Monaco to raise public housing stock to 5,260 flats by 2040

Monaco’s Minister of State, Christophe Mirmand, has set out the second national housing plan: by 2040 the principality intends to raise its stock of public flats from today’s 4,380 to 5,260. The interview was published on 28 July 2026.

Housing as “an absolute priority”

The interview came against a background of complaints from the National Council: as early as the spring, elected members were objecting to the lack of visibility on housing deliveries after 2036. Mirmand saw “a degree of posturing” in those reproaches and gave an assurance that housing policy “will continue to be an absolute priority for the state”: being able to live in one’s own country, he said, is an absolute right for Monegasques. The second part of his interview with Monaco-Matin was published by Nice-Matin on 28 July 2026.

633 flats delivered, 435 to come

The first national plan, launched in 2019, produced 633 new public flats. The second covers 2026–2032 and targets around 435 more. The largest site is Bel Air: the first of three towers will be handed over in early 2028, the second at the end of that year, with the third to follow. The scheme originally provided for 197 flats, but it was decided to build the blocks higher. Larvotto Supérieur will deliver 35 flats in the fourth quarter of 2028; earthworks have begun at La Luciole for some thirty flats; Hector Otto is planned for 70 to 90; and the Les Lierres/Nathalie operation is also in preparation.

What the arithmetic shows

According to IMSEE, the principality currently has 4,380 public flats. Allowing for projected population growth, around 5,260 will be needed by 2040 — roughly 880 more over fifteen years. Spread across the period that means 30, 50 or 80 new flats a year: the figure moves because building depends on having land and workable projects. The government treats the target as a minimum and does not rule out going further, or faster.

€1.6 billion, land not included

Between 2019 and 2026 the state committed more than €1.6 billion in investment credits to the plan, and that figure excludes the cost of land — a very substantial share of the budget. The minister rejected the phrase “whatever it takes”: the needs are real, but the government “remains attentive to public spending” and means to sustain the effort over time.

What comes after 2032

Mirmand acknowledged that the target is not yet within reach, so significant effort will have to continue beyond 2032 — possibly under a third national plan. The government’s immediate commitment is to put the money in the 2027 budget, so that projects already identified are financed that year and in those that follow.

Earlier we wrote about the renovation of the Condamine market in Monaco and the proposal to ban Russians from investing in property in the principality.

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Photo: Jakub Zerdzicki / Pexels