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Spotlight-Monaco---2018.Pdf Savills World Research Monaco Residential savills.com/research Spotlight | 2018 Monaco Market overview Property tax Values by district €2.1 billion The value of residential property transacted in 2017 €41,300 The average price (per sq m) of residential property in Monaco, making it the world’s most expensive market Savills_Monaco_p1_Cover_v1.0.indd 2 02/05/2018 11:01 Savills_Monaco_p02-03_intro_v0.2.indd 2 30/04/2018 17:51 FOREWORD High demand, low stock Summary A lack of liquidity in the market pushed up residential prices by 6% in 2017 More than €2 billion of residential property was A sovereign city-state covering just two square transacted in 2017. It was kilometres, Monaco punches well above its weight a strong year, but 23% on the world stage. With a profile in line with top-tier below the 2016 record. global cities, it’s an international centre of business, a world-class sporting and entertainment destination, and a hotspot for high-net-worth individuals. The number of new build The Principality’s economy continues to outperform transactions in 2017 was the eurozone thanks to a diversified, high-value economic a record. With little new supply in the pipeline, we expect volumes will Project Portier is under fall significantly in 2018. way, while Sporting d’Hiver Monaco’s population is nearing completion grew by 5.5% between 2008 and 2016. Home to 139 nationalities, this base. It’s a net importer of labour – around 53,300 people diverse base underpins work in Monaco each day, compared with a permanent residential demand. population of 37,550. These factors mean that demand for real estate of all types is high. Residential resale prices rose by 6% The residential rental last year, while the number of transactions fell by 22%. market is buoyant. There This reflects illiquidity in the market. Wealthy residents is a premium for larger hold their properties for long periods, while little new stock is being added. properties, with monthly However, the Principality is taking bold steps to build rents of €109 per sq m for its future. Project Portier is under way, while Sporting for three beds, and €114 d’Hiver is nearing completion. These investments will per sq m for four beds help cement Monaco’s global position, but the new supply will do little to relieve the huge pressure and larger. on Monaco’s real-estate markets. Prime rents in the office market stand at €1,500 per sq m per annum, and Paul Tostevin Associate Director can reach €2,700 per +44 (0)20 7016 3883 sq m for new buildings. [email protected] savills.com/research 3 Savills_Monaco_p02-03_intro_v0.2.indd 3 30/04/2018 17:52 RESIDENTIAL MARKET Les Moneghetti and Jardin Exotique Still number one High demand and limited stock have led to another year of strong growth as Monaco retains its position as the most expensive residential market in the world For the fourth successive year, residential New build market Monaco is extremely land-constrained, transaction volumes in Monaco were more A record 50 new build properties were so new development sites rarely become than €2 billion. Testament to a supply- transacted in 2017. This represented 11% available. Also, the major schemes that are constrained market, volumes were down of the 456 properties sold, up 52% on under way, such as Sporting d’Hiver, will 23% on the record €2.7 billion in 2016. the previous year. deliver properties to rent rather than buy. High demand and a shortage of stock Some 66% of these transactions were for pushed up average prices a further 6% to one-bedroom properties, while the average Diversity and demand €4.5 million. With an average price per new build sales price was €4.6 million, the Monaco is home to 139 nationalities, a square metre of €41,300, Monaco remains lowest average figure since 2011. diverse demand base that supports a resilient the most expensive residential market This uptick in transactions was driven by residential market. According to recent in the world – 13% higher than prime Hong sales at Le Stella, a mixed-use development census figures, the Principality’s population Kong, the second most expensive market. that included 99 one- and two-bedroom grew 5.5% between 2008 and 2016. The In 2017, almost one-quarter of all duplexes. Priced between €3 and €8 million, French remain the largest national group transactions in Monaco were for properties the development was popular with investors (24.9%), but the Monégasque (22.5%), of €5 million or more. These included and owner occupiers. and Italians (21.9%) are growing faster 34 sales of more than €10 million – However, we expect new build transaction (see chart right). The British account for accounting for 8% of all transactions. volumes to drop off significantly in the near 7.5% of the population. By comparison, there were 61 sales of term. Schemes such as Le Méridien, Tour The numbers of Russians and Greeks have £10 million-plus properties across the Odéon and Le Stella have now completed, grown rapidly since 2008, but only comprise whole of London during the same period. or are about to, and are mostly sold out. 2% and 1% of the population, respectively. 