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