In Monaco, real estate has always been, and continues to be, a safe haven. This tangible asset proved it again in 2020. Despite the healthcare crisis resulting from the pandemic, the local property market has held its own.
The Principality remains a highly-prized address, renowned for its prestige properties. Last year, 395 sales were completed versus 429 in 2019, a record year. The average price per sq. metre remains the highest in the world - almost 48,000 €, ie. a slight decline of 1.1%, explained by a slightly lower number of re-sales of large surface areas. Monaco in fact distinguishes itself from all the other property markets in the world: the larger the surface area, the higher the price per sq. metre. Over the past 10 years, the average price per sq. metre has soared by about 52%, convincing investors of the soundness of their acquisitions, and thus attesting to the sector’s more than satisfactory condition.
After the global financial crisis of 2008, when Monaco saw a slowdown in the sale of properties without, however, any decline in prices, the local market rose beyond its pre-crisis level.
Today, all indicators are flashing green for go: prices are stable, demand is steady and adequately met by supply. This is the time to invest in real estate in Monaco, a safe haven more than ever before.
Sources: IMSEE, Observatoire de l'Immobilier