October is with us and the year-end thus approaches. Time to look at how 2019 has evolved perhaps. Few statistics are available on the Monaco residential market and we have little to go on other than of course our own experience of this year and conversations with fellow agents but it would appear to us that the market has slowed down a little post 2018.

The national stats institute, IMSEE, has published its Bulletin Trimestriel de l’Economie for the second quarter of this year. It does not give any very detailed analysis of what the residential market is doing but, importantly, it does record that the number of re-sales (i.e. properties which are over 5 years old) has dropped: 193 in the second quarter of this year as compared with 226 for the same period in 2018. A drop of 14.6%. The value accumulated for re-sales is also down: 10% in comparison with the second quarter of 2018. Sales of small apartments (i.e. studios and one beds) are relatively stable, whilst sales of two beds have apparently slowed down significantly. The sale of villas, largely for redevelopment purposes, has increased, though no details are given.

We feel that sellers are slowly adapting their expectations in the light of the decrease in the number of sales and we may see, in our view, a readjustment of pricing over the winter months. This is not to say that the market is weakening and demand is still positive: just that sellers may be obliged to become slightly more realistic in pricing terms if they wish to sell. Good properties though which have been well-renovated and provide turnkey solutions for buyers, will continue to sell well.

In terms of new properties, there were 28 sales in the second quarter of 2019, as compared with only 9 in the same quarter last year: an increase of 211.1%.

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There are no published statistics on how the rental market is faring. Our experience over the last couple of months has been positive, particularly with regard to the Columbus Residence where we have been marketing exclusively the various serviced apartments there. These have been well received by the marketplace and are mostly now rented out. August even, traditionally a slow month here, saw lots of rental activity and we spent a lot of time that month at the Columbus getting residents installed in the Columbus Residence…

A few Columbus units still remain and we would urge you to take a look if you or your clients are looking for a serviced rental: available on a one year lease basis, the studios/ apartments are brand new, impeccably styled and equipped and offer a very chic and easy rental option to would-be residents.

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