Rising of property prices in Monaco
Revealing their thoughts about European property for 2007, Knight Frank placed Monaco among a list of 7 European countries anticipated to see property inflation of ten per cent and more. Indeed they see a rise in property prices is the tax haven of Monaco. Studio apartments are already at over US $1,000,000, but Monaco property prices could still rise steeply in the next couple of years, and Europe’s favorite tax haven could be out of reach for some millionaires according to a local travel guide. Different recent surveys have all been good indicators for Monaco, showing more people likely to apply for residency and buy property in Monaco. Buyers from the UK in particular are expected to rise in number. One survey says that the number of millionaires in the UK will increase four fold in the coming years, and the UK has become a very important market for Monaco real estate recently and will boost prices as the demand feeds through. Another survey coming out of the UK predicts that house prices will rise by 70 per cent over the same period. Inheritance tax in the UK is a big issue as many more people are above the government threshold due to their house price, and in Monaco there is no inheritance tax, which gives an added incentive for some to move to a tax haven.