Monaco Was the World’s Top Luxury Property Market in 2023 - Kanebridge News
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Monaco Was the World’s Top Luxury Property Market in 2023

Buyers paid €51,418 per square metre in the city-state, which only grew in popularity during the pandemic

Wed, Mar 20, 2024 8:52amGrey Clock 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.


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Fri, Jul 12, 2024 2 min

Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.