Following the 2007 peak, Monaco is seeing record residential sales.

It's party time in Monaco once more. Following the thrilling F1 Monaco Grand Prix last weekend, there is now another reason to rejoice in the little principality: real estate sales. Apartments

According to the Savills Spotlight on Monaco Report, the residential market in Monaco enjoyed a notable rise in activity in 2014, with transaction volumes surpassing their 2007 peak for the first time.

In all, 555 resale houses were sold in 2014, a 21 percent increase over 2007. The most liquid parts of the market have been pushing re-sale volumes to new highs in euro terms. In 2014, resale property worth €2 billion ($2.2 billion USD) changed hands.

Highlights of the Monaco Market:

The home market in Monaco had a record year in 2014.

Residential sales surpassed their 2007 high, totaling €2.4 billion ($2.7 billion USD).

Monaco is one of the most expensive real estate markets in the world, but it has fallen behind Hong Kong in terms of monetary value.

 

The new development market is small and exclusive, and developers in the Principality have turned their attention to the worldwide ultra-prime class, creating larger units at higher price points, since the global economic slump. This has increased new-build sales to €345 million ($376 million USD), up 2.5 times from 2013 and 13 times from 2008.

Despite the fact that total sales volumes, both in terms of quantity and value, have hit record highs, average prices have remained stable. Monaco has fallen down the worldwide league table and is currently second to Hong Kong in US dollar terms, primarily due to currency fluctuations.

We predict prices to stay consistent due to Monaco's high worldwide prominence, little new development, and strong demand. Monaco has the world's greatest GDP per capita of any population. It is one of just a few elite city states in the world, with more in common with Macau and Singapore than virtually anywhere else in Europe. Nonetheless, Monaco's riches is linked to some of the world's most important cities, forming a network of metropolitan property holdings. The most popular pairings for Monaco homes are London, New York, and Moscow.

Monaco is still a top destination for motorsport, yachts, gambling, and leisure. This unique mix, located on Europe's doorstep, distinguishes it from practically every other city or state. Only Macau is getting close, but the South China Sea's attractions aren't the same as the Mediterranean's. Gibraltar has the potential to be a contender in the long run, but it will require investment and infrastructure to compete with Monaco.

Savills World Research associate director Paul Tostevin stated, "Monaco's worldwide appeal and highly restricted land supply will all work together to keep real estate prices high, with few or no mechanisms to bring them down. Prices are at or near a high plateau, and will remain there for some time."

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