Our annual Spotlight on the Monaco residential market is available on-line, but the figures are so impressive we are eager to share some of them here.
Just when you thought the average price per m² could not go any higher, in 2018 it did. The average price per square metre in 2018 for residential sales reached an incredible €48,799- an increase of 18.1% in relation to 2017.
The total amount of resales, €2.327 billion, exceeded the previous records set in 2014 and 2016.
The global total figure of re-sales (ie properties 5 years old or more) of apartments with five rooms or more, reached € 661.9million out of a total of €2.327billion for all sizes combined. An absolute record again indicating that larger apartments are much desired and sell extremely well.
Over one out every five transactions was between €5 and €10million.
Over a ten-year period, prices per m² for resales, have increased by 116% in Monte-Carlo and by 137.1% in the Condamine, the latter seeing the highest increase over this period. We see this trend set to continue especially in those areas, Monte-Carlo being the heart of Monaco and most construction there now being finished. And the Condamine area around the port is increasingly seen as attractive, given works going on in other areas of Monaco and the fact that often apartments in the Condamine are considered to have views which are likely to remain.
So all set for continued capital growth in the Principality.