The reason why I'm considering a purchase is for the purpose of diversification. I have too much cash at the moment and the exchange rates currently favour a euro based investment. A portion of my cash holdings is now giving me close to ZERO returns with no hedge against inflation whatsoever so any sound property investment is better than the status quo.
I'm not too worried about the ROI. Space in Monaco will always be limited and property values can only go North in the medium to long term.
However, the idea of a long term lease in the hotel you mentioned sounds like a good idea for the first year or so. Thanks for the info.
I see where you are coming from. But you should consider the fact that properties in Monaco are leaseholds. This means you'll never actually own the property like a freehold property. At the end of the lease' term, the feudal lord will either demand that you pay another 99 year lease for example like in Sinkieland or he'll take back the property. This is mostly the case in Europe where dynastic wealth is in the hands of the very few feudal lords. That's why so Ang Mohs peasants from Europe in the past migrated to USA, Canada, OZ, and NZ to free themselves from slavery.
Make sure to buy a property with a long lease period still remaining and you can sell it at a profit before the leasehold expiration date gets too close. I know it's a gamble but that's how property investors should deal with leasehold properties.
The name of the real estate agency is Cabinet P Palmero. This link provides their contact info:
http://monaco.angloinfo.com/afdetail.asp?Rec=5386
I tried to visit their website but it is no longer available. They used to have an office at the ground floor of Fairmont Monte Carlo Hotel.
