| Monaco has recently become the most expensive | | | | |
| country in Europe for property, and it's in | | | | Traditional rules of supply and demand in the |
| no small part thanks to the increasing and | | | | real estate market are likely to see Monaco |
| continuing influx of British buyers. | | | | property prices rise further in the short and |
| | | | medium term, according to a Monaco property |
| Previously a relatively small group of Monaco | | | | specialist company. |
| residents, the number of British people | | | | |
| living in Monaco has doubled in the last two | | | | With one bedroom apartments in the |
| years since 2005, with some 3000 now claiming | | | | Principality already at the million Euro |
| residency in Monaco. | | | | level, the lack of properties coming to the |
| | | | market and the absence of new builds could |
| The figure could be set to rise in the short | | | | make today's prices seem like a bargain in |
| and medium term, with some estate agents in | | | | five years time. |
| Monaco reporting that 40 per cent of new | | | | |
| enquiries are emanating from the UK. | | | | 'Three years ago there were six hundred |
| | | | properties on the market', they claim, 'Now |
| Higher indirect taxes in the UK - often | | | | there are two hundred. Coupled with increased |
| referred to in the UK's media as 'stealth | | | | demand, especially from the UK, prices have |
| taxes' - in recent years, with more | | | | been rising and could go quite a bit further |
| anticipated in the years to come, have been | | | | if current trends continue.' |
| fuelling the move by wealthy Britons to the | | | | |
| tax haven of Monaco. | | | | Visitors to Monaco and Monte Carlo are often |
| | | | surprised at the lack of apartments for sale |
| With property prices among the highest in the | | | | as they can see new buildings under |
| world, residents of Monaco normally need to | | | | construction. |
| spend six months a year there to maintain | | | | |
| residency. | | | | 'The apartment buildings under construction |
| | | | are for local Monaco people', they explain, |
| The lack of new homes in Monaco surprises | | | | 'Rather than for the open market where anyone |
| many would be buyers as they can clearly see | | | | can buy a property. The situation is unlikely |
| construction work being undertaken, but the | | | | to improve in the short and medium term but |
| new apartment buildings are for locals and | | | | the number of buyers is rising - and |
| key workers rather than new incoming | | | | consequently so are the prices. Monaco now |
| residents. | | | | has the highest priced property in Europe.' |
| | | | |
| An announcement has been made recently that a | | | | Other reasons for the shortage of property in |
| new island is to be built off Monte Carlo, | | | | Monaco include that residents are holding on |
| and this will provide more land and property | | | | to their apartments longer, enjoying the tax |
| in the world's second smallest country. | | | | free status Monaco affords, and as the owners |
| | | | see their property rising in value holding on |
| Future Prices | | | | to it as an investment. |