The decline in new home-building in the Principality was very marked in 2017, with only 15 new homes delivered during the year, mainly two-room apartments, according to IMSEE, the Monaco statistical service.
No new building programme had been started in 2016. Off-plan sales in the Stella and Villa Trianon(ex 45 rue Grimaldi) largely supported the real estate market, which declined by 49.5 percent in terms of sales transactions during the year.
In previous years, the Blue Bird, Little Africa and Odeon Tower developments consisted of large and very luxurious units.
The real estate resale market also fell markedly in terms of sales, with a 17.2 percent decrease in the amount of resales. The price per square metre decreased only marginally, by 0.2 percent, and the average price per unit rose by 6 percent.