Research by high-net-worth mortgage broker Enness Global has revealed where in Monaco offers the most choice for prospective property buyers in the current market and the average asking prices being set by sellers.
Enness Global’s analysis of current property stock listed for sale across Monaco shows that apartments, houses and villas currently account for 92% of all available real estate, while the remaining 8% of stock for sale relates to garages or parking spaces.
The average size of a property for sale in Monaco is currently 98 square metres, commanding an asking price of €4.6m, or €47,000 per sq m.
Garage or parking space is, of course, more affordable, with an average asking price of €377,505. However, at an average size of 12 square metres, the privilege of parking in Monaco will still set you back €32,770 per sq m.
To put this in perspective, the same size parking space in London’s prestigious borough of Kensington and Chelsea currently averages €10,824 per sq m. Although this climbs to €19,754 in the City of Westminster, it is still a far cry from the price of parking in Monaco.
In terms of the areas of Monaco where property is currently commanding the highest price, Monte Carlo tops the table with an average asking price of €7.1m. The sought-after central neighbourhood of Carré d’Or joins the wider area of Monte Carlo as one of the most prestigious areas of the property market, with an average asking price of €6.9m.
Fontvieille (€6.7m), Jardin Exotique (€6.2m) and Larvotto (€5.8m) are also home to some of the highest property values across Monaco in the current market.
However, it is Saint Roman that currently ranks as Monaco’s property selling hotspot. The area accounts for the largest proportion of homes for sale in Monaco, with 26% of all current stock located there. At 27%, it also accounts for the second-largest proportion of parking and garage space currently on the market, making it ideal for homebuyers who also need somewhere to park their vehicle.
Managing Director of Enness Global Mortgages, Hugh Wade-Jones, said: “Carré d’Or and the wider Monte Carlo area are the so-called shop window of Monaco and undoubtedly the most exclusive areas in which to buy. So rightly, they top the list of current asking prices, and anything under €50,000 per sq m could even be considered a bargain.
You only need to compare with London to see just how high the cost of parking is in Monaco, so much so that the price per square metre means the cost of a home for your Ferrari may be more than the supercar itself.”
