Monaco Property

Whilst property prices in most of Europe have been in the worst slump in many years a recent article claims that a survey shows that Monaco prices have risen by as much as 30 per cent this year.

The reason for this is given as twofold :

• high tax rises in the UK leading to wealthy individuals looking to move offshore
• the broadband age and lack of currency controls has made relocation for tax reasons much easier than for any previous generation.

Whilst I do not agree with all the statistics in the article it is certainly true that Monaco is enjoying an influx of UK tax exiles who can these days run their businesses easily from anywhere with a good broadband connection and this must have an effect on the local property market.

I did however read recently in the Monaco Matin (local newspaper) that property transactions in the Principality were down 34% in volume on the previous year, and the general impression talking to people in the street is that rental prices are coming down.

Read the whole article at Monaco Property Prices

Watch this space!

Damian

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