Buyers paid €51,418 per square metre in the city-state, which only grew in popularity during the pandemic
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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.
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< 1 minA Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.
