for the first time, the average price per square meter exceeds 50,000 euros in Monaco
2020, the average price per square meter rose by 9% in the Principality.
It’s a first ! According to the latest Real Estate Observatory published by IMSEE, in 2021, the price per square meter is now 52,000 euros, an increase of 9% since 2020 and 75% in ten years!
What are the most requested properties?
The reason: supply significantly lower than demand. Laurent Locchi is deputy director of the real estate agency Miells & Partners – Christie’s Monaco. Faced with this increase, he first calls for caution in interpretation: ” prices in Monaco range from 20,000 to 115,000 euros per meter. Average doesn’t mean much. But why is there still such enthusiasm? It’s quite simply because we have very few offers, very few square meters to offer but large-scale projects, with a lot of demand, in particular a demand for standing. »
A development that has not scared off buyers: between 2020 and 2021, the number of sales increased by 44%. A figure which must all the same be put into perspective: even if the Monegasque real estate market has resisted the health crisis rather well, for the moment, the number of transactions remains 30% lower than that confirmed in 2019.
For Jean-Yves Le Graverend, director of the John Taylor Monaco agency, this increase in the average price per square meter is also and above all explained by a change in the nature of requests: “ If we look in detail, on a strong increase in demand for large apartments, which are often located in height, of course. So these are accommodations that are much more expensive. »
Indeed, on the surface side, the trend is to increase. According to IMSEE, for the first time since 2006, almost half of the 23 apartments sold last year were three-room apartments, whereas studios or two-room apartments were in the majority until now.
What are the most expensive neighborhoods?
According to IMSEE data, Monte-Carlo is the district where the average price per square meter is the highest (almost 60,000 euros per m2), followed closely by Larvotto and Fontvieille. At the bottom of the ranking, the Exotic Garden, where the average figure is closer to 35,400 euros. Note that Monaco-Ville is the only major absence from the map, due to too few transactions to make an estimate.
For Jean-Yves Le Graverend, this difference in average prices is explained by higher demand from Monte-Carlo and Larvotto, due to their proximity to the center of Monaco: “ the Exotic Garden is rarely the first choice, people can’t walk to eat at Larvotto or take a walk in the center. »
Results that must however be qualified, as Laurent Locchi reminds us: ” you have to be careful with the average price of a neighborhood. You can find apartments in the Jardin Exotique at 70,000 or 85,000 euros per meter and in Monte-Carlo, you can find an apartment without a view at 25,000 euros per meter. It’s tailor-made! Each apartment has its value, both up and down. If a building is being built and your apartment no longer has a view, you take a discount. »