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