Monaco breaks real estate records with €2 billion expansion

In a principality where even a parking space costs thousands, 2024 proves: there is always space – if you are prepared to create it yourself. Thanks to a large-scale €2 billion offshore expansion, Monaco is once again setting property records.

Monaco remains attractive to the international elite: no income or wealth taxes, a high level of security and privacy, excellent healthcare. With only 206 hectares of land area, Monaco is the second smallest country in the world, only the Vatican City is smaller. For comparison: Monaco is even smaller than New York's Central Park, which covers 341 hectares.

A new update to the Knight Frank Monaco Residential Market Insight 2025 leaves little to the imagination: Monaco’s residential market is booming. While existing home sales fell to multi-year lows in 2024, the new-build market broke all records. The reason? A €2 billion offshore expansion: Mareterra. 

The new Larvotto neighbourhood was designed by top architects Renzo Piano and Sir Norman Foster. Here, homes are selling for more than €100.000 per square metre, more than twice the average elsewhere in the principality. 

A total of 101 new homes were sold – three times as many as the year before. The average price? €36.4 million, compared to €6 million for existing homes. More than half of the new homes went for over €20 million, and seven homes even went for over €91 million.