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Higher taxes, geopolitical tensions and sudden policy changes are placing Monaco, along with Switzerland, in the spotlight. A recent survey by 博鱼体育集团 Frank confirmed security and privacy were the top motivation for high-net-worth individuals (HNWIs), looking to relocate, followed by employment and then tax.

鈥淲ith 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.鈥�

The UK Government鈥檚 decision to scrap the rules relating to non-doms, the 74,000 individuals who live in the UK but don鈥檛 pay tax on their global income, and the uncertainty over new inheritance tax rules in particular mean Monaco may be on their radar, along with other HNWIs who have been affected by wealth and flat tax changes across Europe.

Market Update

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. The steepest decline occurred in the resale of smaller apartments, this was most likely due to changes in the residency application process.

Since 2020, Monaco鈥檚 residency rules have required individuals or families applying for a residency card to rent or purchase a property that matches the size of their household. This has driven increased demand for larger homes.

According to Monaco鈥檚 Statistics Agency, IMSEE, over 60% of newbuild sales and 21% of resales last year were apartments with three or more bedrooms. Developers are also responding to this trend by offering larger units in the new build sector.

New housing delivery in Monaco is highly variable due to limited land for development. While no new units were added in 2023, major projects like Bay House and Mareterra are expected to deliver over 180 homes, leading to a significant rise when the official figures are published for 2024.

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.