Hamptons expands into Monaco

Estate agent Hamptons International has announced it is opening an office in luxury principality Monaco.

Hamptons - a subsidiary of Emaar Properties – will open the office as part of an affiliate agreement with Capital Real Estate (CRE), one of the leading residential agencies based in the city state.

The office, located at Impasse de la Fontaine, will cover the territory from St Tropez in the south of France, across to Monaco and will concentrate on the buying and selling of high end houses and apartments in the region.

There will also be a focus on premium investment instructions.

The new branch will be headed by Jean-Luc Portos who has over 30 years experience in this region.

The territory lies on the northern coast of the Mediterranean Sea and is completely enclosed by France.

Often regarded as a tax haven, many of Monaco's inhabitants are wealthy and from foreign countries (principally France).

In terms of property, Monaco is also an extremely buoyant market.

Over the last few years it has witnessed an unprecedented increase in both the demand for, and the price of, residential property.

This is a trend that shows no sign of abating, driven by a variety of exceptional factors, and as a result, provides excellent growth opportunities, argue Hamptons.

"Monaco covers just 1.95 square kilometers - making it smaller than Hyde Park - however, the Principality has experienced phenomenal growth over the past two years," said Mr Portos.

"Factors driving this growth are many, including its position, climate and, very importantly, the absence of income or capital gains tax.

"There are no restrictions on owning property in Monaco and today it has a reputation for being one of the best places to invest in the world."

Chris O'Toole