The Monégasque Institute of Statistics and Economic Studies (IMSEE) has released its annual real estate market report for 2024, revealing significant milestones in various aspects of Monaco's housing sector.

The report indicates that the year was characterized by record highs, although some elements warrant nuanced interpretation regarding the resale market.

In 2024, the number of newly delivered residential units reached 159, marking the highest level of new housing deliveries in 31 years.

This surge was largely fueled by the Mareterra project, which alone accounted for 130 new units in the Larvotto area.

Notably, this figure does not include five villas and 56 apartments from the Bay House, which were also delivered towards the end of the year.

According to IMSEE, the new housing sector showed robust performance, supported by Mareterra's impact, which is seen as a transformative initiative within Monaco's real estate landscape.

Michel Dotta, director of Dotta Immobilier and former president of the Monaco Real Estate Chamber, highlighted the vigor in the sales of new properties.

The report notes that there were 101 transactions of new apartments in 2024, part of a broader total of 466 transactions, with nearly three-quarters involving properties with at least four rooms.

A record was set with the sale of 33 four-room apartments and 39 five-room units or larger, including eight villas.

Total transaction amounts reached €5.9 billion, a significant increase from approximately €3 billion in 2023, marking an 80% rise in just one year and more than doubling over the last decade.

Of this total, nearly €3.7 billion stemmed from new property sales, representing another record, with over half of these transactions exceeding €20 million.

The highest recorded transactions included seven properties sold for €100 million or more, averaging €36.4 million each.

In 2024, the total sales volume more than tripled compared to the previous record set in 2022, which stood at €1.2 billion.

For comparison, the cumulative total of sales from 2006 to 2021 is now surpassed by this year's figures, suggesting a growing market appetite for new and exclusive properties.

Furthermore, resale prices also reached new heights, with the average price per square meter for resales hitting €51,967, up from €51,399 in 2023 and €51,912 in 2021. The Larvotto area experienced extraordinarily high pricing, peaking just above €97,500 per square meter; however, IMSEE cautioned that this figure is derived from only three transactions with reported areas in that neighborhood for 2024. In the Exotic Garden district, prices rose by 36.4% compared to 2023, reaching a record €49,847 per square meter, influenced by three sales in a very high-end building.

While overall resale amounts remained stable compared to the previous year, there was a decrease in transaction volume, with 365 resales recorded—23 fewer than in 2023, which reflects a decline for the second consecutive year and the lowest figure since 2012. The only neighborhoods reporting an increase in resales were Moneghetti, Monaco-Ville, and Monte-Carlo, the latter accounting for one-third of all resales in the Principality.

The average price for a resale property reached €6 million, representing a 5.7% increase from 2023, indicating strong demand for high-quality properties among elite clients.

Looking ahead to 2025, industry experts anticipate a somewhat less prosperous year than 2024 but retain an optimistic outlook for the data set to be released in early 2026.