Introduction

Introduction

Real estate is an essential cornerstone of the Monegasque economy, accounting for 20% of GDP and employing over 15% of the workforce.

The real estate industry has experienced significant changes in recent years due to the transformative power of digital, particularly AI which could generate $110 billion to $180 billion or more in value for the sector according to the McKinsey Global Institute. These technologies have been a catalyst for the growth of the PropTech sector, which last year raised $32.80 billion across 80 countries.

As we navigate through these changes, it is crucial that Monaco adapts while preserving its unique values and heritage. In this context, we intend to build on our strengths to become a central hub in the expanding European PropTech industry.

To enable this ambition, the «Extended Monaco» program has successfully spearheaded the digital transformation of the country, in line with the vision of His Serene Highness Prince Albert II:

• Monaco now has advanced digital infrastructures that meets the highest standards of the world’s leading city-states, including 5G, fiber optics, a digital twin of the Principality, a Sovereign cloud, and a data platform to enable AI applications.
• Simplification of administrative procedures for residents, especially those related to housing: 85% of administrative requests are now processed online, thanks to the implementation of web platforms and a digital identity. Our objective is to further increase this rate through AI and broadening training initiatives.
• Transforming the Principality into an intellectual hub in partnership with the ESCP Business School. For the fourth consecutive year, Monaco is proud to be involved in an annual PropTech barometer, as well as organizing specialized conferences to highlight the sector’s innovations and potential.

Massive investments in recent years have enabled the Principality to build some of the world’s most advanced digital infrastructures. As the AI Age begins, the extensive efforts undertaken promise to secure a competitive advantage for the Principality, making it an influential Proptech center and improving its economy and attractiveness.