The number of ultra-high-net-worth individuals living in Monaco is expected to rise by 23% in the next five years, while the population of dollar millionaires is projected to grow by 43% during the same period, latest analysis from Knight Frank reveals.
Monaco, with a population of 38,367, is home to approximately 141 nationalities, all within an area that’s just over half the size of New York’s Central Park.
But despite its small footprint, Monaco remains a top contender among global safe havens and low-tax jurisdictions.
However, finding somewhere to live might prove difficult – in 2023, Monaco recorded just 418 residential sales, with 388 being resales.
Since 2020, Monaco’s residency rules have required individuals or families applying for a residency card to rent or purchase a property that matches the size of their household.This segment of the market experienced a 10% year-on-year decline in sales. The steepest decline occurred in the resale of smaller apartments; this was most likely due to changes in the residency application process.
Since 2020, Monaco’s residency rules have required individuals or families applying for a residency card to rent or purchase a property that matches the size of their household. This has driven increased demand for larger homes.
According to Monaco’s Statistics Agency, IMSEE, over 60% of new build sales and 21% of resales last year were apartments with three or more bedrooms.
Despite some short-term declines, property prices in Monaco have remained strong.
Despite some short-term declines, property prices in Monaco have remained strong, growing 38% over the last decade. Price growth returned to positive territory in 2024 with a 1% increase overall, the La Condamine neighbourhood saw the highest year-on-year growth at 19.7% based on completed sales.
Mareterra is a €2 billion land reclamation effort that will expand Monaco’s surface area by 3%.
Most units have already sold, with some commanding prices of €100,000 per square metres or more. The development features 110 apartments and 10 villas, six of which will be waterfront properties.
James Davies, who oversees Knight Frank’s Monaco Desk, says: “We are seeing a significant increase in enquiries from buyers considering relocating to Monaco,” said. “With an eye on the shifting political and economic landscape, some prospective buyers, after contemplating the idea for several years, now believe the time is right to make their move.”
