Hamptons opens Monaco office

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by Gill Montia

Estate agent Hamptons International is opening an office in Monaco, the well known tax haven and second-smallest independent state in the world.

The move is a joint venture with Capital Real Estate, one of the leading residential agencies based in the principality.

The new office will be located at Impasse de la Fontaine and will cover an area from St Tropez in the south of France, to Monaco.

The business will focus on high-value houses and apartments and instructions from clients making premium investments.

The majority of Monaco’s residents are wealthy immigrants, principally from France.

The property market is described by Hampton’s as extremely buoyant, with recent years producing an unprecedented rise in the demand for residential property, and subsequent price increases.

The upmarket estate agents expects factors such as climate and the principality’s tax regime, which excludes income and capital gains tax, to continue to fuel growth in property prices.

The new branch will be headed by Jean-Luc Portos, a property agent with over 30 years experience in the region, who points out that, while Monaco is actually smaller than Hyde Park, it has a reputation for being one of the best places to invest in the world.