Buyers paid €51,418 per square metre in the city-state, which only grew in popularity during the pandemic
2 min
Monaco’s prime real estate market remained strong despite global macroeconomic challenges and became the most expensive prime property market in 2023, according to a report Monday from Savills.
The price per square metre in the principality may have grown just 0.9% during 2023, but that increase, however slight, left the average price per square metre at €51,418 (US$55,852).
In comparison, the price per square metre was €39,100 in Hong Kong, €25,300 in New York, €18,900 in London and €8,400 in Dubai.
There were 416 transactions across the principality in 2023, which represented a decline of nearly one-fifth compared to the previous year. However, the total transaction value declined by a smaller amount than the number of transactions, which indicated that fewer but higher value transactions were recorded in 2023.
In examining the total sales by price point, the proportion of apartments selling for more than €5 million increased 2% in 2023, while the share of apartments sold priced below that same threshold fell by an equal amount, according to the report.
Interest in Monaco has risen since the pandemic, contributing to space constraint issues in the principality. Residence card applications also now require a property’s size to match the intended occupying family’s size, which has resulted in greater scrutiny, Savills said.
In response to this rule, many new-build projects are offering larger apartments. The sales of more spacious apartments with three or more bedrooms accounted for over 60% of new-build sales and 22% of the resales across the principality in 2023.
“The number of resales in Monaco has returned to pre-pandemic levels, and this rebound has largely been driven by the increase in sales of larger apartments,” Kelcie Sellers, associate director of world research at Savills, said in the report.
Potential buyers don’t just want to live in Monaco. They are very specific when it comes to choosing a particular district or even development. Together, Monte Carlo and La Rousse comprise over 40% of the total housing area in the principality, yet they accounted for more than 60% of resale transactions in 2023.
In fact, the mean price for resales increased to an all-time high in five out of seven Monaco districts in 2023. Jardin Exotique and La Condamine saw the highest price-per-square-metre growth of 19% and 22%, respectively. Larvotto maintained the top spot for most expensive district by square meter, according to the report.
In an effort to meet the high demand for real estate in this principality, which is smaller than New York’s Central Park, construction projects are in progress. Two large communities are expected to launch this year: Mareterra and Bay House Monaco. These projects will add a combined 166 new apartments and 15 villas to the Monaco market.
Prospective buyers around the world are approaching the current market with caution as they wait to see how macroeconomics, inflation and interest rates play out. However, as Monaco offers somewhat of a safe haven, it may attract buyers who would have purchased property elsewhere, which would continue to drive demand in the coming months, Savills said.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
Following the successful launch of its Palais Collection, MAISON de SABRÉ has unveiled a new modular handbag system offering more than 720 styling combinations.
More than 10,000 homes, an expansive central park and a mix of hospitality, retail and wellness facilities will form Azizi Developments’ first master-planned community in the emirate.
2 min
Sharjah is set to receive one of its largest new residential communities, with Azizi Developments unveiling plans for a US$8.1 billion master-planned precinct containing more than 10,000 homes.
Named Azizi Florence, the freehold development will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments. Three-bedroom townhouses will start from US$515,000, with an indicative rate of US$231 per square foot of saleable space.
The project marks the Dubai-based developer’s first move into Sharjah, expanding a portfolio that includes the planned Burj Azizi skyscraper and the Azizi Venice community in Dubai.
Rather than treating landscaping as an afterthought, Azizi Florence will be organised around a 1.7 million sq ft central park.
The wider precinct is planned as a self-contained neighbourhood combining homes with retail, hospitality, education, leisure and wellness facilities.
Six residential clusters will sit within the development, each with its own park, clubhouse, community centre and landscaped gardens. The approach reflects a broader shift across large Middle Eastern developments, where greenery, recreation and everyday convenience are increasingly central to the residential proposition.
The scale of Azizi Florence suggests it is intended to function as a neighbourhood rather than a collection of housing estates. Its mix of housing types should also give the project broader appeal, accommodating apartment buyers alongside families seeking townhouses or standalone villas.
Azizi Developments has delivered more than 45,000 homes to buyers from over 100 countries and says it has approximately 150,000 units under construction.
Much of its growth has been concentrated in Dubai, where its portfolio extends across Palm Jumeirah, Mohammed Bin Rashid City, Dubai South, Sheikh Zayed Road and Downtown Jebel Ali.
Its most prominent current project is Burj Azizi, which is intended to become the world’s second-tallest building. Azizi Florence represents a different type of undertaking: a low-rise, family-oriented community built around public space and daily amenity.
For company founder and chairman Mirwais Azizi, the Sharjah project also carries a personal connection. The emirate was his first home in the UAE more than three decades ago, adding a symbolic dimension to the developer’s expansion.
Although Dubai and Abu Dhabi have traditionally captured much of the international attention directed at the UAE property market, Sharjah has been steadily broadening its residential offering.
Large freehold communities such as Azizi Florence have the potential to attract both local families and international purchasers looking for comparatively accessible entry points into the Emirates’ property market.
At a starting price of US$515,000, the project’s three-bedroom townhouses will sit well below the cost of equivalent family homes in many of Dubai’s more established luxury communities.
The ultimate appeal, however, will depend on execution. At this scale, the quality of the public realm, connections between residential clusters and delivery of the promised supporting infrastructure will be as important as the homes themselves.
If those elements come together, Azizi Florence could help establish a new benchmark for large-scale residential development in Sharjah—and give buyers another option beyond the UAE’s better-known property markets.
