How to Promote Real Estate In the World's Most Expensive Market

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Rumble Romagnoli   Contributor

How to Promote Real Estate In the World's Most Expensive Market

The average price per square metre for Monaco property in 2021 broke new records, exceeding 50,000 Euros for the first time.

With an average price per square metre of 51,912 Euros – up 9% compared to 2021 - the Principality of Monaco is the most expensive real estate market in the world.

The Real Estate Observatory Report is compiled annually by the Monegasque Institute of Statistics and Economic Studies. It was released earlier this year, giving an in-depth look at Monaco’s in-demand real estate market.

Despite this record-breaking price coming on the back of a tumultuous two years, it clearly demonstrates the strength of Monaco’s fast-moving real estate market.

According to the report, Monaco real estate has increased by almost 75% over the past decade, providing property owners with an incredible return on investment. The average price per square metre was 29,791 Euros just a decade ago.

Monaco- a safe haven in a volatile world

There is no question that this dramatic price rise has been driven by a surge in demand as the world’s wealthiest seek to invest in the principality thanks to its favourable tax regime, economic and political stability, and luxury lifestyle. In today’s volatile world, Monaco offers an attractive safe haven.

Most transactions in 2021 were for apartments priced between 5 to 10 million Euros. Demonstrating the growth of Monaco’s real estate market, the number of properties sold for less than 5 million Euros continues to decline.

Despite being one of the smallest countries in the world – second only to the Vatican – Monaco continues to develop luxury real estate to keep up with soaring demand.

New developments set to come onto the market include the luxury eco-district Mareterra, designed in line with Prince Albert II’s vision to be carbon neutral by 2050.

Digital marketing strategies for Monaco’s real estate sector

Innovative digital marketing is a must when it comes to one of the most expensive real estate regions in the world. You need to appeal to the world’s wealthiest audiences, those that can afford to invest in Monaco properties.

A holistic approach towards targeting UHNWIs involves matching a comprehensive set of habits, interests, and luxury publications to capture the attention of these potential clients at the awareness stage of the sales funnel and move them through down to the conversion stage.

To connect with this unique audience in Monaco, it is necessary to first have a deep understanding of what they respond well to based on their preferences and online behaviours. For example, a successful strategy involves having beautifully shot images, articles in luxury lifestyle magazines, and tailored paid ads for your real estate company.

Digital marketing specialists should craft campaigns with multiple touchpoints across several channels to ensure luxury real estate brands are visible at the most opportune times. Extensive experience in the real estate industry is what allows our digital marketing team in Monaco to deliver exceptional results for this highly niched vertical.

With an increasing number of Monaco real estate agencies seeking to capitalise on the principality’s booming real estate market, only those with the most sophisticated marketing strategies will continue to thrive. 

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Rumble Romagnoli   Contributor

Rumble Romagnoli is the founder and president at Relevance, a full-service luxury digital marketing agency specialised in targeting UHNWIs. Rumble has 25+ years of experience working in digital and has helped over 200 businesses – from international companies to start-ups – navigate their marketing approach. He excels in defining online strategies and concepts for exclusive and luxury brands through digital marketing, especially for superyachts, aviation, real estate, luxury travel, hotels, beauty and fashion. In addition, Rumble frequently gives talks at marketing and digital conferences, and is also an adjunct professor of Digital Marketing at the International University of Monaco.