The Principality’s own statistics institute, the IMSEE has revealed the figures of 2023, with several talking points.
IMSEE confirms that no new buildings have been completed last year. However, this is not to say that the market has been without business; “despite this absence of new properties available, the major projects in progress are giving rise to off-plan sales,” stated the institute.
28 new properties were sold in 2023 compared to 88 in 2022. Although, it is important to take into account the average price of each property sold. The average price of a new property in Monaco amounts to 37.1 million euros in 2023, compared to 13.5 million euros in 2022.
This difference ultimately resulted in a more fruitful total sum of transactions in 2023, standing at 1.04 billion euros last year compared to 1.02 billion euros in 2022.
As far as the old property market is concerned, 388 apartments in old buildings were sold in 2023, compared to 433 in 2022. Following a similar trend in new properties, the average price of a property in old buildings in Monaco amounts to 5.7 million euros in 2023 compared to 5.4 million euros in 2022.
IMSEE revealed that in 2023 the average price per square meter in the principality reached 51,418 euros, a stratospheric rise in price from 2012, wherein the average square meter would set a buyer back by 30,000 euros.
