ResearchMonaco residential
market insight2022

KEY FINDINGS

Sales volumes increased 7% in 2021
All residential sales by year

2021 4402020 411

2019 462

2018 523

2017 456

2016 553

2015 547

2014 566

2013 419

Residential prices
increased 9% on averagein 20212012 354

7.1%

The number of wealthy individuals in Monaco set to rise significantly
No. of individuals

2021

Residential sales totalled
440 in 2021, a rise of 7%
on an annual basis

UHNWI (US$30m+)

208

255

23%

27,30339,16843%

and privacy Monaco offers isT henotsecurity
going unnoticed by wealthy buyers.

Demand for larger and more spacious
apartments is evident since the onset of

The pandemic has increased wealth inequality,

the pandemic. Three-bedroom properties

but it has also led the super-rich to re-evaluate

accounted for nearly half of all properties soldwhere and how they want to live. Many are

in Monaco in 2021, the highest proportion

bracing themselves for a new era of higher taxes

since 2006.

withdrawn and interest rates rise.

New investment
Alongside the Mareterra project, Monaco’sSales

government is investing heavily in theAgainst such a backdrop Monaco is gaining

Principality’s infrastructure. The Larvottoattention. Residential sales increased 7% tobeachfront has been redeveloped, the440 in 2021 and the number of individuals with

Heliport is being extended and a new cable

more than US$30m grew 5% in 2021 according

car linking Jardin Exotique and Fontvieilleto The Wealth Report 2022. This latter figure isis planned. This will form part of a bigger

forecast to rise a further 23% in the next five years.

regeneration project for Fontvieille. By 2027,In Monaco, the €5m-€10m price band saw thethe neighbourhood will be home to an urban

biggest increase in sales in 2021 with a 38% jump

forest, 30,000 sq m of commercial space with

year-on-year. The neighbourhoods of Monte-

80 stores and a multiplex cinema.

Carlo and La Rousse together accounted for 56%of all sales.

Residential sales values on
Monaco’s six-hectare land
reclamation project, Mareterra,
are expected to achieve €100,000
per sq m

2021-26

HNWI (US$1m+)

and lower asset growth as fiscal stimulus is

The number of UHNWIs in
Monaco is forecast to rise by23% in the next five years

2026

Relative value
Of all Monaco’s eight key neighbourhoods,

New schools

Jardin Exotique offers arguably the best

A cohort of younger families, many from thevalue. In 2021, median prices stood at

UK, Scandinavia, Germany and Switzerland,€35,460 per sq m according to IMSEE,

are arriving in Monaco. The Principality’s

Monaco’s Statistics Office, a figure that has

International School (700 students) and arisen 24% in the last five years and is likely

new British School, which is due to open into see further strong growth given the area’s

September 2022, are key draws.

improved connectivity.

-10.0%-20.0%

160,000

50,000

US 15 city average
30.0%

Chinese mainland
15 city average
Post-Brexit:
UK residents relocating

220.0%

40,000to Monaco need to apply for a long stayvisa from the French authorities before
applying for a residence card in Monaco.

10.0%

30,0000.0%

20,000-10.0%

2021

2020

2019

2018

2015

2012

Q2 2020

0

Q4 2020

Q2 2019

Q4 2019

Q2 2018

Q4 2018

Q2 2017

10,000Q4 2017

Q2 2016

Q4 2016

Q2 2015

Q4 2015

Q2 2014

Q4 2014

Q2 2013

Q4 2013

Q2 2012

Q4 2012Connectivity: United Airlines hasannounced a new daily route from New
York to Nice Cote d'Azur Airport thissummer, adding to the existing route
offered by Delta Airlines.
Q2 2011

Q2 2010

Q4 2010

Q2 2009

Q4 2009

Q2 2008

Q4 2008

Q2 2007

3Q4 2007

Q2 2006

Q4 2006-30.0%

Q4 2011-20.0%

Source: IMSEEJardin Exotique offers relative value€ per sq m, 2021

FOCUS ON MARETERRAMonte-Carlo

The innovative land reclamation project, Mareterra, previously

Larvotto

known as Le Portier, will add six hectares and extend Monaco’sFontvieilleland mass by 3%.

La Rousse

Slated to be completed in 2025, the project is costing €2bn andLa Condamine

per square metre. At almost double the average prime price inwill deliver 125 homes, with some expected to achieve €100,000
Monaco (€51,912), it would make Mareterra the most expensive

Les Moneghetti

residential development globally.

Jardin Exotique
010,000

Once completed, Mareterra’s properties will use the temperature
20,00030,00040,00050,00060,000of the seawater at low depths to provide heating in winter andcooling in summer.

Source: IMSEE. *Insufficient data for Monaco-Ville

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Sales
Edward de Mallet Morgan+44 20 7167 2497
edward.demalletmorgan@knightfrank.comThe Wealth Report 2022

RESEARCH

The global perspective onprime property & investment
16th edition — 2022

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to the form and content within which it appears.

Q2 2020

Q2 2019

Q4 2019

Q2 2018€ per sq mForecast: Prime prices are forecast
to rise by 5% in 2022 as demand
continues to outpace new supply.

Q4 2018

Q2 2017

The average price of a resale property in Monaco
breaks the €50,000 per sq m threshold

Q4 2017

Q2 2016

Q4 2016

Q2 2015

Q4 2015

Q2 2014

Q4 2014

Q2 2013

Q4 20132017

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Q4 20122016

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Q4 2011

Q2 2010

Q4 20102014

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2011

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NEED TO KNOW

Q2 20212008-30.0%