In 2024 and 2025, Monaco’s new-build property market has reached unprecedented levels, setting record-breaking figures. Here’s what you need to know.
When analyzing Monaco’s real estate market, numbers are always described in stratospheric terms — but in 2024 and 2025, they truly went through the roof. The latest data from IMSEE (Monaco’s statistics office) paints a clear picture. While 2023 saw no deliveries of new private-sector apartments, the following year brought a surge: 159 new units were completed, marking the highest number of new deliveries in the Principality since 1993. Unsurprisingly, this construction wave is almost entirely driven by the Mareterra project, which alone added 130 waterfront apartmentsin the Larvotto district. Other new developments were mainly concentrated in La Condamine, with Le Luciana (10 units) and Villa Marie-Pierre (10 units), as well as in Les Moneghetti, where Pavillon Maurice (9 units) was completed.
Over 70% of 2024 sales involved large, four-bedroom or bigger apartments
This influx of new inventory naturally led to a record number of sales: 101 transactions were finalized in 2024, compared to just 28 in 2023. As for the types of properties most in demand, there were no surprises. Developers of new projects in Monaco largely focused on spacious, high-end apartments, catering to buyers seeking larger living spaces. In fact, over 70% of sales in 2024 involved four-bedroom apartments or larger units. Breaking it down: 33 four-bedroom apartments and 39 five-bedroom units or villas changed hands — the latter category including eight villas. Interestingly, 19 studios were also sold in 2024, but 18 of them were bundled with larger properties as part of package deals. These studios served more as “bonus” units complementing the purchase of a luxury residence. The total transaction volume also shattered previous records: €3.7 billion, more than three times the previous high in 2022 (€1.2 billion). To put this in perspective: the 33 four-bedroom units alone accounted for nearly €1 billion in sales, the 39 five-bedroom and larger units generated over €2.5 billion, including €1 billion from the eight villas — meaning each villa sold for an average of €125 million.
A record quarter: 42 sales between January and March 2025
And what about 2025? The trend remains just as remarkable. During the first half of 2025, IMSEE recorded 57 new-build sales — a figure unmatched since data collection began in 2006. The total transaction value for this six-month period exceeded €2.5 billion, more than four times the previous record for the same period in 2023 (€597 million). This equates to an average transaction value of €45 million. Looking closer, activity was particularly intense during the first quarter of 2025. “Driven by recent deliveries at Bay House and Mareterra, the new-build market recorded 42 sales between January and March 2025, representing €1.9 billion in transactions,” IMSEE reported. Real estate professionals interviewed by L’Obs’ note, however, that these exceptional figures are partly “distorted,” as they are directly linked to these major project completions. Yet, all agree that Monaco’s new-build segment remains extremely dynamic, with buyers still willing to pay premium prices. “In general, when new developments are launched in the Principality, off-plan sales and resales are often finalized before the foundations are even completed,” observes Éric Cancemi, negotiator at Miells Christie’s.
Real estate agencies step in during Phase 2
For large-scale developments such as Mareterra, Bay House, or Villa Ninetta in the Jardin Exotique district, real estate agencies usually become involved only at a later stage. Developers often handle the initial marketing directly through their own in-house sales teams. “We usually come in during Phase 2,” explains Florian Valeri, managing director of BARNES Valeri Agency. “Once the apartments are delivered and accessible, we sometimes take them on for rental management — in the case of investment properties — or for resale, in more speculative transactions. “At Mareterra, for instance, the apartments have now been delivered, owners have received their deeds, and agencies are taking over for rentals or resales. Before that, access was restricted by the developer for security and insurance reasons.”
Key figures at a glance
New-build market in 2024
159 new apartments delivered
101 units sold (vs. 28 in 2023)
Average price per unit: €36.4 million (vs. €37.2M in 2023 and €13.5M in 2022)
Total transaction value: €3.7 billion (vs. approx. €1 billion in 2023)
New-build market, first half of 2025
57 transactions recorded
Total transaction value: over €2.5 billion
Average price per unit: around €45 million
The €50,000 threshold: Monaco’s average price per square meter
In 2024, the average price per square meter in Monaco reached €51,967, compared with €51,399 in 2023 — a modest increase of 1.1%. By comparison, in 2015, the average stood at around €36,000/m².
Over the past decade, Monaco’s average price per square meter has risen by 44.3%, representing an average annual growth rate of 4.2%.
