HOMES real estate agency is pleased to present a detailed report on property prices in various districts of the Principality of Monaco, based on the latest report from the Real Estate Observatory of 2023. This document provides a clear and up-to-date view of the real estate market, highlighting the distinctive features of each district.
Monte-Carlo and Carré D’Or
Monte-Carlo is synonymous with glamour and sophistication. The district is home to the famous Casino de Monte-Carlo, as well as numerous luxury restaurants and boutiques. In 2023, the average price per square meter in Monte-Carlo was 51,628 euros, although it slightly decreased by 6.2% compared to the previous year. Prestigious residences in the heart of the Carré D’Or, such as the Sun Tower, the Mirabeau, and the 26 Carré D’or, have prices per square meter starting at 90,000 euros. The Millefiori, located in the Monte-Carlo district, offers prices of approximately 55,000 euros/m².
Larvotto
The Larvotto district remains the most expensive in Monaco in terms of average price per square meter, reaching 65,857 euros in 2023, with an increase of 5.6% compared to 2022. This rise is largely due to recent sales of large luxury apartments of at least 300 m² in the new Mareterra district, an extension of the Principality into the sea. This district is particularly prized for its beaches and luxury residences, such as the 21 Princesse Grace residence, La Réserve, or the new Bay House project, offering an exceptional living environment.
La Rousse
La Rousse is a popular residential area offering stunning sea views. In 2023, the average price per square meter in this district was 48,865 euros, marking a slight increase of 2.5%. This district is particularly sought after by families and expatriates, with competitive apartment prices. Residences such as the prestigious Château Périgord, the Annonciade residence, or the luxurious Tour Odéon are just a few minutes’ walk from the prestigious Carré D’Or.
La Condamine and Port
The Port/Condamine district is appreciated for its lively atmosphere and numerous amenities. In 2023, the average price per square meter in this district reached 54,099 euros, recording a significant increase of 19.7%. La Condamine is characterized by many bourgeois buildings as well as prestigious residences such as the Beau Rivage, which offers a breathtaking view of the port’s yachts. Apartment prices vary, with many properties reaching high prices due to their proximity to the port and exceptional views.
Fontvieille
Fontvieille is a modern and dynamic district, known for its marina and sports facilities. Property prices in Fontvieille are attractive, with an average price per square meter of 59,175 euros in 2023, up 7% from the previous year. The Seaside Plaza and Eden Star are renowned residences offering magnificent views of the sea and the Port of Cap d’Ail as well as the Port of Fontvieille. Fontvieille is also appreciated for its parks and tranquility.
Jardin Exotique
The Jardin Exotique district is renowned for its botanical garden and exceptional panoramas. In 2023, the average price per square meter in this district was 41,614 euros, marking an increase of 10% compared to the previous year. This district is ideal for those seeking a calm and green residential environment.
In 2023, Monaco’s real estate market demonstrated signs of stability despite an economic context marked by persistent inflation. Although the number of transactions decreased, the total sales value reached €3.23 billion, setting a historic record following 2022. This increase in value is mainly attributed to the rising average prices of real estate properties.
The sales market was particularly affected by the absence of new apartment deliveries, which limited the number of transactions. However, the sales of off-plan apartments helped maintain some level of activity. Nearly half of the sales involved five-room or larger apartments, reflecting an increased demand for large properties.
The resale market also experienced a decline in the number of transactions, reaching its lowest level since 2012. Nonetheless, the value of resales showed relative resilience with a moderate decrease of 6.7%, totaling €2.19 billion. The average resale price per square meter slightly increased, standing at €51,418, reaching historical highs in several districts of the Principality.
In conclusion, despite a decrease in the number of transactions, Monaco’s real estate market in 2023 demonstrated notable resilience in terms of value, supported by high prices and continued demand for large properties. These trends highlight the robustness of Monaco’s real estate market in the face of a globally uncertain economic context.
Monaco’s real estate market offers a diverse range of properties to suit all needs and budgets. Whether you are looking to buy a luxury apartment in the Carré D’Or, rent a penthouse in Monte-Carlo, or invest in an office in Fontvieille, HOMES real estate agency is at your disposal to assist you with your real estate projects.
