Monaco Property Market Summary for year end 2017 (IMSEE Government Data 2018)
The government recently released an interesting set of Property data for year end 2017.
Sales of New Build Apartments
· Total number of new build sales increased by 34% although the average price per purchase was significantly lower than in 2016.
· Studios and 1 bed flats made up for 84% of total new build apartment sales volume.
· 86% of all sales were for under €5m.
· 2017 saw the most new build sales transactions in the past 10 years.
Sales of Existing Stock
· The average price per m2 across the whole market (all sizes of flats) was basically flat from 2016 to 2017 at €41,400.
· Average transaction price across all apartment sizes rose by 6%.
· The median price point rose by 8%
· Average price per m2 for Studios and 1 beds were up on average 8.5%.
· Average price per m2 for larger apartments dropped back to €42,000 per m2 from €48,000 in 2016.
· Transaction volume fell by a total of 97 sales year on year.
· Total money spent buying apartments fell by 17% from the record high of 2016 and was €1.8 billion
With it’s stable economy, lack of personal income tax or capital gains tax and dramatic undersupply of new property agains a backdrop of an ever increasing population, Monaco remains a solid investment opportunity. Indeed, the average residual price increase in Monaco since 2006 is a fairly spectacular 180%.