Monaco Island Moves Closer

A new island to be built off Monte Carlo is alreadyestate market are likely to see Monaco property
attracting the attention of property investors,prices rise further in the short and medium term,
despite the fact that it will be another ten yearsaccording to one Monaco property company.
before it is complete.With one bedroom apartments in the Principality
Comprising an area of 275,000 square metres, thealready at the million Euro level, the lack of properties
island will include new apartments, hotels and retailcoming to the market and the absence of new builds
units, with an estimated build cost of between 5 andcould make today's prices seem like a bargain in five
10 billion Euros.years time.
Of the sixteen developers who submitted proposals'Three years ago there were six hundred properties
for the island last year, five have been chosen toon the market', they claim, 'Now there are two
submit further details, with the winning bid anticipatedhundred. Coupled with increased demand, especially
to be announced in the autumn.from the UK, prices have been rising and could go
The second smallest country in the world, Monacoquite a bit further if current trends continue.'
has France and Italy as neighbours, and realisticallyVisitors to Monaco and Monte Carlo are often
can only extend her land mass by reclamation fromsurprised at the lack of apartments for sale as they
the Mediterranean, as it did some years ago with thecan see new buildings under construction.
area known as Fontvieille, and by building islands.'The apartment buildings under construction are for
The arrival of new property for sale in Monaco will belocal Monaco people', they explain, 'Rather than for
particularly welcome. Monaco recently overtookthe open market where anyone can buy a property.
London as the most expensive property destinationThe situation is unlikely to improve in the short and
in London.medium term but the number of buyers is rising - and
Although new properties are currently being built inconsequently so are the prices. Monaco now has the
Monaco, these are for local residents, and not thosehighest priced property in Europe.'
seeking residency in the principality.Other reasons for the shortage of property in
Residents in Monaco enjoy benefits including noMonaco include that residents are holding on to their
income tax, and is a major attraction for businessapartments longer, enjoying the tax free status
men and women.Monaco affords, and as the owners see their
Current properties for sale in Monaco include a smallproperty rising in value holding on to it as an
30m2 studio at 720,000 Euros, a one bedroom 75m2investment.
apartment at 1,500,000 Euros and a 2 bedroom 2To maintain residency in Monaco, residents need to
bathroom apartment at just over 3,000,000 Euros.live in the Principality for six months a year. Winter
Rising Pricestime often sees a lot of apartments mothballed with
The classic rules of supply and demand in the realthe owners wintering in the Caribbean.