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