Renters in Monaco are increasingly turning to buying, helping drive a resale-led market focused on larger homes, as tight supply and ultra-prime demand continue to push prices higher, a new report found.
The latest Savills Spotlight on Monaco 2026 report, which will be published on 26 March but was previewed exclusively by Spear’s, shows the Principality’s average price per square metre has reached €57,569 (circa £4,600 per sq ft), with Larvotto now exceeding €70,000 per sq m (circa £5,600 per sq ft) for the first time.
The figure has been largely driven by the impact of Mareterra units, an ultra-prime development launched in December 2024, entering the market.
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For Kelcie Sellers, who leads global residential research at Savills, the scale of price growth has fundamentally shifted expectations at the very top end. ‘This has rewritten the rule book on what is considered ultra-prime in Monaco,’ she said, pointing to Mareterra’s influence on both pricing and buyer behaviour.
The market continues to operate – as it has always done – within a tightly constrained supply environment, with just over two square kilometres of land and limited new development opportunities. Sellers said this structural scarcity remains the defining feature of Monaco’s performance. ‘Everybody wants to be in Monaco. But there’s only so many properties,’ she noted, adding that the pipeline for new construction is now ‘basically zero’.
That lack of new supply has helped reinforce pricing, but it is also reshaping where growth is coming from. While overall transaction value held steady at €5.9 billion, that stability masks a clear shift away from new builds and towards resales, which rose sharply in both volume and value in 2025, the report found.
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Sellers said this reflects a return to Monaco’s more traditional market structure following the Mareterra cycle. ‘Monaco’s always been predominantly resales. Mareterra was really groundbreaking,’ she said – describing it as a temporary disruption in an otherwise resale-led market. ‘We’re back to normal now,’ she added.
The resale segment now accounts for the majority of value growth, with demand increasingly concentrated in larger properties. According to the report, four-bedroom homes have seen some of the strongest price appreciation, with average values rising more than 50 per cent, while ultra-prime resales above €20 million (circa £17 million) reached record levels.
Irene Luke, the co-head of Savills Monaco, said this trend reflects both changing buyer expectations and Monaco’s evolving role as a place to live rather than simply a fiscal base. ‘The bigger the apartment, the better it is for buyers,’ she said, adding that lifestyle improvements have been central to demand. ‘Monaco has become a lot more sophisticated. The schooling is better, healthcare is better.’
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That shift has contributed to more long-term settlement in the Principality. ‘People are thinking, “actually we want to live here now”,’ Luke said, pointing to improvements that are making Monaco increasingly viable for full-time residence.
For example, a new British school opened in 2022, alongside the growing presence of international schools such as the International School of Monaco. At the same time, Nice airport – around a 30-minute drive from Monaco – is becoming increasingly well connected, with more transatlantic routes and stronger European links added regularly.
Sellers also highlighted the impact of remote working and lifestyle flexibility in reinforcing this trend. ‘People realised that they could actually run their global businesses from Monaco quite successfully,’ she said, adding that buyers have been upgrading into larger homes as a result.
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Another structural driver has been the rental market, where supply shortages have pushed rents up more than 9 per cent over the past year, the report found. In many cases, properties are now being secured before they even reach the open market. That imbalance, the report suggests, is encouraging more long-term renters to transition into ownership.
Luke said this shift is already visible in client behaviour. ‘Long-term renters finally are thinking that they should really buy something,’ she said, adding that this trend is expected to continue into 2026.
