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The principality on the Mediterranean Sea may be barely two square kilometers in size, but that does not prevent real estate developers from doing golden business there. Although for that mundane life and the nice climate, both meteorologically and fiscally, you have to be more and more slack.
Kristof Simons
Today at 23:06
Crisis? At least not in the Monegasque real estate sector, if we are to believe news site Monacolife.net. In 2022, no less than 520 real estate deals were closed in and around Monte Carlo. Almost a fifth more than a year earlier and good for a total value of 3.54 billion euros. That is – hold on – half more than in 2021.
New-build flats in particular were in demand. In terms of number of copies sold, 2022 was the best year of the past ten years and in value it even passed the billion euro mark for the first time. At the end of December, the counter stood at 1.19 billion euros, five times the number a year earlier. In all, 146 new-build flats came onto the market: 71 in the Villa Trianon project in the Quartier du Port, 63 in the Evos project in the shadow of the botanic gardens and two in Villa Farniente II in La Rousse. No fewer than 88 of these have already been sold. This brings the average price for a new building to 13.52 million euros, although one in six sold for at least 20 million euros. By way of comparison: on the resale market, a flat cost an average of 5.4 million euros.
No bacon for your mouth? Much chance. Although there may be a glimmer of hope: the average price per square meter, which had risen by 9 percent in 2021, fell by 1.8 percent last year to… 51,000 euros. Although even that is still 60 percent more than 10 years ago.
