IMSEE, the Monaco Government Statistics Office, has recently released a very positive overview of the Monaco residential property market in 2016.
Sales of properties in the resale market for the year reached their highest ever value of €2.2 billion, an increase of 23.4% compared to the previous year.
The average price of properties has increased from €1.4m in 2006 to €4.3m in 2016, an increase of 212% during this period, with an increase of 21% from 2015 alone. 1 in 10 of all property transactions now has a purchase price in excess of €10m.
The average price per m2 on the property resale market has gone up from its 2006 figure of €14,784 to a 2016 cost of €41,420 with an increase of 15% in just the last 12 months.
Monaco Projects has seen a marked upturn in renovation activity in Monaco over the last year in particular and reinforced confidence in the local property market, confidence which looks set to continue.
Our highly experienced team is here to help and guide you with all your renovation/construction projects. Please contact Tim at firstname.lastname@example.org for any enquiries.