Monaco Releases Q1 Figures, Real Estate Market In Decline

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Nancy Heslin   Forbes Monaco

Monaco Releases Q1 Figures, Real Estate Market In Decline

IMSEE has released its 2021 Q1 bulletin which shows a decline in the real estate market, both in terms of sales and resales despite a rebound in March.

Other figures show that, excluding financial and insurance activities, turnover was €3.22 billion, down 7.4% or €259 million. Other sectors that took a hit: accommodation and food services (- 40.1%), real estate activities (- 41.3%); and scientific and technical activities, and administrative and support services (- 16.2%).

Hotel occupancy rate for the quarter stood at 20.2% while air traffic continues to decline sharply—a decrease of 70.7% in passenger numbers. The use of public car parks has also dropped (6%) even though new vehicle registrations are up 18.2%.

In March, employment in the private sector showed a drop of 3.9% compared to March 2020.

Minister of social affairs and health, Didier Gamerdinger, comments: “In May, the number of job seekers fell, as did that of CTTR employees by 22%. This is an encouraging sign of the beginning of a return to activity.” New businesses dropped 10.6% and “write-offs contracted markedly.”

“There is certainly a downturn in the Q1 economy, but we should stay positive because it has proven to be both resilient and performant,” says minister of finance and economy Jean Castellini. “The second quarter will certainly mark the restart of activity. The key to recovery will be linked to tourism, hopefully, as sustained as possible with the return of tourists and major events and congresses.”

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Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.