4 savills.co.uk/research Savills_Monaco_p04-05_ResidentialMarket_v1.0.indd 4 30/04/2018 17:53 RESIDENTIAL MARKET Residential transactions For the fourth successive year, the total of Monaco property transacted was more than €2 billion New build Secondhand €3.0 €2.5 billions) € €2.0 €1.5 €1.0 €0.5 Total valueTotal of transactions ( 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source Savills World Research using IMSEE Market dashboard Property transaction figures for 2017 €2.1 billion +6% Total of 456 €4.5 million €41,300 Annual price residential Number of Average Average price growth from property resale price (per sq m) transactions 2016 transacted Source Savills World Research using IMSEE Population profile and growth Monaco is home to a diverse range of nationalities Population by nationality Change 2008-2016 10,000 100% 606% 8,000 80% 62% Population change Population 6,000 60% 4,000 40% 33% 24% 26% Population 21% 19% 2,000 20% 10% 10% 5% 5% 1% 2% - 0% -7% -8% -20% Swiss French Italian British Dutch Greek Belgian German Russian Swedish Spanish American Canadian Portuguese Monégasque Source Savills World Research using IMSEE savills.co.uk/research 5 Savills_Monaco_p04-05_ResidentialMarket_v1.0.indd 5 30/04/2018 17:53 MONACO AREAS We tried including the residential rents copy and chart on page 7 but N it took up so much space that the map looked cramped. Buy the rental story to page 8 (which didn’t have much copy), it gives the map and rental piece the right amount of space. M O N A C O G P Monaco: values CIRCUIT by district in 2017 From La Condamine to Monte Carlo, here are the sales, price and performance fi gures across Monaco’s sought-after districts 6 5 MONTE CARLO L E S MONEGHETTI 3 4 JARDIN LA EXOTIQUE CONDAMINE 2 1 MONACO-VILLE FONTVIEILLE Source Savills World Research using IMSEE Note *Based on small number of sales ** No published data given small number of sales 6 savills.com/research Savills_Monaco_p06-07_map_v1.0.indd 6 30/04/2018 17:54 MONACO AREAS 7 8 L A ROUSSE LARVOTTO MONTE CARLO 1 FONTVIEILLE 2 MONACO-VILLE Number of resales 38 Number of resales 17 Ave resale price €4,176,000 Ave resale price €1,682,000* Ave price (per sq m) €42,600 Ave price (per sq m) n/a** 10-year price growth 124% 10-year price growth n/a** 3 JARDIN EXOTIQUE 4 LA CONDAMINE Number of resales 51 Number of resales 43 Ave resale price €4,025,000 Ave resale price €3,733,000 Ave price (per sq m) €34,900 Ave price (per sq m) €37,500 10-year price growth 108% 10-year price growth 106% 5 LES MONEGHETTI 6 MONTE CARLO Number of resales 26 Number of resales 117 Ave resale price €4,612,000 Ave resale price €5,453,000 Ave price (per sq m) €31,300 Ave price (per sq m) €44,100 10-year price growth 76% 10-year price growth 112% 7 LA ROUSSE 8 LARVOTTO Number of resales 109 Number of resales 5 Ave resale price €4,109,000 Ave resale price €14,600,000* Ave price (per sq m) €37,200 Ave price (per sq m) n/a** 10-year price growth 110% 10-year price growth n/a** savills.com/research 7 Savills_Monaco_p06-07_map_v1.0.indd 7 30/04/2018 17:54 RENTAL MARKETS Riding on a wave Renting is a popular way to test the waters before committing to life in Monaco. However, prospective residents should remember there are specifi c size requirements to follow Owning or renting a property in Monaco is Monaco rents Larger properties attract a higher rental rate per sq m one of the conditions of obtaining residency. Renting is particularly popular with new Average monthly asking rent arrivals, as it represents an opportunity to € €5,000 €10,000 €15,000 €20,000 €25,000 €30,000 test life in the Principality before making a longer-term commitment. Like the sales market, the rental market is €92 (Studio) buoyant. Asking rents average €92 per sq m per month for smaller properties (studios, one- and two-bedrooms). There is a premium €92 (1 bed) for larger properties, with asking rents rising to €109 per sq m for three bedrooms, and €114 per sq m for four-bedroom properties and larger.
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