2017 ended with the sales of 228,0 mio euro in the real estate market of Monaco (for both primary and secondary markets). In comparison to 2016 with 453 mio euro sales achievement it is almost 49% decrease.
If you look at 2015-2016 pre-sales and releases, you will see TOUR ODEON domination in the offer which brought up to 80% of new developments sales results. STELLA residence first releases were also were popular. PETITE AFRIQUE, 26 CARRE d’OR were also quite noticeable addresses. Everybody noticed preparations for TESTIMONIO II construction, VILLA TRIANON re-modeling. Too much of new construction in Monaco? During last several years opposite problem of critical deficit of new quality construction was an issue. It is hardly possible to monitor over-production of new developments in Monaco. But definitely the prices reached upper imaginable limits in 2015-2016 for the time being. The market was too hot and it needs some relief. This brought a very modest outcome of just 50 newly built apartments sold at Monaco real estate market in 2017. Just 50! Think about this figure. And most of apartments sold in Monaco in 2017 – up to 84%- were studios and one-bedroom apartments. Average market price of a new apartment sold at real estate market of Monaco in 2017 was 4.450.000 eur.