New-build sales exceeded €1 billion, nearly equalling the record new-build and overall volumes seen in 2022. Over the course of 2023, there were 416 individual transactions across the Principality, which represents a decline of around a fifth compared to the previous year.

The race for space continues in Monaco as a result of the pandemic causing global reassessment of housing needs for many. Lucie Hanuš, Marketing Manager Savills CZ & SK, explains: "In Monaco, the approach to residence card applications has changed in recent years. The property size must match with the size of the family applying for residence. As a result, the sales of larger apartments with three bedrooms or more accounted for over 60% of the new build sales and 22% of the resales across the Principality last year.“

“For decades, the prevailing story of the Monaco property market has been one of chronic under-supply. For a micro-state less than half the size of Central Park in New York City, seeing global levels of demand, this is hardly surprising. To try to meet the consistently high levels of demand, construction projects continue apace with Mareterra and Bay House, for example, adding 166 new apartments and 15 villas to the residential market,“ adds Irene Luke, Head of Savills Monaco.

For the second year running, Larvotto took the top spot for most expensive district by square metre in 2023, with prices rising 6% on the year to over €65,000psm; however for a district with so few properties changing hands each year (an average of four properties a year since 2010), any high price-point transaction has the potential to skew the average price per square metre for the district.