After a strong increase in 2021 (+9 percent), the average price per square metre for Monaco real estate fell slightly in 2022 (-1.8 percent or -1,000 euros on average). However, at almost €51,000 per square metre, it remains above the symbolic €50,000 per square metre mark, Monaco’s Statistical Office reported earlier this year.
A global survey by the respected UK property consultancy Knight Frank indicates that the downward trend continued in 2023. At the end of June, Monaco property prices had fallen by 1.2 percent over the previous 12 months and 0.7 percent from the start of the year.
London prime property prices fell 0.5 percent and 9.4 percent respectively.
In terms of price across the world, the top three performers were Dubai, up 48.8 percent, Tokyo (26.2 percent) and Manila (19.9 percent) over 12 months. At the other end of the scale, San Franciisco lost 11.1 percent, Frankfurt 12.9 percent and Wellington (New Zealand) 15.1 percent.
Globally, prices rose by an average of 1.5 percent year-on-year.
“Global housing markets are still under pressure from the shift to higher interest rates – but the latest results from the Knight Frank Prime Global Cities Index confirm that prices are being supported by: strong underlying demand, weak supply following disruption to new-build projects during the pandemic, and an ongoing return of workers to cities. As uncertainty over the direction of inflation appears to have reduced in recent months – price adjustments in many markets are likely to be less pronounced than was expected even three months ago,” said Liam Bailey, Knight Frank’s global head of research.
FILE PHOTO: A Knight Frank shopfront in the UK