Research
Monaco residential
market insight
2022
KEY FINDINGS
Residential prices
increased 9% on average
in 2021
Residential sales totalled
440 in 2021, a rise of 7%
on an annual basis
The number of UHNWIs in
Monaco is forecast to rise by
23% in the next five years
Residential sales values on
Monaco’s six-hectare land
reclamation project, Mareterra,
are expected to achieve €100,000
per sq m
Sales volumes increased 7% in 2021
All residential sales by year
2014 566
2016 553
2012 354
2015 547
2013 419
The number of wealthy individuals in Monaco set to rise significantly
No. of individuals
UHNWI (US$30m+)
HNWI (US$1m+)
T henotsecurity
and privacy Monaco offers is
going unnoticed by wealthy buyers.
The pandemic has increased wealth inequality,
but it has also led the super-rich to re-evaluate
where and how they want to live. Many are
bracing themselves for a new era of higher taxes
and lower asset growth as fiscal stimulus is
withdrawn and interest rates rise.
Sales
Against such a backdrop Monaco is gaining
attention. Residential sales increased 7% to
440 in 2021 and the number of individuals with
more than US$30m grew 5% in 2021 according
to The Wealth Report 2022. This latter figure is
forecast to rise a further 23% in the next five years.
In Monaco, the €5m-€10m price band saw the
biggest increase in sales in 2021 with a 38% jump
year-on-year. The neighbourhoods of Monte-
Carlo and La Rousse together accounted for 56%
of all sales.
New schools
A cohort of younger families, many from the
UK, Scandinavia, Germany and Switzerland,
are arriving in Monaco. The Principality’s
International School (700 students) and a
new British School, which is due to open in
September 2022, are key draws.
7.1%
2021 440
2018 523
2019 462
2017 456
2020 411
2021 2026 2021-26
208 255 23%
27,303 39,168 43%
Demand for larger and more spacious
apartments is evident since the onset of
the pandemic. Three-bedroom properties
accounted for nearly half of all properties sold
in Monaco in 2021, the highest proportion
since 2006.
New investment
Alongside the Mareterra project, Monaco’s
government is investing heavily in the
Principality’s infrastructure. The Larvotto
beachfront has been redeveloped, the
Heliport is being extended and a new cable
car linking Jardin Exotique and Fontvieille
is planned. This will form part of a bigger
regeneration project for Fontvieille. By 2027,
the neighbourhood will be home to an urban
forest, 30,000 sq m of commercial space with
80 stores and a multiplex cinema.
Relative value
Of all Monaco’s eight key neighbourhoods,
Jardin Exotique offers arguably the best
value. In 2021, median prices stood at
€35,460 per sq m according to IMSEE,
Monaco’s Statistics Office, a figure that has
risen 24% in the last five years and is likely
to see further strong growth given the area’s
improved connectivity.
 -10.0%
-20.0%
-30.0%

Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Q2 2010
Q4 2010
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014
Q2 2015
Q4 2015
Q2 2016
Q4 2016
Q2 2017
Q4 2017
Q2 2018
Q4 2018
Q2 2019
Q4 2019
Q2 2020
NEED TO KNOW The average price of a resale property in Monaco
breaks the €50,000 per sq m threshold
€ per sq m
Forecast: Prime prices are forecast

1 to rise by 5% in 2022 as demand

continues to outpace new supply.
60,000

50,000

US 15 city average Chinese mainland 15 city average

Post-Brexit: UK residents relocating 40,000

30.0% to Monaco need to apply for a long stay

20.0% 2 visa from the French authorities before
applying for a residence card in Monaco.
30,000

10.0%
0.0% 20,000
-10.0%
-20.0%
Connectivity: United Airlines has 10,000
-30.0%
announced a new daily route from New
York to Nice Cote d'Azur Airport this
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Q2 2010
Q4 2010
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014
Q2 2015
Q4 2015
Q2 2016
Q4 2016
Q2 2017
Q4 2017
Q2 2018
Q4 2018
Q2 2019
Q4 2019
Q2 2020
Q4 2020
Q2 2021
3
0
summer, adding to the existing route

2008

2009

2010

2011

2012

2013

2014

2015

2016

2018

2019

2020

2021
2017
offered by Delta Airlines.

Source: IMSEE

Jardin Exotique offers relative value

€ per sq m, 2021
FOCUS ON MARETERRA
Monte-Carlo

The innovative land reclamation project, Mareterra, previously

Larvotto
known as Le Portier, will add six hectares and extend Monaco’s
Fontvieille land mass by 3%.

Slated to be completed in 2025, the project is costing €2bn and

La Rousse
will deliver 125 homes, with some expected to achieve €100,000
La Condamine per square metre. At almost double the average prime price in
Monaco (€51,912), it would make Mareterra the most expensive
Les Moneghetti
residential development globally.

Jardin Exotique
Once completed, Mareterra’s properties will use the temperature
of the seawater at low depths to provide heating in winter and
0 10,000 20,000 30,000 40,000 50,000 60,000
cooling in summer.

Source: IMSEE. *Insufficient data for Monaco-Ville

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