With the average property price now sitting at €44,000 per meter squared (m2), Monaco is the most expensive place in the world to buy real estate. Most people are aware of some or all of the reasons for this including the stunning weather, the favourable tax regime or the longest life expectancy in the world. With an area of 2.02km2 and about 38,000 residents, most assume it is simply viewed as one location when it comes to property, however, we explore the individual markets at work within the most expensive market in the world.
Viewed by many as the centrepiece of Monaco, Monte-Carlo and its famous Carré d’or continue to be hugely attractive with buyers. It’s Monaco’s most expensive district and covets high demand throughout the year mainly from Belgians, Swiss or Anglo-Saxons, but also from Russian speakers.
The district has changed appearance recently with the construction of new buildings which some see as an annoyance whereas others see a long-term opportunity. The wheeler-dealers have further boosted prices taking advantage of buying and selling quickly as soon as they knew about these new projects.
Sellers market their properties at €50,000 per m2, with the finest apartments – typically the upper floors of the Mirabeau, the Métropole or the Monte-Carlo Star with a sea views – going on the market from €80,000 or even €100,000 per m2.
This is the district with the highest number of urban development projects in Monaco – the infamous Tour Odéon and the sea extension in view for 2025 prime examples. Avenue Princesse Grace continues to be one of the most exclusive addresses on the planet and demand will always remain strong in this district.
Sellers target at least €40,000 per m2, however, Princesse Grace and La Réserve are currently the district’s two most luxurious buildings and can achieve €100,000 per m2 for a top floor apartment.
A lack of supply dominates property prices in this area and families seeking apartments of 200 square meters (sqm) and upwards often have to wait for a very long time to find what they want, or pay well over the odds when it becomes available. The prices sky rocket for properties located at the edge of Monaco-Ville with a view. The oceanographic museum side is preferred as it has the view and gets the sun. “It’s a place with very few properties – a few untouchable villas where there are no sellers” stated Caroline Olds, owner of Caroline Olds Real Estate in the Principality. Properties can fetch around €60,000 per m2 in these areas.
Once seen as being slightly out of the action, buyers are now flocking to the area citing quietness, proximity to shops, restaurants and bars, the shopping centre and Marquet beach at Cap d’Ail on the border of France and Monaco, as key reasons. Another point of satisfaction for residents is fast connections to the centre of Monaco. With Monaco increasingly looking to appeal to younger residents with families it provides the perfect setting with many mid to large sized apartments and is also very popular with many Russian and Middle Eastern buyers who seek high specification, new build buildings. Prices can start at €35,000 per m2 and rise in some of the best buildings to €65,000 per m2.
La Condamine is popular with families and people seeking a pied-à-terre and the renovation of Place d’Armes and all adjoining streets has been instrumental in promoting the district’s development. The area is in interesting mix of foreigners who like the atmosphere of a historic district of Monaco and the Monegasques because it is central and vibrant. Prices in the centre can be some of the most competitive in Monaco at €30,000 per m2 with the seafront’s best buildings being the most sought after with quality properties in the Porto-Bello building reaching €60-70,000 per m2.
This is the district where you can find lower prices than elsewhere in Monaco and although the district has large surface areas and views over Monaco, it is primarily the prices that attract customers. Prices sit around the €20,000 per m2. Those with some of the south facing properties in better buildings fetching up to €35,000 per m2.