Property prices in Monaco have overtaken London for the first time…
The main factor driving property price growth in the principality is a "hideous shortage of homes on the market," says Mike Braunholtz of Prestige Property . Only a few hundred apartments are on the market at any one time.
Plans are in place to try and overcome this shortage of properties by constructing a new island, comprising an area of 275,000 square metres, off the coast of Monte Carlo. The project is earmarked for completion in 2017.
Anyone buying property in Monaco will have to pay closing costs of around 11 per cent, which covers notary fees, transfer costs and stamp duty.