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