Monaco Real Estate: Market Reaches €5.9 Billion as Resales Surge

Monaco’s real estate market demonstrated overall stability in 2025, maintaining a total value of €5.9 billion, but experienced a notable shift in dynamics, with resales reaching a record high while sales of new properties declined, according to the latest report from the IMSEE (Monaco Statistics).

Transaction Volume and Average Prices

A total of 493 real estate transactions were recorded in the Principality in 2025, representing a 5.8% increase from the 466 transactions in 2024 [Monaco Statistics]. This volume translates to an average transaction value of approximately €12 million, reinforcing Monaco’s position as a high-end real estate market.

Decline in New Property Sales

Sales of new properties – defined as those less than five years old – decreased significantly in 2025. 64 new properties were sold, a 36.6% drop compared to the 101 sold in 2024. The cumulative value of these sales reached €2.6 billion, down 29.1% year-over-year. However, the IMSEE notes that the 2025 figure remains higher than in most years prior to 2024, suggesting the decline is partially attributable to a comparison with the exceptional activity of 2024, which benefited from the launch of major real estate projects [IMSEE].

Record High Resale Activity

Conversely, resales experienced a surge, reaching a record level in 2025. 429 resales were recorded, an 18.8% increase, with a total value of €3.2 billion – a historic peak. Resales now represent the primary driver of activity in the Monegasque real estate market. Notably, 22 resales exceeded €20 million, as well a record [Government of Monaco].

Long-Term Trends in Resales

The increase in resales aligns with a decade-long trend. Despite fluctuations linked to the delivery of new construction projects, the number of resales has generally risen over the past ten years. This indicates that the existing real estate stock is now feeding the secondary market, maintaining high valuation levels.

Impact of New Construction

While new property sales declined in 2025, their overall value remains substantial, reaching €2.6 billion, with an average value of over €40 million per transaction. This reflects the impact of recent large-scale real estate developments. The market follows a cyclical pattern: peaks in new property sales are followed, several years later, by an increase in resales. Transaction volumes have fluctuated between approximately 400 and 500 annually over the last decade, correlating with the marketing of major projects.

Residential Property’s Share of Monaco’s Real Estate

As of December 31, 2025, residential properties – including state-owned housing – account for 60.2% of the usable area of buildings in Monaco, highlighting the sector’s structural importance to the local economy [IMSEE].

Geographic Distribution of Activity

Monte Carlo remains the most active sector, with 164 resales, representing nearly 40% of all resales in 2025. With 314 buildings and 453,500 m² of residential space, Monte Carlo has the highest concentration of housing in Monaco. La Rousse is the second most active residential area. Activity is also distributed across La Condamine, Fontvieille, Larvotto, Moneghetti, and Jardin Exotique, while Monaco-Ville sees limited transactions due to land scarcity and limited stock renewal.

Resales Dominate Market Value

In 2025, resales accounted for nearly 87% of all transactions, representing a significant shift in the Monegasque real estate landscape. The total value of transactions reached €5.9 billion, underscoring the dominance of the secondary market.