UHNWs Head To Monaco

According to Knight Frank’s wealth sizing model, the number of ultra-high-net-worth individuals 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.

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.

In 2023, Monaco recorded 418 residential sales, with 388 being resales. This segment of the market experienced a 10% year-on-year decline in sales.

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, 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.

“We are seeing a significant increase in enquiries from buyers considering relocating to Monaco,” said James Davies, who oversees Knight Frank’s Monaco Desk. “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.”