| The annual yacht show in Monaco always
| |
| | in the last decade, but a combination of
|
| guarantees Europe's second smallest
| |
| | events have conspired this year with a
|
| country's hotels are full, and this year
| |
| | possible stagnation in prices for 2005,
|
| will be no exception.
| |
| | and potentially even a fall.
|
| The show has grown in popularity over the
| |
| | The passing earlier this year of the
|
| fifteen years since it began, and this
| |
| | popular Prince Rainier, Europe's longest
|
| year will see Monaco's Port Hercules
| |
| | reigning monarch, cast a cloud over the
|
| play host to over ninety of the world's
| |
| | area which it is just emerging from, but
|
| finest yachts and five hundred of the
| |
| | economic factors have also played a
|
| world's best yachting companies.
| |
| | significant role in the downturn of the
|
| The luxury yachting market has tripled in
| |
| | real estate market.
|
| the last eight years, and helped along by
| |
| | 'The strength of the Euro against the
|
| orders from Russia's 'nouveau riche', the
| |
| | American dollar has led many of our
|
| industry has seen an increase in orders
| |
| | potential buyers from the US to delay
|
| of over a quarter in the last year alone.
| |
| | their viewing visit from this year to
|
| But while luxury and Monaco are often
| |
| | next, and earlier this year another
|
| associated, poor sales and a possible
| |
| | source of important buyers from the UK
|
| drop in property prices haven't been seen
| |
| | held back until after the election to see
|
| in the Prinicpality's real estate sector
| |
| | what the outcome would be', explains
|
| for over a decade.
| |
| | Henri, adding 'and now with the
|
| Monaco Real Estate
| |
| | uncertainty of the economy after the
|
| In contrast to the highly successful
| |
| | recent tragedy of Hurricane Katrina it is
|
| Yacht Show, property sales in Monaco have
| |
| | quite possible that some US buyers will
|
| been unusually slow in 2005. Although
| |
| | delay their visit even more, or possibly
|
| only a square mile in size there are over
| |
| | to cancel buying in Monaco altogether'.
|
| a hundred estate agencies battling for
| |
| | Monaco Grand Prix
|
| buyers to choose their services, and at
| |
| | No surprise then that while the tourists
|
| times it seems that every third or fourth
| |
| | will be in Monaco in the same and
|
| retail unit has been commandeered by a
| |
| | possibly increased numbers than last
|
| property company in Monte Carlo, the best
| |
| | year, the prospect of several dozen
|
| known and most sought after area of
| |
| | potential property buyers descending upon
|
| Monaco.
| |
| | Monaco and staying in her best hotels
|
| According to Monte Carlo property
| |
| | over a few days is seen as an opportunity
|
| specialist Henri Boulanger some estate
| |
| | not to be missed by the realtors.
|
| agents are being squeezed, and are
| |
| | But what is surprising perhaps is that
|
| viewing the yacht show as the last
| |
| | the Yacht Show is viewed as a better
|
| opportunity to turn a dismal year into a
| |
| | opportunity than the Monaco Grand Prix
|
| good one.
| |
| | for her realtors.
|
| 'The yacht show attracts a wealthy
| |
| | 'The Grand Prix attracts tens of
|
| clientele in considerable numbers, and
| |
| | thousands of people to Monaco every May',
|
| the type of person who might be buying a
| |
| | explains Henri, 'And every April we get a
|
| luxury yacht might well be thinking about
| |
| | lot of new enquiries for property in
|
| buying a property in Monaco as well.
| |
| | Monaco, with the buyers asking to view
|
| While it wouldn't be etiquette to
| |
| | apartments in Monte Carlo with views of
|
| actively pursue buyers, many estate
| |
| | the race circuit during the Monaco Grand
|
| agents in Monaco are desperately hoping
| |
| | Prix weekend. But what they don't realise
|
| to see their doors open and for one or
| |
| | is that many of the apartments for sale
|
| two potential buyers to call into their
| |
| | have been rented out for the weekend, and
|
| offices.
| |
| | viewing is impossible.
|
| With good two bedroom apartments starting
| |
| | Even if an apartment hasn't been rented
|
| at over a million Euros, and penthouses
| |
| | out for corporate hospitality it would
|
| with Mediterranean views often over five
| |
| | take all day to get from one apartment to
|
| million and some of them over ten
| |
| | another. The Grand Prix is a great
|
| million, it can take just one sale to
| |
| | tourist event for Monaco, and some of the
|
| turn a bad year into a good one.'
| |
| | estate agents go away for a few days.
|
| Monaco's property price inflation has
| |
| | They won't be doing that during the Yacht
|
| often risen by over ten per cent a year
| |
| | Show!
|
