| The Monaco Grand Prix held at the end of the May | | | | recently, Prince Albert of Monaco acknowledged the |
| shows Monaco in her full glory to the world for a | | | | important contribution British people are making to his |
| Sunday afternoon, and this year was no exception as | | | | country, and said he would like to see more in the |
| Lewis Hamilton won the race for the first time. | | | | Principality. Prince Albert is particularly keen to see |
| Monaco is known the world over not just for the best | | | | British entrepreneurs move to Monaco, but one travel |
| Grand Prix of the F1 season, but for million and | | | | guide for the country doesn't think Prince Albert has |
| billionaire residents, glamour...and some of the most | | | | fully thought through his ideal scenario. |
| expensive property in the world. | | | | 'Prince Albert said recently that he welcomes British |
| But with the world on on the brink of a possible | | | | entrepreneurs moving to Monaco, but that he wouldn't |
| recession and falling house prices both in the US and | | | | be distributing leaflets on London's streets to get more |
| Europe, Monaco could buck the trend in the years | | | | to do so. But he is missing the point. The costs involved |
| ahead and see surprisingly big gains in prices while | | | | in moving to Monaco are prohibitively high, even |
| those around her go into freefall. | | | | compared to London standards, and if he is serious |
| Part of Monaco's price increases in recent years, and | | | | about British talent moving to Monaco while we don't |
| for the medium term future too, is that new housing | | | | expect Monaco to remove the financial barriers he |
| being built is for locals, and a strong new supply of | | | | could move to lower the bar a bit at least.' |
| openly available apartments is unlikely to happen for | | | | A well respected US magazine recently claimed |
| ten years - and with strong demand and little supply it | | | | Monaco has the most overpriced real estate in the |
| suggests further price rises are likely for this year and | | | | world, claiming the rental returns as part of their figures |
| next. | | | | meant the tax haven's property costs were unduly |
| British citizens have moved to Monaco in high numbers | | | | high. |
| in recent years and as UK taxes show no sign of | | | | In response a Monaco internet site says the American |
| falling this large group is expected to swell further in | | | | magazine are wrong, and have forgotten why |
| 2008. | | | | Monaco's property prices are high in the first place. |
| Previously a relatively small group of Monaco residents, | | | | 'The error they made was comparing Monaco with |
| the number of British people living in Monaco has | | | | places like Rome, Warsaw, Los Angeles and |
| doubled in the last three years since 2005, with some | | | | Vancouver, and they also overestimated closing costs. |
| 3000 now claiming residency in Monaco. | | | | While admittedly high in Monaco at around 11 per cent, |
| Attaining residency in Monaco necessarily means | | | | it's not common to be 20 per cent that their research |
| renting or buying an apartment. The lowest priced | | | | was based on.' |
| property on the market at the moment is a 30m2 | | | | Monaco property buyers would find it difficult to find |
| studio with a 7m2 balcony in the Fontvieille district at | | | | anything at all for 700,000 Euros, even for the smallest |
| 720,000 Euros. With closing costs this rises to over | | | | studio apartment, and realistic starting prices are from |
| 800,000 Euros. As well as buying a property, to gain | | | | a million Euros. |
| residency in Monaco a bank account needs to be | | | | Prices last year rose dramatically, with the Casino |
| opened in the Principality, with account opening | | | | Square area seeing price increases close to forty per |
| deposits varying between 100,000 and 500,000 Euros. | | | | cent, and in Fontvieille, close to the helicopter pad which |
| Mid range is a 210m2 3 bedroom 2 bathroom | | | | connects Monaco with Nice Airport, prices nearly |
| apartment in Monte Carlo, close to Casino Square, at | | | | doubled. |
| 4,200,000 Euros. And at the top end is a three floor | | | | Overall it is thought that demand has grown by around |
| penthouse apartment in the well known Eden Star | | | | thirty five per cent over the last five years, with few |
| development at 25,000,000 Euros, equivalent to around | | | | new Monaco properties becoming available to meet |
| 16 million Sterling. | | | | the new buyers expectations and putting pressure on |
| At the opening of Monaco's new consulate in London | | | | already high real estate prices. |