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