A guide to Monaco new construction projects 2024

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The Principality of Monaco boasts the world’s most exclusive property market, with the fast-moving industry in a constant state of change and growth.

Here, we look at some of the key real estate trends, Monaco new construction projects, and property insights currently shaping the market in 2024 and beyond.

Monaco new construction projects 2024

Real estate trends and challenges

Since 2023, Monaco’s real estate market has been in a state of transformation. There is growing demand, particularly with residents seeking larger and more modern properties, making Monaco new construction projects highly appealing over older and less well-maintained properties.

This growing demand, coupled with a limited supply of new and larger properties, has helped seal Monaco’s position as the world’s most expensive real estate market.

However, global political and economic uncertainty has also offset this demand, including a rise in interest rates, which has directly impacted investors purchasing capacity and real estate decisions. However, as interest rates stabilise and may even decline in late 2024, real estate agents expect Monaco’s real estate market to heat up again.

New residential developments 2024

Despite Monaco’s limited land mass, new construction projects continue as the principality aims to keep up with growing demand from international property investors and Monaco residents. Monaco new developments in 2024 and beyond include:

Bay House

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Part of the Testimonio II scheme, Bay House is a refined Monaco new construction project in the exclusive Larvotto district. Considered one of Monaco’s most exciting new developments, once complete, Bay House will include a portfolio of elegant apartments and villas alongside a curated selection of luxury amenities such as a state-of-the-art fitness centre, hair and beauty salon, and luxurious spa.

  • Estimated completion date: 2024

Villa Carmelha

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This new residential development in the La Rousse district offers 25 homes exclusively for permanent residents of Monaco. A key feature of this new Monaco construction project is that it is constructed primarily from timber and without the use of a crane, instead adopting the Canadian Upbrella process. A further highlight of this new Monaco building is its open-air rooftop terrace with an urban vegetable garden set up by Terre de Monaco, an organisation dedicated to urban agriculture.

  • Completed 2024

Villa Ninetta

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Villa Ninetta is an elegant residence in the Jardin Exotique area, with residences spread across 10 floors. The project will encompass the heritage of the previous building, Palais Ninetta and its belle epoque architectural features. Residents will enjoy top-of-the-range amenities, with the penthouses benefiting from breathtaking private roof-top terraces and sweeping views of the principality and the Mediterranean Sea.

  • Estimated completion date: 2026

Monaco construction projects 2024: non-residential properties & public buildings

Neuehouse

Neuehouse is a unique five-storey eco-friendly building that will replace the Ni-Box complex. This new Monaco construction project will feature several private offices, meeting rooms, and event spaces, in addition to a rooftop terrace and restaurant, offering a luxury destination for doing business in the principality.

  • Estimated completion date: 2024

Ilot Pasteur

Following years of development, this year will see the delivery of a new college and multimedia library. The Ilot Pasteur multi-functional complex covers more than 100,000 square metres and is located on the grounds of the former railway line between Boulevard Rainier III and Avenue de Fontvieille. The new college will replace the Charles III College and the media library will include a dance and music room. Other amenities in the Ilot Pasteur include a gym, swimming pool, amphitheatre, postal sorting office, and office space.

  • Estimated completion date: 2024

Princess Grace Hospital extension

Monaco has long been known for its excellent healthcare, which is set to get a further boost with a new extension of the Princess Grace Hospital, the principality’s only public health hospital. This new Monaco construction project is designed to ensure that the Princess Grace Hospital continues to offer optimal healthcare and meets the needs of future advances in medical care. The multi-million Euro project, which will be completed in 2025, will consist of two 16-storey structures accommodating some 394 beds, including around 15 operating rooms and an underground car park spanning six floors.

In line with the principality’s sustainability principles, 85% of the concrete used will be low-carbon, while the extension’s outer shell’s bioclimatic design will help ensure comfortable interior temperatures. The clever design also ensures that almost all patients will benefit from sea views to further aid healing.

  • Estimated completion date: 2025

New Monaco district 2024

Monaco’s new eco-district, Mareterra Monaco, continues to take shape. This ambitious multi-billion Monaco land reclamation project will boast ultra-luxurious apartments, penthouses, townhouses, and rare waterfront villas, described as the natural heirs to the Principality’s belle epoque villas.

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Designed by award-winning designers and architects, including Renzo Piano, Denis Valode, and Michel Desvigne, and developed using pioneering, sustainable building techniques, Mareterra will set a new benchmark in Monaco’s luxury real estate market.

  • Estimated completion date: 2025

Monaco new construction 2024: Parking facilities

As the world’s most densely populated country, Monaco faces challenges with regard to ensuring adequate parking facilities. In early 2024, Prince Albert officially inaugurated a new parking centre at the entrance of Monaco, designed not only to provide a parking solution but also to minimise the amount of traffic entering the city-state.

The site, part of Monaco’s Mobility Plan, is located at the top of Jardin Exotique near the Principality’s border with France. This new Monaco parking, which offers a regular park-and-ride facility to key Monaco districts, is expected to reduce the number of cars entering the Principality by 4,000 per day.

The parking lot includes spaces for up to 1,790 cars, dedicated electric charging stations, as well as around 100 spaces reserved exclusively for Monaco residents. Other facilities include a car wash, bike stations, and dedicated spaces for motorcycles and coaches.

La Costa Properties Monaco: Your key to the best Monaco real estate

La Costa Properties Monaco is a leading, family run Monaco real estate agency with over 40 years of expertise. Our team of specialists helps buyers, renters, and sellers navigate Monaco’s fast-moving and dynamic real estate market. We are conveniently located near Monaco’s legendary Casino Gardens and Hotel du Paris and are a member of the prestigious Chambre Immobilière de Monaco, providing clients with complete peace of mind that we adhere to the very highest standards coupled with in-depth market intelligence. If you are an investor and want to learn more about the latest investment opportunities, including Monaco new construction projects 2024, contact us today.



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