In 2020, the real estate market in the Principality of Monaco, despite the drop in the number of transactions due to the Covid-19 pandemic, kept its prices stable, moving forward with cautious optimism.
Official data just published by IMSEE, the Monegasque Institute of Statistics and Economic Studies, reveal a drop in the number of transactions of 22.3% compared to 2019. Transactions amounted to 421 properties bought and sold, 26 of which were newly built and 395 used properties. Prices were substantially stable (-1.1%), from an average value of € 48,000/sqm to € 47,619/sqm. These values have risen by 52.3% in ten years and are still the highest in the world.
The most popular new buildings: Pavillon France, The Winch and Palais de la Plage
In terms of new construction, sales in 2020 included the Pavillon France (Monaco-Ville), The Winch (the “family mansion” at the Condamine) and the Palais de la Plage (Larvotto). The downturn recorded was in the demand for studio apartments and 1-bedroom apartments, presumably due to post-pandemic changes in housing needs in the search for larger spaces.
It should therefore come as no surprise that more than one in three new flat transactions in Monaco are worth more than € 10 million.
Transactions on the ” used ” market held up better than new, with a drop of 7.9% on 2019, approaching around 400 properties bought and sold, of which more than 28% had a unit value of over €5 million.
Monaco’s 2020 property market: Record for sale prices in Larvotto district
Among Monaco’s districts, Larvotto, the seaside district, holds the price record. Here the average value is €65,520 per square metre. This growth probably confirms the confidence in the success of the eco-sustainable “Anse du Portier” project, which extends along the sea for about 6 hectares and 60,000 square metres. The district, which is currently under construction, will be completed in 2025 right in front of Larvotto.
This is followed by Fontvieille, with an average value of € 51,872 per square metre, and the noble Monte-Carlo, which drops to third place with an average value of € 51,617 per square metre.
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