Prices in Monaco increased by an astounding 18% last year, at a time when the rest of the world’s prime residential hotspots are slowing or seeing value falls
Monaco’s magnetism
Monaco’s global appeal has driven the residential market to record levels. The sovereign city-state is a magnet for the world’s wealthy due to its strong economy, lifestyle and world-class sporting events. High-net-worth individuals are drawn to Monaco as a place to live, work and play.
The Principality is home to 38,000 inhabitants, who occupy a space smaller than New York’s Central Park. Residents come from 139 countries and one in three are now millionaires, compared with one in 28 in London.
International access is provided via Nice Côte d’Azur airport, just 22km away. From here, there are direct flights to 120 destinations.
Last year, property prices in Monaco increased by 18%, while the rest of the world’s prime residential hotspots experienced slowing or falling values. The number of new build properties also reached a record high in 2018.
The ongoing imbalance between supply and demand continues. Despite the ambitious Portier Cove project, which is well underway, there is still huge pressure on Monaco’s property market, which will continue to keep prices high.
Monaco Monte Carlo
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