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