Monaco's real estate market has experienced a surge in demand for new developments, according to a recent report. Sales of newly developed properties in the principality reached 101 units in 2024, more than tripling the 28 sales recorded in 2023, per Monaco's statistics office IMSEE. The average price for these newly completed units was €36.4 million (US$38.2 million), with 20 properties sold for over €20 million and seven surpassing the €100 million mark.
This spike in demand was primarily driven by the completion of two significant projects, Mareterra, a €2 billion development designed by renowned architects Renzo Piano and Norman Foster, and Bay House, a residential community by Groupe Marzocco that includes a new campus for the Monaco International School. Mareterra, located on reclaimed land, expanded Monaco's territory by 3 per cent and contributed to the largest increase in new housing inventory since 1993.
Despite the uptick in new developments, there is little future supply, likely to continue driving prices upwards. While new unit sales surged, resales declined, with 365 transactions in 2024, a 6 per cent drop from the previous year. The average resale price was €6 million, with around 50 deals above €20 million. The ultra-luxury segment saw the biggest growth, with sales above €10 million rising by 10.6 per cent.
Experts suggest that Monaco's strong demand may be influenced by political changes in the US and tax reforms in other European nations, which could push more high-net-worth individuals towards the principality's property market.
