Enjoy a ride with a yacht


Lift For Monaco Real Estate

Monaco's annual yacht show attracted overMonaco's property price inflation has often
ninety of the world's finest yachts and fiverisen by over ten per cent a year in the last
hundred of the world's best yachtingdecade, 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 thepotentially  even  a  fall.
fifteen years since it began, and this year
attracted over twenty thousand visitors toThe 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 theis just emerging from, but economic factors
last eight years, and helped along by ordershave also played a significant role in the
from Russia's 'nouveau riche', the industrydownturn  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 oftenbuyers from the US to delay their viewing
associated, poor sales and a possible drop invisit from this year to next, and earlier
property prices haven't been seen in thethis year another source of important buyers
Prinicpality's real estate sector for over afrom 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  Estateuncertainty of the economy after the recent
US hurricanes it is quite possible that some
In contrast to the highly successful YachtUS buyers will delay their visit even more,
Show, property sales in Monaco have beenor possibly to cancel buying in Monaco
unusually slow in 2005. Although only aaltogether'.
square mile in size there are over a hundred
estate agencies battling for buyers to chooseMonaco  Grand  Prix
their services, and at times it seems that
every third or fourth retail unit has beenNo surprise then that while the tourists were
commandeered by a property company in Montein Monaco in increased numbers than last
Carlo, the best known and most sought afteryear, 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 specialistwas seen as an opportunity not to be missed
Henri Boulanger some estate agents are beingby  the  realtors.
squeezed, and viewed the yacht show as the
last opportunity to turn a dismal year into aBut 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 yachtpeople 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 toCarlo with views of the race circuit during
actively pursue buyers, many estate agents inthe Monaco Grand Prix weekend. But what they
Monaco were desperately hoping to see theirdon't realise is that many of the apartments
doors open and for one or two potentialfor sale have been rented out for the
buyers  to  call  into  their  offices.weekend,  and  viewing  is  impossible.
With good two bedroom apartments starting atEven if an apartment hasn't been rented out
over a million Euros, and penthouses withfor corporate hospitality it would take all
Mediterranean views often over five millionday to get from one apartment to another. The
and some of them over ten million, it canGrand Prix is a great tourist event for
take just one sale to turn a bad year into aMonaco, and some of the estate agents go away
good  one.'for a few days. They weren't doing that
during the Yacht Show!



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