House Hunting in … Monaco

The interior of the apartment was completely redone two years ago by the Monaco design firm Carte Blanche, Ms. de Champfleury said. The entry has wall-to-wall mirrors and beige marble floors; the floors in the rest of the apartment are whitewashed oak.

In the kitchen, where there is enough room for a small table, the lighting is hidden behind an onyx wall. The wood cabinets are handmade, the counters are marble and the appliances are Miele.

The master bedroom also has built-in cabinetry, and the bathroom has marble walls and counters, as well as a remote-controlled towel-heating rack.

There is under-floor heating throughout the apartment, and an integrated technology system allows the entertainment, air-conditioning and lighting to be controlled remotely. The furniture is included in the asking price, as is a parking space in the garage. There is round-the-clock security and a concierge, Ms. de Champfleury said, and the building has an outdoor pool.

Restaurants and bars in Fontvieille are within walking distance. Fontvieille is also home to Monaco’s heliport, which offers service to the airport in Nice, the closest international airport, about a 45-minute drive from Monaco. Bus and train service is available from Nice as well.

Market Overview

Monaco is the most expensive property market in the world, according to a recent report by the international real estate company Savills: In 2016, the average resale price was $45,360 (or 41,400 euros) per square meter, compared with $42,840 (or €39,100) per square meter in Hong Kong and $31,994 (€29,200) in Tokyo, the next-most-expensive markets.

The average price paid for a resale home in Monaco last year was $4.7 million (€4.3 million), a 180 percent increase from a decade earlier, according to the report, while in Fontvieille, one of the most popular areas with home buyers, the average resale price was $6.4 million (€5.8 million).

One reason for the high prices is the lack of new construction in recent years, said Irene Luke, a partner in Savills’s Monaco office. Of the 553 homes sold in Monaco last year, only 33 (6 percent) were new buildings, according to the company’s data. “There is certainly a shortage of new properties for sale,” Ms. Luke said, and those that are new and large “are especially in demand.”

Recently, however, the market has begun to slow, with the number of sales declining after a record year in 2016, agents said.

“The market has leveled off somewhat in the last six months,” said Edward de Mallet Morgan, head of the Monaco office for Knight Frank. Monaco’s “discerning and wealthy clientele” is growing more selective, he said, and many buyers are not interested in buildings constructed more than 50 years ago. They “prefer not to buy in older buildings and…

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