With an average resale price reaching a record high of 41,400 euros / m2, housing in Monaco is the most expensive real estate in the world.
According to Savills research, prices for housing in Monaco have risen 180 percent in the past decade – a very unlikely rate of growth in developed economies.
In 2016, the value of housing property transactions reached a record of 2.7 billion euros. This is also the third year the total value of transactions exceeds the figure, reflecting the huge demand for limited products available.
Research shows that only about 553 real estate transactions in 2016, and compared with 547 transactions in 2015, this is a relatively light growth.
However, there is a noticeable difference in the cost of new apartments in Monaco. The average selling price of newly built apartments is EUR 13.7 million, which is three times higher than the resale value of the apartments. Of the 553 apartments sold in 2016, only 33 are newly built, accounting for about 6% of total transactions.
New developments such as the Odeon Tour and La Petite Afrique have raised the profile of Monaco to a level comparable to other major cities in the world.
A large percentage of Monaco houses were built during the 1960s and 1970s and many of these properties are currently undergoing renovation and refurbishment. International architects are upgrading their designs with two La Petite Afrique works (designed by Brazilian architect Isay Weinfeld) and Sporting D’Hiver (designed by Richard Rogers) in the process of being repaired. Residential buildings are also undergoing upgrades, such as the Yacht Club de Monaco designed by Foster and Partners.
However, there is a shortage of new real estate projects for sale. At record high prices, wealthy suppliers do not intend to negotiate price cuts and this leads to lower transaction volumes.
“However, with new development system constraints coupled with strong demand, we see little potential for downward adjustment in the near term,” Savills said.
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