22 April 2022
Ten things you (maybe) didn’t know about the 2021 record breaking property market numbers
The Monaco Statistics office (IMSEE) have just released their annual report on the Monaco Real Estate market 2021, listed below are ten things you (maybe) didn’t know happened last year;
– Records Breakers The Monaco average sales price per m² has reached a new record high, dramatically increasing by 9% during the past 12 months to just under €52,000 per m² (€51,912).
– Location location location There is now a three-way tie for the ‘most expensive district in Monaco‘ between Carré d’Or, Larvotto and Fontvieille which are all nearly €60,000 per m² (Carré d’Or technically just wins from Larvotto).
– Jardin Exotique once again comes in as the least expensive area to live, square meter prices dropping over 5% last year to a new average of €35,460/m².
– Place your bets More than a third of all transactions took place last year in the famous ‘Monte Carlo / Carré d’Or’ district of Monaco.
– Larger flats are worth more. The price per m² for very large apartments (4 beds and over) increased by 22% and now stands at €60,546 per m².
– But small still sells since over half of the total transactions last year were for studios and one bed apartments (243 of the 417 units sold).
– 2021 was a strong year for new build projects, sales rose 44% with 90 units delivered (although 62 of these were rental only in the Mona residence).
– The average new build apartment price in Monaco was €10.2m – roughly 32 times more than the average UK house price in 2021.
– Total money spent buying existing property increased by 7.3% during 2021 totalling €2.1bn (still €375m down on the pre-Covid 2019 record year).
– Monaco average property prices have risen almost 75% over the past ten years.
Download the full IMSEE report
You can download the full IMSEE report from their official website at: https://www.imsee.mc/Publications/Observatoire-de-l-Immobilier