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© Michael Alesi / Direction de la Communication

For more than a century, property has been a pillar of the Principality’s economy. With the price per square metre now topping €50,000, Monaco is one of the five most expensive capitals in the world.

Due to the small size of the Principality, coupled with very high demand and the quality of the property available, the real estate sector is a particularly dynamic part of the Monegasque economy. According to Monaco Statistics (IMSEE), construction ranks among the top three contributors to Monaco’s GDP,* accounting for 11.4% of the wealth generated in the Principality. Real estate activities, meanwhile, account for 9.6% of GDP.

The size of this sector can be explained by the Principality’s attractiveness. Monaco has, for a long time, been attracting residents from all over the globe, who come here in search of an outstanding quality of life, great culture and fantastic sport, and levels of security which are among the best in the world. Property has also become a safe investment. “The international prestige of the Principality and the size of the country – which covers less than two square kilometres – make the Monaco property market quite unique,” explains the Chambre Immobilière de Monaco (Monaco Real Estate Association), noting the investment facilities, economic and political stability and security of investments in property that are all natural features of a country located at the heart of the European economy.

© Manuel Vitali / Direction de la Communication
© Stéphane Danna / Direction de la Communication

“Against a backdrop of international uncertainty, investors continue to be aware of the advantages offered by Monaco. The Principality also offers a favourable climate and favourable taxation,” emphasises Michel Dotta, Chairman of the Monaco Economic Board and former Chairman of the Chambre Immobilière de Monaco.

Historically, property prices in Monaco have risen consistently for 30 years, with property having cushioned the impact of the various oil crashes and economic crises. According to Monaco Statistics’ Real Estate Observatory, the average price per square metre across all districts has increased by 75% over the last ten years. In 2021, it surpassed the historic €50,000 mark, placing Monaco among the five most expensive capitals in the world.

The Real Estate Observatory says that the market recorded more than 440 transactions in 2021, for a total value of nearly €2.5 billion. Although Monaco’s built environment is relatively old, new construction demonstrates the current standards for luxury new property developments: large spaces, exceptional views and high-quality sports facilities (swimming pool, gym and spa).

* Monaco’s GDP was €5.97 billion in 2020. Source: MONACO STATISTICS. Three sectors generate more than half of the wealth produced in the Principality: scientific and technical activities, administrative and support services (20.3%); financial and insurance activities (18.3%); and construction (11.4%).

Find out more : https://www.gouv.mc/Action-Gouvernementale/L-Economie/Analyses-et-Statistiques/Publications/Observatoire-de-l-Immobilier

© Stéphane Danna / Direction de la Communication
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