Monaco Property Rises As UK Buyers Fly In
Riveria tax haven Monaco attracted the new rich Russians a decade ago, but now it's the British - using conventional banking methods and with it a degree of respectability - who are investing in Europe's top tax haven.
While the British have been players in the region for nearly two hundred years, with Nice just along the coast being a favourite resort of the genteel Victorian English - in recent years the British have held a presence in Monaco, but now they're back in numbers not seen for over a century.
The new wave of British buyers is welcomed by Monaco real estate agents as their funds are more likely to be legitimately earned, while some of the 90's Russian cash was often a little suspect.
'Things have changed since the 90's when the Russian mafia were the big players in town', explains a Monte Carlo property agency, 'Then it was easy to put a few million cash down for a property and not have questions asked. In the last few years the banks have really tightened up due to government pressure because of the 'war on terror' and tracking money from illegitimate sources. Estate agents in Monaco know that the chances of a British buyer being able to show the source of their money as legitimate is very high'.
With quite ordinary one bedroom apartments at just under a million Euros, and a typical three bedroom apartment at over three million Euros, property prices have more than doubled in Monaco in the last ten years.
In the past Monaco property buyers have often been retired sixty-somethings, staying away from their home country to avoid the taxes that come with selling their business. But today's Monaco buyer is just as likely to be in his mid thirties or forties as they are in their sixties, with the middle age British leading the way.
'A few years ago around one in ten enquiries we were receiving were from the UK', the agency continue, 'but now it's virtually four in ten - a significant shift in the nationality of Monte Carlo property buyers.
The buyers have often made their money from one of three sources. The traditional company owner with a bricks and mortar business who has sold up, but also younger entrepreneurs, some of whom have made money in e-commerce. A significant number of buyers from the UK have worked in the financial sector, invariably in the City of London. We see a lot of futures and commodity brokers who are on high million pound and more salaries with annual bonues to match.
Some British buyers continue to trade or run their businesses from Monaco. Nice Airport is a ten minute helicopter ride away, and the City of London can be just three hours away from their Monaco property with the right connections. With some clever accounting thrown in, today's technology enables people to manage their UK business from Monaco in a tax free environment'.
Hotel de Paris Monaco
A loca Monaco travel guide YourMonaco.com has also noticed more Brits on the streets of Monte Carlo.
'The British have arrived in Monaco in numbers recently. The ones I have spoken to have recently sold their business or are on very high salaries with million pound and more annual bonuses. I would like to think they are coming here for the Monaco weather, but of course it is for the tax environment we offer -and of course the Monaco Grand Prix.'
In recent years the British economy has consistently been one of the strongest in Europe, and with a top rate of income tax cut a decade ago to forty per cent the wealthy have become wealthier - and want to stay that way.
'Despite the top rate of tax coming down to forty per cent, by the time other direct taxes such as National Insurance are taken into account around half of top earners salaries are - as many of the Monaco property buyers from Britain see it - being lost to the Inland Revenue. By moving to Monaco they effectively double their disposable income.
When you go to hotels in Monaco and see a couple with estate agent details on the table and a map of Monte Carlo with various places highlighted, there's an almost even chance that they will be British. A lot more than just a couple of years ago. They like Monaco, the security, the tax advantages and the closeness to London'.
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Flights to Monaco and details about the Hotel de Paris Monte Carlo can be found at YourMonaco.com
Rebuilding commercial real estate in Rajarhat
WITH well-recognized commercial destinations including Park Street, Chowringhee Road and Camac Street, its time for the IT/ITes business sector to add to the growth of the City of Joy, Kolkata.
The realestate sector is going to be set up at Sector V and Rajarhat, while corporate office demand is more subdued in and around Park Street. However, the Park Street is not likely to loose its relevance but will accomplish signs of a prospective change.
Even rental values have appreciated rapidly due to large-scale commercial developments with Rs. 43 in Salt Lake and Rs. 45 in Dalhousie Square, which was once known as the bustling epicenter of English colonial and trade. However, the most surprising rise has come in the rentals of Park Street, where the values are believed to be 63% above last year.
With SEZs, IT Parks, hotels, retail malls and commercial complexes, Rajarhat has everything you would expect of a much larger place. At every step you take, you will feel the tremendous influence this location exerts. Undoubtedly, this well balanced approach adds to the possibility of commercial office demand shifting along with giving a boost to residential property requirements. Park Street remains the most happening place in the whole of Kolkata where substantial contrasts emerge. Perhaps, this is what going to help this place and its adjacent locations to come out as retail high street locations.
The government will also provide funding for the development of Rajarhat and is all set to invest in infrastructure and its accessibility. The prospects for a complete makeover of the city seem to be brightened. The fast flourishing city will soon have better road connectivity through the proposed outer ring road starting from Barasat Bypass in the north to National Highway 117 at Shirakol in the south.
As these changes take place, the banking and insurance sectors will continue to drive demand in the CBD. Drop in new stock as well as low vacancy rates will bring about a rise in rental and capital values.
About author
By Suraj Kumar Singh is an associated editor to the website http://www.indianground.com India Properties .Indian Ground is dedicated to explain all your related queries for buying residential properties with the latest news updates on commercial properties in Kolkata. Your feedback will be highly appreciated at "kumarsingh.suraj@gmail.com".
K.A.D. Alliance adds IDX Search Tools to Real Estate Website
EUGENE, ORE. - Eugene based IDX, Inc. today announced the addition of K.A.D. Alliance to its suite of real estate based search applications online. K.A.D. Alliance now uses the latest version of IDX Broker to display and completely integrate Multiple Listing Service (MLS) listings on its website. This allows K.A.D. Alliance to retain leads generated from direct traffic, rather than losing out to the listing broker through the use of traditional framed MLS search tools.
The IDX Broker application provides agents, brokers and other real estate professionals with the tools needed to create a competitive advantage in a growing real estate market.
The objective in developing a website with an integrated MLS data feed was to generate new leads at a low cost for the client. With automatic email announcements, custom client home views, and advanced admin and integration controls, K.A.D. Alliance’s clients now have access to the entire MLS listing database on its website.
Additional benefits of using IDX Broker Pro include the ability to automatically create featured listing pages, check the status of new MLS listings and generate automatic emails 24/7.
About K.A.D. Alliance
Established in 1979, K.A.D. Alliance boasts trained real estate professionals who pride themselves o¬n customer satisfaction. Expertise, knowledge and excellent research capabilities give K.A.D. Alliance the ability to build a solid, long-term relationship with each client.
About IDX, Inc.
Headquartered in Eugene, Oregon, IDX, Inc. is a leading provider of web-based applications for real estate professionals throughout the U.S. IDX, Inc. offers two primary applications: IDX Broker and SLM Pro. IDX Broker allows individual real estate agents and brokers to integrate listings from their Multiple Listing Service (MLS) seamlessly into their own real estate website. This integrated IDX data feed allows agents and brokers to generate and manage leads online from all listings in their respective area of specialty. SLM Pro is a Sponsored Listings Management marketing program that assists businesses with the complex task of creating and managing a dynamic online marketing plan. SLM Pro uses a unique approach to online ad placement that maximizes the overall reach of a user’s website, while delivering relevant and targeted traffic efficiently. For more information about IDX, Inc. services and products, please visit http://www.idxbroker.com or call (800)421-9668.
