On the offshore extension as well as in a handful of iconic buildings and apartments in the Carré d’Or, prices have now reached dizzying new heights—over €100,000 per square meter. But according to industry insiders, these record-breaking amounts are still confined to a very small number of truly exceptional properties.
In Monaco, prices exceeding €100,000 per square meter do exist. But are these staggering figures limited to a few trophy properties in emblematic buildings, or are they becoming a broader trend? According to the professionals interviewed by l’Obs’, they remain firmly in the “exceptional” category. “Within the Mareterra development, this is indeed the pricing level, but elsewhere, it is still rare. In the Carré d’Or, some extremely exclusive buildings—like 26 Carré d’Or, Le Mirabeau, La Petite Afrique—can reach or surpass €100,000 per square meter on the highest floors, but this applies only to very specific units,” says Kate Dorfman, director of Caroli Real Estate. Florian Valeri, managing director of BARNES Valeri Agency, shares the same observation and points to other properties that could potentially reach such price levels, notably the Villa de Rome residence on Boulevard de Suisse, which offers very large floor areas (several hundred square meters) with panoramic views over the sea, Port Hercule, and the Rock. Another example is Villa Hermosa, also on Boulevard de Suisse. The building Les Floralies, located near Casino Square, can also exceed the €100,000-per-square-meter threshold, other agents confirm, but only for apartments “on the right side, on high floors, and with views over the Jardins des Boulingrins.”
Properties that Accumulate every superlative
Such properties are rare and, excluding the offshore extension, can still “be counted on two hands,” agents say. Their characteristics must tick every possible box. “These prices only apply to exceptional properties where several criteria come together: a prime location, a building of the highest standing, and flawless renovation and finishings. All these elements must be present to reach such amounts,” summarizes Sébastien Segond, co-manager of Segond Immobilier. Other agents active in Monte-Carlo observe that additional buildings are slowly beginning to approach these levels. “Some units at Park Palace or Sun Tower are gradually getting closer. However, it should be noted that some properties are listed at €110,000 or €120,000 per square meter, but they do not necessarily find a buyer at those levels. The actual transaction price is lower,” nuances Eugenia Petrini, director of Petrini Exclusive Real Estate Monaco.
XXL apartments and a strategic attraction policy
How did prices reach such stratospheric heights? To attract an international elite with virtually unlimited budgets—often disappointed by the small sizes and standard amenities of Monaco’s older inventory—developers have completely revised their approach. Gone are small and mid-size units with standard finishings; in their place are extraordinary residences designed to meet the highest expectations. Ultra-luxury developments have proliferated across the Principality: XXL apartments, penthouses, duplexes, triplexes, and contemporary villas have flooded the Monaco market. “A few years ago, Monaco lacked large, ultra-high-end apartments. That’s no longer the case. Developments like 26 Carré d’Or, Petite Afrique, One Monte-Carlo, Mareterra, and Bay House have filled that gap,” adds Sébastien Segond. This construction strategy also aligns with the government’s approach to boosting Monaco’s attractiveness. “This is part of the government’s policy, which has introduced initiatives such as the Monaco Private Label to attract the world’s wealthiest individuals,” explains Ilona Blanchi, broker at Miells Christie’s. “Today, the Principality can finally offer the ultra-luxury properties this clientele demands.”
Ultra-Luxury : a new segment of Monaco’s real estate market
Record prices are not limited to sales. On the rental market, monthly rates can also reach—and sometimes exceed—€100,000. Again, only the most exceptional properties are concerned, notably at One Monte-Carlo, where a six-room duplex of 527 sqm on the 3rd and 4th floors is listed at €170,000 per month. Unfurnished, it includes three parking spaces, a storage unit, and access to valet service, a pool, a fitness center, and housekeeping. For Éric Cancemi, broker at Miells Christie’s, properties at such astronomical prices mark the emergence of a new segment in Monaco’s real estate market: ultra-luxury. And within this segment, he believes these price levels are becoming a “new normal.” “It’s clearly a new tier of the Monaco market,” he says. A view shared by Gilles Graille, head of Pacific Agency: “It’s comparable to the automobile world—there are mainstream cars, sports cars, and hypercars. These properties are the hypercars of real estate.”
