'It's extremely reassuring for the ultra-wealthy': How Monaco's resurgence is fuelling a new property boom
Amid the turmoil in today's the world, Monaco has remained quietly unchanged — and well-heeled families are heading back, creating a new surge of growth. Arabella Youens reports.
The abolition of the UK’s 200-year-old ‘non-dom’ status — first established to ensure colonialists didn’t pay tax on their overseas holdings — in April 2025 triggered what Mark Parkinson and Tom Hudson of Middleton Advisors, a buying agency, call ‘the biggest structural shift in prime London [property] in a generation’. They add that this pillar of prime-central London demand, which had stood for decades, has now gone. As well as destinations in the Middle East, the team cites Milan, Geneva and Monaco as receiving the bulk of these wealthy relocators.
‘Countries offering stable tax regimes and predictable governance continue to draw the most interest,’ says Mark Harvey, head of Knight Frank’s International Department. Although the Italian government has changed its flat tax regime for high-net-worth individuals relocating to Italy this year, the Monegasque system is stable. It charges no inheritance, wealth or capital gains taxes on residents. ‘In the 33 years that I’ve lived here, the system has remained untouched — the Principality is so small, there’s no need to raise more taxes,’ observes Irene Luke, co-head of Savills Monaco. ‘That proves extremely reassuring for the ultra-wealthy.’
La Grande Bretagne in the Monte Carlo district was built during the late-19th-century Belle Époque period. It's for sale at €8.5 million — see more details.
The demographic make-up of the Principality has changed noticeably in recent years. ‘Today’s market is largely driven either by wealthy families with children looking for large apartments or by older couples whose children have already grown up,’ says Christoph Aversano of Magrey Monaco, an affiliate of John D. Wood & Co.
The nationality mix has changed, too, he adds. ‘Russian buyers, who were previously a major force in the Monaco market, have largely disappeared in recent years. At the same time, there has been increased interest from British buyers.’
Although many purchasers would have previously weighed up Dubai against Monaco — the former has much lower entry prices — some are now choosing Monaco for long-term stability, security and safety. ‘At the same time, Nice airport is becoming increasingly well connected; Monaco has evolved into a place to live rather than a fiscal base,’ says Luke.
Higher demand means pressure on prices. Monaco has long had some of the most expensive in the world, but prices reached new heights in 2025 — especially for new-builds, which can be more than five times more expensive than existing properties. In the Larvotto district, values exceeded €70,000 per sq m for the first time, according to figures from Savills.
Across the Principality, there was a 5.8% increase in transactions. In the recent Knight Frank Wealth Report, analysis revealed that a budget of US$1 million buys only 16 sq m (172 sq ft) of prime property compared with 33 sq m (355 sq ft) in London, according to figures from the last quarter of 2025.
The combination of high prices and a limited supply of large or new-build properties leaves families looking to relocate to Monaco with two options. Some buyers are securing a bolt-hole in Monaco and also searching for a larger property along the French Riviera. According to Knight Frank, Roquebrune-Cap-Marin recorded several transactions between $30 million and $70 million, largely to Monaco-based buyers seeking turn-key homes. Les Parcs de St Tropez, Saint-Jean-Cap-Ferrat and select addresses in Cannes also saw high-value sales.
Others are choosing to rent, explains James Davies, head of Knight Frank’s super-prime sales. Rental pricing remains resilient, with a limited supply of apartments in either good or very good condition. ‘There is plenty of demand. The rental market between €30,000 and €75,000 per month is probably the most active segment, but there is still a lot of interest in those that are available for more than €100,000 per month. Some deals have recently been agreed far in excess of this, too,’ he says.
This feature originally appeared in the print edition of Country Life on June 3, 2026. Click here for more information on how to subscribe.
