Monaco’s real estate market has once again defied expectations, reaching unprecedented levels in 2024. With soaring transaction amounts, historic highs in new housing deliveries, and record-breaking price-per-square-meter figures, the Principality continues to cement its reputation as one of the world’s most exclusive property markets.
The latest data from the Monegasque Institute of Statistics and Economic Studies (IMSEE) reveals a year of extraordinary growth, particularly in new developments. A total of 159 new residences were delivered—a figure unmatched in more than three decades. At the heart of this surge is Mareterra, the ambitious eco-district transforming the Larvotto coastline, which alone introduced 130 new apartments to the market. And the numbers don’t even account for the opulent Bay House complex, set to unveil an additional 56 apartments and five luxury villas by year’s end. Michel Dotta, head of Monaco’s prestigious Dotta Immobilier agency, describes this wave of development as a turning point. “Mareterra is reshaping the landscape of Monegasque real estate,” he says. “The demand for new, high-end residences has never been stronger.”
As Monaco’s skyline evolves, so too does its luxury property sector. The market for newly built apartments has seen an explosion in sales, with 101 transactions completed in 2024—most involving sprawling multi-room properties. According to IMSEE, apartments with four or more rooms set a new record, making up nearly three-quarters of all new sales. The financial figures are even more striking. The total value of real estate transactions skyrocketed to 5.9 billion euro, marking an 80 percent increase in just one year. The demand for ultra-luxury residences is at an all-time high, with more than half of these transactions exceeding 20 million euro —and at least seven surpassing the staggering 100 million euro mark. “The numbers are unprecedented,” IMSEE notes in its report. “The total amount of sales has more than tripled compared to the previous record of 1.2 billion euro set in 2022. In fact, the 2024 sales figures exceed the combined total of all transactions recorded between 2006 and 2021.” Dotta attributes this boom to a clientele that is increasingly drawn to exclusivity. “We are seeing an elite group of investors who seek not just luxury, but uniqueness,” he explains. “Properties that meet the highest standards of privacy, design, and amenities are commanding premium prices.”
While Monaco’s real estate sector thrives, the resale market presents a more complex picture. Though the total value of resales remained stable from the previous year, the number of transactions dropped for the second consecutive year, reaching its lowest level since 2012. Yet, this decline in volume has not hindered price growth. The average price per square meter in resale properties reached an all-time high of 51,967 euros, surpassing previous peaks set in 2021 and 2023. Certain districts saw astronomical jumps—most notably Larvotto, where the price per square meter surged to over 97,500 euros. However, IMSEE urges caution in interpreting these figures. “The extreme pricing in Larvotto is based on just three transactions with disclosed surface areas,” the report notes. Meanwhile, in the Exotic Garden district, the price per square meter jumped 36.4 percent year-over-year to a record 49,847 euros, driven by a handful of high-end property sales. Despite fewer resales, the properties that do change hands are fetching increasingly higher sums. The average resale price now stands at six million euro, a 5.7 euro increase from 2023. Monte-Carlo continues to dominate the resale market, accounting for one in every three transactions in the Principality.
For Dotta, the resilience of Monaco’s resale market is evident. “While we’ve seen a slight dip in transaction volume, the demand for top-tier properties remains unwavering,” he says. “Monaco’s real estate remains a safe haven for the world’s wealthiest buyers.” With Monaco real estate reaching unprecedented heights in 2024, industry experts predict a slight slowdown in growth next year—but remain overwhelmingly optimistic. Developers and investors alike will be watching closely as new projects take shape and the market adapts to evolving demand. “The data we see today is exceptional,” Dotta concludes. “Even if 2025 doesn’t match these record-breaking numbers, Monaco’s property market remains one of the most secure and sought-after in the world. We’re already looking ahead to what 2026 will bring.”
