The Principality of Monaco, located on the French Riviera, has one of the most vibrant and exclusive Real Estate markets in the world. Despite its small size, the Real Estate market in Monaco has seen significant development in the last decade, with an increasing number of ultra-high net worth individuals (UHNWIs) seeking to acquire properties in the city-state.
One of the most significant developments in the Monaco Real Estate market in the last ten years has been the surge in demand for high-end apartments and luxury villas.
According to a report by Savills, Monaco’s prime residential market saw an increase of 3.2% in average prices in 2020, despite the COVID-19 pandemic. The average price per square meter of property in Monaco in 2020 was €47,900, which is the highest in the world.
Monaco’s Luxury Real Rstate market is characterized by high-end apartments and villas that offer panoramic views of the Mediterranean Sea and the city-state. The limited space available in Monaco has resulted in a surge in demand for these exclusive properties. Many buyers are attracted to the city-state’s prime location, safe environment, and the luxurious lifestyle that it offers.
In the past ten years, Monaco’s Real Rstate market has also witnessed a surge in the number of new luxury developments. One of the most significant of these developments is the Mareterra district, which is a 6-hectare land reclaimed from the sea. The district will comprise luxury apartments, a marina, and a public park. The project is expected to cost €2 billion and be completed by 2026.
Monaco’s commitment to sustainability has also impacted the real estate market. Many new developments in Monaco are being built with a focus on sustainability, incorporating features such as solar panels, green roofs, and water recycling systems. The trend is in line with Monaco’s commitment to reducing its carbon footprint and becoming a more sustainable city-state.
Monaco’s luxury real estate market has seen a significant increase in prices in the past ten years. In 2011, the average price per square meter of property in Monaco was €36,600, while in 2021, it had increased to €48,800. This represents a 33% increase in the average price per square meter of property in Monaco in the past ten years.
Despite the COVID-19 pandemic, the Monaco real estate market has remained resilient, with property prices continuing to rise. The pandemic has highlighted the attractiveness of Monaco’s lifestyle, with many people seeking a safe and secure environment in which to live. Additionally, the limited supply of real estate in Monaco has resulted in continued demand for luxury properties, further driving up prices in the city-state’s luxury real estate market.
In conclusion, Monaco’s real estate market has seen significant development in the last ten years, with an increase in demand for luxury properties, a focus on sustainability, and the construction of new developments such as Mareterra. The limited supply of real estate in Monaco has resulted in a surge in demand, driving up prices in the city-state’s luxury real estate market. Monaco’s real estate market is likely to remain attractive to UHNWIs due to the city-state’s prime location, luxurious lifestyle, and commitment to sustainability.
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