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Despite the upheavals of 2020, Monaco remains a highly desirable location, and the Principality has weathered the global pandemic well.
Monaco continues to retain the crown for the most expensive location in the world to purchase residential property, with an average price per m² of over €47,000 (though that figure is down 1.1% on 2019 levels). Comparatively, Hong Kong (the second most expensive place to buy property globally) saw average prices per m² fall 3.9% in 2020, dropping to €39,600.
Monaco property prices steady amid a worldwide pandemic are just one part of the story. Continued demand for property in the Principality and the enduring glamour of the city-state underline just how desirable Monaco - and its real estate market - continues to be.
Only three Monégasque districts saw transaction volumes increase in 2020. Larvotto saw an increase of 133%, although only seven properties transacted. Monte Carlo had a 14% increase in transactions, and Jardin Exotique saw an increase in transactions of 12%. Monte Carlo had the highest transactions by district, equalling 34% of all sales, and is still the most sought-after address in Monaco.
In 2020 the average resale Monaco property prices was €4,900,000. New builds averaged out at a significantly higher figure, at the €13,700,000 mark for the median sale value. The ever-popular Larvotto posted the highest price per m² in 2020 at over €65,000, making it more expensive than Monte Carlo. To compare, Monte Carlo’s price per m² came to approximately €51,000 in 2020.
How prices in both areas will evolve in the next few years remains to be seen. The Larvotto beach is currently being renovated, which will add allure to an already compelling area of Monaco. There’s also the creation of the new Mareterra “quartier” in the Larvotto beach area. The Anse du Portier project (also known as Mareterra or Portier Cove) will create new residential properties alongside cultural and recreational spaces and will undoubtedly be popular when it’s completed in 2024. Prices per m² are anyone’s guess, but Larvotto and Monte Carlo are two areas that will continue to dominate the landscape and yield the highest property prices for years to come.
Enness is a prominent broker of high-value mortgages, and the company often assists high-net-worth people in negotiating the best Monaco mortgage rates and conditions. Contact Enness for a no-obligation discussion about your ambitions to buy property in the Principality.