| Monaco is to build a new island in the Mediterranean, | | | | standard, and as the new development will include |
| just off Monte Carlo, confirming rumours that have | | | | yacht moorings speculation in Monaco is that at least |
| been circulating for a year of a major new | | | | one hotel will be built close to the moorings. |
| development in the Principality. | | | | Monaco is one of the world's best known tax |
| With a surface area of some 275,000 square metres, | | | | havens, and residents benefit from a zero income |
| the development adds size to the world's second | | | | tax policy. |
| smallest country - but not enough to lift it up from | | | | Property prices in Monaco are high due to the lack of |
| it's exisitng ranking in land area. | | | | land - in the past one of the districts, Fontvieille, had |
| Commenting on the news, one local travel guide say | | | | much of its area reclaimed from the sea, but |
| it is a welcome development for Monaco. | | | | property prices there equal those of the better |
| 'The new development will add to to Monaco's | | | | known Monte Carlo. |
| housing stock, which might take a little pressure off | | | | One of the best known buildings in Fontvieille, Seaside |
| the current prices which are among the highest in the | | | | Plaza, has average prices of three to four million |
| world. One of the stipulations for those bidding for | | | | Euros for a three bedroom apartment, and a four |
| the development is that it must be good architecture | | | | bedroom four bathroom one is currently on the |
| and sympathetic to the local environs - which we | | | | market at close to ten million Euros. |
| take to be no high rises'. | | | | Tribune Properties who specialise in Monaco property |
| There is no mention of new hotels in the initial plans, | | | | doubt that prices will ease much. |
| but it is thought that at least one or possibly two will | | | | 'By the time the development is finished prices would |
| be included. | | | | probably have gone up in Monaco anyway, and this |
| And there is a possibility that the Monaco Grand Prix | | | | new development on the housing side is likely to be |
| circuit might be changed to include the new area. | | | | aiming for quality rather than quantity', they claim. 'It's |
| Monaco is notorious for the lack of overtaking | | | | almost certain that the properties will be snapped up |
| opportunities and bidders have been instructed to | | | | by investors off-plan, and then come back to the |
| take the Monaco Grand Prix into account. | | | | market with a premium once the buildings are |
| Monaco Hotels | | | | complete. The development in itself will attract more |
| As well as the Grand Prix, Monaco enjoys having | | | | attention to the Monaco property market. In the |
| several internationally recognised world class hotels, | | | | short and medium term prices are likely to rise in |
| including the Hotel de Paris in Monte Carlo. It is likely | | | | Monaco rather than fall'. |
| that any new hotels will have to be of a similar | | | | |