| Grand plans were in place for Monaco a couple of | | | | plans for an island off Monaco are in the pipeline, which |
| years ago - a new island reclaimed from the sea was | | | | will give the Principality more space, including a financial |
| to be built, and would house apartment buildings to add | | | | area and more property for sale in Monaco via new |
| to the overall availability of property for sale in Monaco, | | | | apartment buildings. |
| offices and a new museum. | | | | The initial proposals are for it to be off Fontvieille, one |
| But it all came to a crashing halt as the global | | | | of the five districts that make up Monaco, and |
| recession hit, and it had to be announced that the | | | | Fontvieille itself is built on land reclaimed from the sea, |
| project - affectionally dubbed Princess Grace Island by | | | | so Monaco does have a history of success with this |
| locals - was to be put on the backburner with no | | | | kind of project. |
| dates announced for when the project would get | | | | The financial area would hopefully attract more of the |
| underway. | | | | Hedge Fund business leaving London, and often |
| The original project was open to competition, and for it | | | | relocating to Switzerland, while some of the existing |
| to stand a chance to be chosen the enviromental | | | | banks in Monaco would move office there, creating a |
| impact on the Mediterranean had to be taken into | | | | finance and commerce district. |
| account. | | | | With just a square mile to its name, property has |
| Two of the world's best architects were in the running | | | | always been an issue for Monaco, with demand |
| to win the contract before the project was cancelled. | | | | pushing prices up to the extent that Princess Grace |
| Sir Norman Foster, whose successes include the | | | | Avenue was the most expensive residential road in |
| German Parliament building, and Daniel Liebeskind. | | | | the world last year - Monaco's tax haven status |
| Included in the plans were thought to be some new | | | | ensures demand is pretty continuous with many |
| Monaco hotels. | | | | people looking at real estate and property for sale in |
| The brief to the bidders for Princess Grace Island was | | | | Monaco. |
| that it had to be environmentally friendly, and it is | | | | Property prices range in value, but typically a one |
| thought that this would have added considerable costs. | | | | bedroom apartment would start at around 2 million |
| Sustainable perhaps during the good times, but | | | | Euros, and two bedroom two bathroom ones with |
| economically out of the question when Western | | | | good views would be around 4 million, while a really |
| Europe and the US were looking financial catastrophe | | | | good one with Monaco Grand Prix and harbour views |
| in the eye. | | | | are sometimes over ten million Euros - a new district |
| Prince Albert is well known for his interest in protecting | | | | would help perhaps keep prices from rising a lot more, |
| the environment, not just in Monaco but globally, and | | | | depending upon demand. |
| one campaign he is currently supporting actively for | | | | Although it might be in a different area, locals will be |
| example is the banning of bluefin tuna fishing. | | | | hoping that the Princess Grace Island name will be |
| But as the world's economy has stepped back from | | | | retained. |
| the brink and a fragile recovery has taken place, new | | | | |