While the luxury real estate market is tending to stagnate around the world, Monaco displays its singularity and dynamism. The proof is in the numbers…
Monaco retains its top slot in the luxury real estate market, and by good measure! According to the Savills International Real Estate Council, the Monegasque market in 2018 averaged values 237% higher than in Paris, 176% higher than in London, and 10% higher than in Hong Kong.
€48,000 on average per m2
In one year, the average price of the square meter has increased by 18% in the Principality. A reversal of the current, rather bearish trend. Many popular residential destinations around the world are seeing their price curves slow down or even fall. That’s not at all the case in Monaco, where nearly 2.7 billion euros of luxury residential assets were sold in 2018. This marks an increase of 31% compared to 2017. With an average selling price of €5,200,000, the m2 is trading around €48,000.
Another record held by the principality: the 44% increase in sales of new assets. 72 new property sales were signed in 2018. An increase which is in line with the upward trend of the general volume of transactions: more than 15% in 2018 compared to the previous year. But while asset sales of at least four rooms rose 59%, studio sales declined by almost a quarter. As a result, transactions worth more than €5 million also increased significantly (+ 42%, 142 transactions in 2018).
*Article originally published on the French edition of the Monaco Tribune.