As one of the world’s most luxurious destinations, Monaco is one of the preferred countries of choice to call home with the world’s wealthiest. Not only do Monaco residents enjoy a lavish lifestyle, but they also enjoy a favourable tax system, political and economic stability, an almost crime-free environment, access to a world-class healthcare and education system, and an enviable location along the heart of the French Riviera.
With all these benefits, it will come as no surprise that Monaco’s real estate market is amongst the priciest in the world, with demand regularly out-stripping supply. According to the 2020 Real Estate Observatory Report, published annually by the Monegasque Institute of Statistics and Economic Studies, the average Monaco real estate price per square metre was 47,619 Euros, just slightly down from the record high of 48,7999 Euros in 2018. This represents a rise of some 52 per cent in the last decade, underscoring the spectacular return on investment that the Monaco real estate market offers investors.
While Monaco is one of the smallest countries in the world – second only to the Vatican – it offers a variety of districts from which to call home. Here we look at some of the most popular Monaco real estate districts, along with real estate pricing trends per district.
Monaco real estate market by district
Larvotto
Larvotto is Monaco’s most expensive real estate district, with the average price per square metre in 2020 priced at 65,520 Euros. The district also held the title for the priciest district in the principality in 2017 and 2018. However, while the district of Larvotto secured record prices, it had just a 6.7% slice of Monaco’s real estate market resale values in 2020.
Larvotto’s most expensive Monaco real estate prices are typically found along Princess Grace Avenue, regarded as the world’s most expensive residential street. Many of the residences along Princess Grace Avenue boast superb sea views and are within striking distance of the lavish offerings of Monte-Carlo and Larvotto’s family friendly beach, which offers soft sand lapped by the azure blue waters of the Mediterranean Sea.
Real estate in Larvotto, Monaco, continues to have global appeal, with the district offering a selection of property options from studio apartments to sumptuous penthouses in some of Monaco’s most sought-after buildings.
Fontvieille
The district of Fontvieille was the second most expensive Monaco real estate district in 2020, with the average square metre priced at 51,872 Euros. Fontivielle accounted for just over 14 per cent of Monaco’s real estate market resale values, nearly a 26 per cent drop compared to 2019.
Monaco’s southernmost ward, Fontivielle is a thriving business and residential area. Many residences boast wonderful views of the Fontvieille harbour and the Mediterranean Sea. As Monaco’s newest district, real estate in Fontvieille, Monaco, offers a range of options with many residences boasting superb amenities, including fitness centres, swimming pools, and concierge services.
Home to Monaco’s heliport, Fontivielle also offers easy access to Nice Cote d’Azur Airport, just a seven-minute transfer by helicopter.
Monte-Carlo
Monte-Carlo has long been known as the most exclusive Monaco real estate district and this is reflected in its property prices.
The district of Monte-Carlo saw prices peak just above the 50,000 Euros per square metre mark in 2020 at 51,617 Euros, putting it above the average Monaco real estate price per square meter and making it the third most expensive district in 2020. Not only are real estate prices in Monte Carlo above average, the district also accounted for more than a third of Monaco real estate market resale values in 2020, a 7.8% increase compared to 2019, highlighting the popularity of this exclusive district. Indeed, Monte-Carlo was the leading district regarding the value of transactions in 2020.
And it’s easy to see the appeal of real estate in Monaco’s Monte-Carlo. Home to the legendary Monte-Carlo Casino, residents enjoy access to some of the principality’s most lavish offerings, including Michelin-starred restaurants, some of the world’s most exclusive resorts and spas, and designer boutiques.
La Condamine
La Condamine saw a slight decline in the average price per square meter in 2020, coming in at 47,421 Euros, just below the 2020 average square meter price of 47,619 Euros. This decline represented a 9.3 per cent drop when compared to its average per square meter price in 2019 of 52,280 Euros. La Condamine’s share of Monaco real estate market resale values in 2020 was 6.3 per cent.
Despite this slight drop, real estate in La Condamine, Monaco, is still sought-after and continues to represent a good investment for property investors, especially when you consider that the average price per square meter for real estate in La Condamine was 28,677 Euros just a decade ago.
La Condamine is Monaco’s most central ward and is home to the famed Port Hercules where the world’s most extravagant superyachts can be found. The district is also one of Monaco’s oldest districts – second only to Monaco Ville. Amongst the district’s highlights are the Rainier III Nautical Stadium, the Princess Antoinette Park, and its farmers market, which dates back to 1880 and offers a wonderful slice of traditional Monegasque life.
Jardin Exotique
The district of Jardin Exotique offered the cheapest price per square metre in 2020 at 37,500 Euros. Despite its competitive price, the district saw the highest increase in Monaco real estate prices, up 6 per cent compared to 2019.
Real estate in Jardin Exotique, Monaco, continues to be popular with those seeking to gain a foothold in Monaco’s highly competitive real estate market as well as investors seeking a good return on investment.
The district is famed for its stunning botanical gardens that overlook the bay of Monaco. The gardens feature more than 1000 species of succulents and cacti and offer a restorative respite from day-to-day life.
If you would like more insights into Monaco’s real estate market as well as Monaco real estate prices, or would like help finding your ideal Monaco property, then contact the team at La Costa Properties Monaco today.
