Real estate in 4 figures in Monaco
For sale. 30 m2 studio in the Exotic Garden, 1.4 million euros. 130 m2 apartment in Les Moneghetti with views of the port and the Prince’s Palace: 6.6 million.
Three renovated rooms of 93 m2 at Larvotto: 4.8 million.
Two recently renovated rooms of 69 m2 in the La Rousse district in a luxurious residence: 3.9 million.
5-room duplex of 239 m2 in the Exotic Garden: price on request.
Consulting the real estate listings of rare apartments for sale in Monaco quickly makes you dizzy.
Although real estate in the Principality has obviously not been spared by the health crisis and its economic consequences, this part of the Monegasque economy remains more than flourishing – less than in 2019 however – as evidenced by the figures from the Real Estate Observatory 2021 which have been online for a few days on the IMSEE website.
In 2021, this market has indeed 29 transactions and 160 million euros more than in 2020.
Here are 4 figures of the main trends to remember from the statistics for the year published in the Principality.
More than 50,000 euros: this is the price per square meter
After a slight drop in 2020 (-1.1%) compared to 2019, the price per square meter in Monaco increased by 9% and reached a historic record in 2021.
For the first time, it exceeded 50,000 euros to settle at 51,912 euros. An increase of 75% in ten years…
The price per square meter has increased for all types of apartments, except for 4-room apartments: in 2020 it stood at 50,775 euros, in 2021 in this type of housing the square meter sold for 50,635 euros.
Only properties with less than three rooms remain below the 50,000 euro mark, while 5 rooms and more meet that of 60,000 euros, with an increase of 21.7% compared to 2020.
Finally, according to the Real Estate Observatory, the most expensive district is that of Monte-Carlo where properties sold for nearly 60,000 euros per m², followed closely by Larvotto. Fontvielle is not far behind with 58,800 euros/m². As for the lowest price, it is at the Jardin Exotique with 35,460 €/m².
7% increase for total transactions
In 2021, the cumulative number of transactions – 23 sales and 417 resales – increased by 7% compared to 2020, and in the same proportions as the cumulative amount of these sales and resales.
However, the level of 2019, before the health crisis, has not been reached either in volume (- 4.8%), but above all in value (- 17%).
10 million euros: the average price of a new home sale
Over the past ten years, 557 new apartments have been delivered in the free sector, including 90 in 2021 (Mona Résidence, Villa Palazzino, Villa Parana, Villa Esmeralda).
Despite this large delivery, only 23 new apartments were sold in 2021, 30% of which were off-plan, and almost half (11) are 3-room apartments.
Of the 23 sales, 5 were concluded at more than 10 million euros, 12 between 5 and 10 million, and 6 at less than 5 million euros.
In the new, the average price of a sale in 2021 amounts to 10.2 million euros (compared to 13.7 million in 2020).
Finally, the total amount of these real estate sales amounts to 235 million euros (compared to 218 million in 2021), but it still remains below its 2019 level: -30% in volume and – 26% in value.
5 million euros: the average selling price in the old
In 2021, the number of resales (second session of a property or the first but within a period of more than 5 years) rises (+5.6% compared to 2020) and exceeds the bar of 400 transactions (417) without reach the level of 2019 (429).
80% of studios, 2-room and 3-room apartments were sold and only 7 villas, which is explained by the rarity of this type of property.
The districts of Monte-Carlo and La Rousse – two sectors where nearly half of the surface areas built for residential use are concentrated – account for more than half of the transactions. It is mainly small surfaces (studios and 2 rooms) that are sold there.
With an increase of more than 70%, the La Condamine district reached 48 resales in 2021, its maximum since 2008 and joins the top three for resales.
At Les Moneghetti, three transactions out of 10 relate to large surfaces (4 rooms and 5 rooms and more), whereas at the Exotic Garden we mainly buy studios and 2 and 3 rooms, as in Fontvieille.
The total amount of these transactions on the old market amounts to 2 billion euros in 2021, compared to 1.9 billion in 2020.
Here too, it does not reach the level of 2019 which was 2.5 billion euros. But that year, twice as many villas had been sold. It should be noted that in 2021, more than a third of the total amount of resales was made in Monte-Carlo with 771 million euros.
Regarding the average selling price in the old, it stands at 5 million euros, against, against 4.9 million in 2020 and 5.8 million in 2019.
In detail, 31 apartments were sold for more than 10 million euros, 94 between 5 and 10 million euros, and 292 for less than 5 million.
Source: www.francetransactions.com