Economy: Monaco’s Record-Breaking Quarter for Turnover and Private Employment

Monaco’s latest Economy Bulletin, which summarises Monaco’s financial activities, was published monaco . The Principality’s turnover, foreign trade, employment, tourism, real estate during the fourth quarter of 2023 were all outlined in the publication. After growth of more than €1 billion, Monaco’s turnover exceeded €20 billion for the first time. Real estate experienced a lower volume of sales, but the average sale price was higher than the last several years.

Real Estate

The fourth quarter of 2023 was marked by the absence of transactions involving brand new real estate projects. 28 new apartments were sold, causing the number of sales to fall by 68.2%. Despite this sharp decrease “due to lack of new completed constructions” the drop in value only fell by 12.7%. €1.04 billion in new real estate sales took place in 2023, the second largest amount since 2006, after 2022.

With 388 transactions in 2023, the resale market decreased by more than 10% and reached its lowest level since 2012. The monetary amount of resales fell more moderately (by -6.7%) to reach €2.19 billion in 2023, higher than in 2020 and 2021.

Up by almost €200 million in 2023, real estate sales reached €3.7 billion, just nipping at the heels of the record from 2019.

Record-breaking number of Jobs in the Private Sector

With 62,186 jobs and more than 100 million hours worked cumulatively, private sector employment was at its most high in 2023. Tourism indicators are doing well, as evidenced by the significant increase in arrivals and the number of cruises. Air traffic is increasing, whether in terms of trips (+7.4%) or passengers (+8.9%). The number of new vehicle registrations is growing significantly in 2023 (+21.9%). Among them, the registrations of “ecological” vehicles increased by 24.2%.