Monaco Real Estate : Prices, Areas & Market

Average real estate prices in Monaco

In 2024, the average resale price per square meter in Monaco reached a new record high at €51,967 per sqm. This figure shows a slight increase compared to 2021 (€51,912), confirming a steady upward trend despite occasional economic uncertainty.

However, prices vary significantly between neighborhoods, reflecting the diversity of offers and environments:

• Larvotto, the beach district with its luxury residences, shows the highest prices, averaging €65,857/sqm.
• Fontvieille, a port area with many modern buildings, follows with €59,175/sqm.
• Monte-Carlo, the historic and economic center, averages around €51,628/sqm.
• Other areas such as La Condamine and Carré d’Or have prices of approximately €54,099 and €53,000/sqm respectively.
• The more residential and quiet Jardin Exotique is somewhat less expensive at around €41,614/sqm.

Note that ultra-luxury sectors like Mareterra can see prices soaring up to €120,000/sqm, especially for new properties with high-end features.

Overview of the real estate market in Monaco

Apartments

Apartments make up the majority of transactions in Monaco. They are highly sought after, especially luxury apartments with panoramic sea and city views.

• The average price for standard apartments is around €52,000/sqm, typically ranging between €48,500 and €52,000/sqm.
• Prestige apartments, particularly in neighborhoods like Carré d’Or, can exceed €90,000/sqm.
• Demand remains strong for properties between 50 and 150 m², offering a balance between comfort and investment for affluent residents.

Houses and villas

Houses, villas and mansions in Monaco are extremely rare due to the principality’s small size. This segment is reserved for ultra-wealthy clients:

• In 2024, the average price for newly sold houses reached approximately €36.4 million.
• Villas in areas like Mareterra can reach €120,000/sqm, often including large gardens, pools, and luxury amenities.
• Renovated or historic properties in neighborhoods such as Monte-Carlo or La Condamine also reach very high price levels, making this category one of the most exclusive in the world.

Rental market

The rental market is very selective, with some of the highest rents in Europe:

• The average rent per square meter is about €91 per month.
• Studios or one-bedroom apartments rent between €3,000 and €6,000 per month, depending on location and features.
• Two to three-bedroom apartments generally rent from €5,000 to €15,000 per month.
• Family-sized new apartments see rents between €15,000 and €40,000 per month.
• Luxury villas can command monthly rents from €40,000 up to over €200,000, depending on size, location, and amenities.

New constructions

The new construction segment is booming in Monaco, with increasing sales and high prices linked to quality features:

• In 2024, 101 new units were sold, a sharp rise compared to 28 in 2023.
• The average price for new constructions is about €36.4 million per unit.
• Landmark projects like Mareterra reach prices up to €120,000/sqm, offering ultra-luxurious apartments with exceptional views.
• Other developments such as Bay House are priced between €70,000 and €80,000/sqm, while L’Exotique stands between €60,000 and €70,000/sqm.
• In 2024, 20 units sold for more than €20 million each, including 7 units exceeding €100 million, demonstrating a very dynamic high-end market.

How balkin can support you in your real estate choices

Balkin offers expert guidance throughout your real estate journey in Monaco. With extensive local market knowledge and a strong network, Balkin helps you identify properties that fit your needs and budget.

You receive personalized advice on market trends, pricing, and neighborhood specifics. Balkin manages property visits, negotiations, and assists in securing the best terms.

Their support covers legal checks, documentation review, and connections with trusted notaries and agencies, ensuring a smooth transaction.

Choosing Balkin means saving time, avoiding common pitfalls, and gaining confidence in your investment decisions in Monaco’s competitive market.

Compliance procedures for acquiring a property in Monaco

Step 1: verify eligibility

Confirm your eligibility to buy property in Monaco. Non-residents have the right to purchase, but some restrictions and conditions may apply depending on your residency status and the type of property. For example, certain properties might be reserved for residents or have limits on commercial usage. It's important to check the current legal framework to avoid surprises.

Step 2: preliminary agreement

Once you have selected a property, you sign a reservation contract or preliminary agreement with the seller. This step usually requires a deposit between 5 and 10% of the purchase price. This contract secures the property for you while allowing time to complete due diligence and arrange financing. At this stage, a cooling-off period might be included to protect the buyer.

Step 3: due diligence

Thorough due diligence is essential before finalizing your purchase. This includes verifying the property’s legal title, ownership history, and any liens or mortgages. You also need to check for zoning laws, building permits, and any restrictions that could affect property use or future development. Engaging a Monaco-registered notary and possibly legal counsel ensures that all documentation is in order and that there are no hidden risks.

Step 4: signing the deed of sale

After completing due diligence and securing your financing, you will sign the final deed of sale (acte de vente) before the notary. This document officially transfers ownership and sets out the terms and conditions of the sale. The buyer must be present or properly represented, and the payment balance is typically settled at this time.

Step 5: registering the property

Once the deed of sale is signed, the notary submits the transaction to the Monaco land registry (Conservation des Hypothèques) for official registration. This step formally records you as the new owner, giving you full legal rights. Registration typically takes a few weeks and is mandatory to secure your property rights.

Step 6: compliance with local regulations

After acquiring the property, ensure you meet all local administrative requirements. This includes declaring the purchase for tax purposes and paying any applicable transfer taxes and notary fees. If you plan to reside in Monaco, you may also need to apply for a residency permit, which involves providing proof of property ownership, financial means, and health insurance. Staying compliant with these rules avoids legal issues and facilitates a smooth transition to your new home or investment.

Taking these steps carefully reduces risks and makes your property acquisition in Monaco efficient and secure.

Costs associated with buying real estate in Monaco

When purchasing property in Monaco, anticipate several costs beyond the purchase price:

• Registration fees and notary costs generally total around 6-7% of the purchase price. These fees cover legal work, transfer taxes, and registration.
• Agency fees may apply if you use a real estate agent, typically between 3% and 5% of the sale price.
• Maintenance fees for apartments or residences can be substantial, especially in luxury buildings with shared amenities.
• Buyers should also plan for legal and administrative fees related to financing or residency permits if required.

Understanding these costs upfront helps you prepare your budget accurately and avoid surprises during the acquisition process.

Current situation of the Monaco real estate market

Monaco’s real estate market remains one of the most exclusive and expensive worldwide. Demand stays high, fueled by wealthy international buyers and investors attracted by the principality’s political stability, tax advantages, and prestigious lifestyle.

Limited land availability and strict construction rules keep the supply scarce, maintaining upward pressure on prices. The market favors sellers, with properties often selling quickly and at or above asking price.

New developments focus on luxury apartments with high-end amenities, while resale properties continue to attract strong interest. Despite global economic uncertainties, Monaco’s market shows resilience and steady demand.

Evolution of the Monaco real estate market over the past 10 years

Over the last decade, Monaco’s property prices have generally increased, reflecting the principality’s growing appeal and limited space. Average prices for apartments have risen by about 30% to 40%, with some luxury segments seeing even greater appreciation.

The market shifted towards more modern, high-tech residences, with new constructions incorporating sustainable design and smart home features.

Investment demand has grown, especially from buyers in Europe, the Middle East, and Asia, seeking safe assets and lifestyle properties.

Economic cycles and external shocks caused some short-term slowdowns, but the overall trend remained positive, confirming Monaco’s status as a stable and sought-after real estate market.