| Monaco's annual yacht show attracted over | | | | Monaco's property price inflation has often |
| ninety of the world's finest yachts and five | | | | risen by over ten per cent a year in the last |
| hundred of the world's best yachting | | | | decade, but a combination of events have |
| companies. | | | | conspired this year with a possible |
| | | | stagnation in prices for 2005, and |
| The show has grown in popularity over the | | | | potentially even a fall. |
| fifteen years since it began, and this year | | | | |
| attracted over twenty thousand visitors to | | | | The passing earlier this year of the popular |
| the Principality. | | | | Prince Rainier, Europe's longest reigning |
| | | | monarch, cast a cloud over the area which it |
| The luxury yachting market has tripled in the | | | | is just emerging from, but economic factors |
| last eight years, and helped along by orders | | | | have also played a significant role in the |
| from Russia's 'nouveau riche', the industry | | | | downturn of the real estate market. |
| has seen an increase in orders of over a | | | | |
| quarter in the last year alone. | | | | 'The strength of the Euro against the |
| | | | American dollar has led many of our potential |
| But while luxury and Monaco are often | | | | buyers from the US to delay their viewing |
| associated, poor sales and a possible drop in | | | | visit from this year to next, and earlier |
| property prices haven't been seen in the | | | | this year another source of important buyers |
| Prinicpality's real estate sector for over a | | | | from the UK held back until after the |
| decade. | | | | election to see what the outcome would be', |
| | | | explains Henri, adding 'and now with the |
| Monaco Real Estate | | | | uncertainty of the economy after the recent |
| | | | US hurricanes it is quite possible that some |
| In contrast to the highly successful Yacht | | | | US buyers will delay their visit even more, |
| Show, property sales in Monaco have been | | | | or possibly to cancel buying in Monaco |
| unusually slow in 2005. Although only a | | | | altogether'. |
| square mile in size there are over a hundred | | | | |
| estate agencies battling for buyers to choose | | | | Monaco Grand Prix |
| their services, and at times it seems that | | | | |
| every third or fourth retail unit has been | | | | No surprise then that while the tourists were |
| commandeered by a property company in Monte | | | | in Monaco in increased numbers than last |
| Carlo, the best known and most sought after | | | | year, the prospect of several dozen potential |
| area of Monaco. | | | | property buyers descending upon Monaco and |
| | | | staying in her best hotels over a few days |
| According to Monte Carlo property specialist | | | | was seen as an opportunity not to be missed |
| Henri Boulanger some estate agents are being | | | | by the realtors. |
| squeezed, and viewed the yacht show as the | | | | |
| last opportunity to turn a dismal year into a | | | | But what is surprising perhaps is that the |
| good one. | | | | Yacht Show is viewed as a better opportunity |
| | | | than the Monaco Grand Prix for her realtors. |
| 'The yacht show attracts a wealthy clientele | | | | |
| in considerable numbers, and the type of | | | | 'The Grand Prix attracts tens of thousands of |
| person who might be buying a luxury yacht | | | | people to Monaco every May', explains Henri, |
| might well be thinking about buying a | | | | 'And every April we get a lot of new |
| property in Monaco as well. | | | | enquiries for property in Monaco, with the |
| | | | buyers asking to view apartments in Monte |
| While it wouldn't have been etiquette to | | | | Carlo with views of the race circuit during |
| actively pursue buyers, many estate agents in | | | | the Monaco Grand Prix weekend. But what they |
| Monaco were desperately hoping to see their | | | | don't realise is that many of the apartments |
| doors open and for one or two potential | | | | for sale have been rented out for the |
| buyers to call into their offices. | | | | weekend, and viewing is impossible. |
| | | | |
| With good two bedroom apartments starting at | | | | Even if an apartment hasn't been rented out |
| over a million Euros, and penthouses with | | | | for corporate hospitality it would take all |
| Mediterranean views often over five million | | | | day to get from one apartment to another. The |
| and some of them over ten million, it can | | | | Grand Prix is a great tourist event for |
| take just one sale to turn a bad year into a | | | | Monaco, and some of the estate agents go away |
| good one.' | | | | for a few days. They weren't doing that |
| | | | during the Yacht Show! |