Monaco’s property market ended 2025 at a total transaction value of €5.9 billion, matching the record set the previous year almost exactly. That figure, taken alone, suggests a market at a plateau. The detail underneath it tells a different story.
On 17 February 2026, IMSEE published its annual Observatoire de l’Immobilier, covering every registered residential transaction in the Principality’s private sector during the calendar year. Two things stand out immediately: the secondary market posted the highest total value in its recorded history, and the Principality has adopted a fundamentally new methodology for calculating price per square metre.
Under Monegasque fiscal law, a “sale” (vente) refers to the first transfer of a residential property within five years of its completion. By that definition, 64 sales were registered in 2025, down 36.6% from the 101 recorded in 2024. Their combined value fell by approximately €1.1 billion to €2.6 billion.
The retreat was anticipated. The 2024 volumes were exceptional, driven by the mass completion of Larvotto-area residences including Jardins d’eau (60 units), Le Renzo (56 units), and several villa clusters. In 2025, just two projects crossed the completion threshold: Bay House (Testimonio 2 Socle) with 56 units in La Rousse, and Palais Ninetta with 42 units in Les Moneghetti. Total private-sector deliveries for the year: 103 dwellings.
Mareterra — Photo by Baldo Realty Group
The composition of those 64 transactions is the more relevant signal. More than half exceeded €20 million, and five transactions crossed €100 million individually. Properties of four rooms or more accounted for 84.4% of all new-build sales by count, and for 97.5% of total new-build value. The average new-build transaction price reached €40.8 million, a record, up 11.9% year on year.
In practical terms, this means that the first-sale market has become almost entirely a trophy-asset market. Buyers acquiring new property in Monaco today are not acquiring it at mid-range prices; they are acquiring it at benchmarks that would have defined the upper end of the market a few years ago.
Resales, covering all properties either previously transacted or completed more than five years prior, generated €3.2 billion across 429 transactions. That figure is €700 million above the previous record, set in 2019 with almost the same number of transactions. Year on year, total resale value increased by 49.1%.
The average resale price reached €7.6 million, a gain of 26.8% in twelve months. The median crossed €4 million. For five-room properties and above, the average resale price jumped by €10 million in a single year to reach €29 million. At the upper end, 22 resales exceeded €20 million, a record since IMSEE began tracking the data.
The driver, as Monaco’s Minister for Infrastructure and Urban Planning Céline Caron-Dagioni noted at the IMSEE press conference, was largely a matter of timing. Buyers who purchased in the 2022 to 2024 new-build cycle and chose to exit quickly found a resale market primed to absorb those units at significant premiums. Recently completed buildings, built to standards well above the pre-2020 average, introduced a new pricing ceiling into the secondary market.
Monte-Carlo registered 164 resales in 2025, its highest volume since 2014. The total value of those transactions exceeded €1 billion for the first time, reaching €1.1 billion. The district accounts for 38.2% of all resale transactions by count and 34.8% by value, a concentration that has remained structurally consistent over the decade.
Larvotto’s performance was more striking in relative terms. Just 13 resales generated €851.9 million, nearly five times the district’s 2024 total. The explanation lies in the recent delivery cycle: Mareterra units and other recent Larvotto completions that re-entered the market as resales in 2025 commanded prices that reflect their construction quality, coastal position, and the extreme scarcity of comparable supply. Thirteen transactions, a figure that would be unremarkable in any other year, represented 26.2% of total national resale value.
La Rousse came second in volume with 100 resales, followed by La Condamine at 44 and Jardin Exotique at 41, the latter posting an 86.4% surge in transaction count year on year. Fontvieille, Les Moneghetti and Monaco-Ville all saw modest volume declines.
The most consequential technical change in the 2025 report is methodological. IMSEE has replaced its previous approach to price-per-square-metre calculation with a linear regression model incorporating three variables: year of transaction, district of location, and construction period of the building. The model applies to all transactions where floor area is known, combining both new-build and resale data. Villas and Monaco-Ville are excluded due to data volume constraints.
Pierre-André Chiappori, Monaco’s Minister for Finance and an economics professor involved in the model’s design, explained the logic plainly. The previous methodology could not distinguish between the price effect of location, the effect of construction era, and the effect of transaction year. A handful of exceptional Larvotto transactions in 2024 pushed that district’s raw average to €97,563 per square metre, a figure that was technically accurate for those three deals but meaningless as a market indicator.
Under the new model, the Principality-wide estimate for 2025 is €57,569 per square metre, marginally below the 2024 figure of €58,402 but still the second highest on record. The entire ten-year series has been recalculated under the new method, which means published figures from previous Observatoire editions are no longer directly comparable.
The district breakdown reveals a clear three-tier structure. Larvotto leads at €71,167 per square metre, the first district to cross the €70,000 threshold. Monte-Carlo follows at €54,009, with Fontvieille (€52,518), La Condamine (€52,104) and La Rousse (€51,265) grouped in the same band. Jardin Exotique (€45,168) and Les Moneghetti (€43,797) occupy the lower tier, though those figures would still represent the highest residential pricing in most European capital cities.
For properties built since 2020, the model produces a separate estimate reflecting the superior specifications of recent construction. In that cohort, Larvotto reaches €71,241 per square metre, Monte-Carlo €60,526, La Condamine €59,523, and Fontvieille and La Rousse both above €54,000. Even Les Moneghetti and Jardin Exotique cross €47,000 for the most recent buildings. Across all districts, new-construction pricing advanced between 2.3% and 3.4% from 2024 to 2025.
The IMSEE data covers registered transactions in the public market. It does not capture the volume of ownership changes that occur discreetly, between known parties, without formal listing or advertisement. In a Principality of 2.05 km², where the total residential stock amounts to approximately 2.03 million square metres across 1,473 buildings, that off-market segment is structurally significant.
The 2025 figures indicate that owners of recently delivered, high-specification properties have shown willingness to monetise quickly when market conditions support it. That creates opportunity in both directions. For a seller seeking a discreet and controlled exit, the secondary market has demonstrated that pricing for top-tier stock has moved well beyond what the headline averages suggest. For a buyer seeking access to a specific building or district where no public inventory exists, understanding the construction-era premium is now the essential starting point.
Over ten years, average resale prices have increased 78%. Annual market value has grown from roughly €2.7 billion in 2016 to €5.9 billion in 2025. The structural conditions supporting that trajectory, fixed land supply, no income or capital gains tax on residents, consistent demand from ultra-high-net-worth relocators, and a pipeline of internationally visible new projects, have not changed in any material way.
If you are considering a transaction in Monaco and would prefer not to approach it through public channels, Baldo Realty Group’s team works exclusively in the off-market and discreet segment. You can also browse Monaco properties currently available for a sense of what is in circulation at any given time.
The figures in this article are drawn from official IMSEE data and are intended for informational purposes only. Nothing here constitutes financial, legal or investment advice. Readers considering a property transaction should seek independent professional guidance.
