Great article from the Times Newspaper last week, focussing on the Monaco property market, just in time for the world famous Monaco Grand Prix.
The article includes quotes and properties from Home Hunts, including the following:
Tim Swannie, the founder of Home Hunts, a buying agency in France and Monaco, says: “A lot of people bought a studio and then something in France for the family. They can’t do that any more. The tax benefits are the main reason people buy here — Monaco has not charged income tax to its residents since the mid-1800s.”
There is more to Monaco than tax breaks though, he says: “Residents also benefit from living in one of the most secure places on the planet, with more CCTV and police officers per head than anywhere else in the world. The principality is beautifully maintained — aside from the sight of burnt rubber on the tarmac, there’s no litter and no graffiti. There is wonderful weather, a great international school, amazing restaurants and bars, superb shopping, nice beaches and friendly locals . . . Not to mention having the French and Italian Rivieras on your doorstep and skiing in the French and Swiss Alps just behind.”
Buyers can be demanding, though. “A lot want views of the [race] track because rental-wise you can make a fortune during the grand prix. They will pay premiums of up to 50 per cent to live near the start or finish lines, or overlooking the famous Fairmont hairpin bend,” Swannie says. “Most want two or three bedrooms, but they also want a garden and pool. There just isn’t the space for that in Monaco.”