| The Monaco Grand Prix ranks among the top | | | | millionaires and billionaires to the |
| sporting events in the world, and for good | | | | principality for the last forty years. |
| reason. | | | | |
| | | | Real estate prices reflect the prestige and |
| The combination of Formula One cars street | | | | tax advantages of living in Monaco. One local |
| racing and the influx of celebrities to the | | | | Monaco estate agency report that currently |
| playground of Europe make a heady mix for the | | | | they have a one bedroom apartment, with no |
| annual event, and is viewed as part of the | | | | sea views, available at 880,000 Euros. And by |
| social calendar for the world's top sports | | | | the time closing costs are taken into account |
| stars, actors, models and businessmen. | | | | this rises to around a million Euros. |
| | | | |
| The circuit takes in Casino Square and passes | | | | A two bedroom two bathroom apartment in Monte |
| by the renowned Hotel de Paris in Monte | | | | Carlo is available for 1,900,000 Euros. |
| Carlo, making it one of the most recognisable | | | | |
| hotels in the world. | | | | And a five bedroom four bathroom apartment, |
| | | | recently featured on the BBC's Money |
| The race started in 1929, organised by Monte | | | | Programme 'No tax please - we're rich', in |
| Carlo resident and founding president of the | | | | Fontveille, the same area of Monaco where the |
| Automobile Club de Monaco, Anthony Noghes, | | | | Hotel Columbus, part owned by Grand Prix |
| and the Grand Prix has made the world's | | | | driver David Coulthard, is situated with |
| second smallest country a destination of | | | | Mediterranean views is available for ten |
| choice for many. | | | | million Euros. |
| | | | |
| While Monaco enjoys the attention of the | | | | With demand from clients worldwide the prices |
| world's media for one weekend every May, she | | | | of real estate in Monaco is likely to be |
| also attracts many people long term to become | | | | among the highest in the world for the |
| residents due to her tax haven status, and | | | | forseeable future. |
| residents enjoy a zero rated income tax. | | | | |
| | | | Commenting on the local property market, |
| In recent years Monaco has attracted the | | | | several estate agents have reported good |
| wealthy for another visit. The annual Monaco | | | | sales for Monte Carlo real estate and for |
| Yacht Show in September has the most | | | | Monaco generally in the first quarter of |
| exclusive yachts in the world moor at the | | | | 2006, with the top end of properties in |
| harbour in Fontvieille, and the hotels in | | | | Monaco doing particularly well compared to |
| Monte Carlo and Monaco are booked full nearly | | | | the same quarter last year. |
| a year in advance. | | | | |
| | | | And there are rumours among the owners of the |
| For both events, the Monaco Grand Prix and | | | | hotels in Monaco and Monaco Real Estate |
| the Yacht Show many visitors stay in nearby | | | | industry that two islands could be built with |
| Nice and travel in, and the hotels in Monaco | | | | bridges to connect them to Monte Carlo which |
| enjoy full occupancy at premium rates. | | | | would allow some 5000 new low rise properties |
| | | | and a hotel to be built. |
| Monaco Real Estate | | | | |
| | | | If the rumours become true of more |
| Once a European backwater, Prince Rainier | | | | availability of properties and a new hotel in |
| turned Monaco into one of Europe's best known | | | | Monaco the possibility also exists of an |
| locations, combining glamour with an income | | | | extended or changed circuit for the Monaco |
| tax free policy that has attracted | | | | Grand Prix in years to come. |