There are not too many big surprises in Savills’ latest spotlight on the Monaco market, but there are some fascinating observations to be made based on the company’s research.

Monaco’s real estate pricers have reached a new high, although they grew year-on-year by a lower margin (0.9 percent) than the global figure.

Current prices per square metre stand at €51,418, less than 1% below the record price point seen in 2021.

“While transaction volumes were down -8.7% for 2023, the total volume by value remains over €3.2bn with over €1bn of new-build sales, nearly equalling the record new-build and overall volumes seen in 2022. New build sales remain over 30% of the total sales in a market where, historically, this category accounts for less than 10% of total sales since Savills began collecting data in 2006,” Savills says.

Crucially: “Over the course of 2023, there were 416 individual transactions across the Principality, which represents a decline of around a fifth compared to the previous year. However, the total transaction value has declined by a smaller amount than the number of transactions, which points to fewer but higher value transactions occurring this year.”

When looking to purchase a property in Monaco, it isn’t just a decision to be in the Principality. Many are looking for properties within specific districts or developments. Monte Carlo and La Rousse together account for over 60% of the resale transactions in 2023; these two districts comprise over 40% of the total housing area in the Principality, and each have international appeal.

It isn’t just a select few districts which are seeing success: the mean price for resales has increased to an all-time high in five out of seven districts with Jardin Exotique and La Condamine seeing the highest price per square metre growth of 19% and 22% respectively. For the second year running, Larvotto took the top spot for most expensive district by square metre in 2023, with prices rising 6% on the year to over €65,000 psm, Savills points out.

There is much more fascinating detail in the full report: