MONACO PROPERTY MARKET SUMMARY FOR YEAR END 2017 (IMSEE GOVERNMENT DATA 2018)The government recently released an interesting set of Property data for year end 2017.
Sales of New Build Apartments
- Total number of new build sales increased by 34% although the average price per purchase was significantly lower than in 2016.
- Studios and 1 bed flats made up for 84% of total new build apartment sales volume.
- 86% of all sales were for under €5m.
- 2017 saw the most new build sales transactions in the past 10 years.
Sales of Existing Stock
- The average price per m2 across the whole market (all sizes of flats) was basically flat from 2016 to 2017 at €41,400.
- Average transaction price across all apartment sizes rose by 6%.
- The median price point rose by 8%
- Average price per m2 for Studios and 1 beds were up on average 8.5%.
- Average price per m2 for larger apartments dropped back to €42,000 per m2 from €48,000 in 2016.
- Transaction volume fell by a total of 97 sales year on year.
- Total money spent buying apartments fell by 17% from the record high of 2016 and was €1.8 billion
With it’s stable economy, lack of personal income tax or capital gains tax and dramatic under-supply of new property against a backdrop of an ever increasing population, Monaco remains a solid investment opportunity. Indeed, the average residual price increase in Monaco since 2006 is a fairly spectacular 180%.