner of Monaco Wealth Management, providing high-quality real-estate offers and excellent property choices paired with the highest quality real estate services in the Principality of Monaco.
Created in 2017 by Jocelyne Beraudo and her son Christian Miceli, the agency offers incomparable knowledge on renovations and UHNWI services, alongside with purchase, sell, rent and property management.
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