Record prices and new luxury developments: Monaco’s real estate transformation

Written by Joanna Lewis Posted On Wednesday, 22 December 2021 20:30

Monaco’s real estate market has seen a dramatic change over the past few decades, including a record rise in prices, a growth in sustainable luxury prime real estate developments, and an increase in larger more modern developments that reflect modern-day living.

Here are just a few ways Monaco’s real estate market has changed during the past couple of decades.

Monaco real estate sees record-growth

According to the Real Estate Observatory report, published annually by the Monegasque Institute of Statistics and Economic Studies, Monaco’s real estate market has witnessed record growth over the past few decades, with prices more than doubling in the past decade.

The report noted that the average price per square metre increased by 52 percent over the past 15 years, demonstrating an overall trajectory of significant growth. The average price per square metre is currently 47,619 Euros, compared to just over 28,000 Euros in 2010.

Monaco real estate the rise

The rise in super-prime developments

As Monaco’s real estate market has grown at an unprecedented rate so has the demand for modern developments designed with luxury living in mind.

Some of the most popular residential developments of the past decade include Tour Odeon, a double skyscraper in the district of La Rousse Saint Roman, One Monte Carlo, an exclusive development located next to the iconic Hotel de Paris Monte-Carlo, Le Stella a striking luxury development in the district of La Condamine, and the soon-to-be-completed Bay House, a luxury development located in the exclusive district of Larvotto, which boasts a collection of 56 apartments and five villas.

“New developments are in significant demand,” says Ageprim’s commercial team, a leading real estate agency in Monaco. “Owners are continually seeking to renew their portfolio with the latest property developments and there is short supply due to the limited amount of land that can be built on. However, bourgeois style flats are still very attractive, because of their charm and elegant architectural features, such as high ceilings.”

Monaco real estate increase in sustainability

Increase in sustainability

In the past decade, the real estate market has also seen a significant shift to sustainable developments, in line with Prince Albert II's aim for the principality to be carbon neutral by 2050.

Many of the most modern developments in Monaco now boast state-of-the-art eco-friendly technology.

For example, Mareterra is a new waterfront ecodistrict that is being built on reclaimed land. This luxury development comprises apartments, penthouses, townhouses and ultra-rare waterfront villas that will all benefit from a host of sustainable features, including solar panels, rainwater recovery systems, electric car charging stations and 600-metres of cycle paths to encourage the use of sustainable modes of transport. Even the landscaped gardens have been purposefully designed to encourage nature, with specially installed bird nests and insect hotels.

And it is not just newer developments that are seeking to be green. Older developments in Monaco are also exploring ways to reduce their carbon footprint, including embracing urban agriculture by transforming outdoor gardens and terraces into fruit and vegetable gardens.

Monaco real estate demand for space spa

Demand for space

The types of property that people are investing in has also changed over the past few decades. There is now an increased demand for larger properties. So much so, that according to Ageprim, many new developments are only building large apartments with three bedrooms plus.

Open-plan living concepts, floor-to-ceiling windows, spacious terraces, and luxurious amenities, including spas and state-of-the-art fitness centres, are all the hallmarks of Monaco’s latest luxury developments.

There is no question that over the years Monaco’s real estate market has evolved to meet the ever increasing demands of the world’s wealthiest property investors.

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