Where is it?

The Principality is located on the Mediterranean coast in the south of France, near the border with Italy.

What's so special about it?

Inhabited since the sixth century BC, Monaco has been ruled by the House of Grimaldi since 1297 and is under French military protectorate. Nestled on the French Riviera, it is a constitutional monarchy and city-state and is the second-smallest independent nation in the world, after the Vatican City. It is a member of the UN, but not the EU - although it has close links with France and uses the euro. Monaco is also well known to sports fans for its Formula 1 Grand Prix, which has become one of the circuit's most exciting and glamorous races since it began in 1929.

Best kept secrets Monaco holds the record for being the world's most densely populated country, its bank deposits exceed Euro11.5 billion and it is rumoured to be home to the most millionaires per capita in the world. Its natives are also in the minority making up only 16% of the small population, with 125 other nationalities making up the cosmopolitan little state.

Those that live here, while being rich, are also quite old with the average age of a resident approximately 45years-old.

Who lives here?

Monaco and its casinos and marinas are packed with celebrity residents, such as Roger Moore, Pavarotti, Shirley Bassey, Ringo Starr, Karen Mulder, Eva Herzigova, Easyjet owner Stelios Haji-Ioannou and drivers Jacques Villeneuve, David Coulthard and Jenson Button.

What's the property market like?

While recent results report Monaco to be the most expensive European city in which to buy an apartment this is because many superrich buyers want to buy in the Principality so they can obtain residency and benefit from the tax-free status. Therefore while property is expensive, it is cheaper in the long term when you factor in the savings on taxes. In general property prices in Monaco have risen by approximately 10% over the last few years and demand is expected to continue.

How do you go about buying property?

For sourcing information on Monaco property the Department for Economic Expansion undertakes a study titled "Observatoire de l'Immobilier" [property watchdog] each year, but its findings are published in French. For local knowledge good places to start are the InsideMonaco website, The Monaco Times and Riviera Radio, which is an English language newspaper and radio station respectively.

Reliable agents can be found by consulting the Association of International Property Professionals or Overseaslist. com. Buying in Monaco is straightforward and open to foreigners.

Once you obtain a notary that speaks English you can make an offer on a property, sign the contract and obtain the deeds. A deposit of 10% is usually then given when the contract is signed. It is best to also obtain the services of a lawyer, possibly through an organisation such as PLAN [Property Lawyers Abroad Network]. Finance can be obtained through the more than 40 banks in Monaco, the best being UBS. Be aware that many Monaco banks require a minimum deposit of Euro300,000 when opening an account. Property purchase costs can be expensive and as high as 11%.

Where are the best places to buy?

Monte Carlo is the prime residential location and the most prestigious areas are the famous Place Du Casino and the Carre D'Or [Square of Gold], where demand and prices are the highest. Properties close to the Formula 1 route are also considered prime locations. The area around Fontveille is much more economical and the new island off the coast is expected to have some economical areas.

Monaco-Ville is the historical area where property is older and cheaper, Condamine is where the workers live and Jardin Exotique is up the hills and again much older and cheaper [by Monaco standards anyway! ].

What's the rental market like?

People who buy in Monaco are usually looking to obtain residency. However while tourism and demand is high and rents are reasonable, rental yields are proportionally very low compared to the rest of Europe because the initial outlay and costs are expensive. On average the yields that can be expected are approximately 2.5%.

Because the market is so strong the laws in Monaco are very landlord friendly and landlords are free to set rents at market rates and conditions.

What's the resell market like?

With such high demand for properties in general and a lack of space, resell properties sell well, especially in prime locations in Monte Carlo, by the marina and near the F1 route.

What type of property is available?

The majority of properties available are apartments ranging from studios to penthouses. There are some townhouses and villas available but these are not very common and likely to be highly expensive.

Average property prices?

Prices are not for the fainthearted and range from just under Euro1m for a small apartment near the centre to Euro3m-Euro5m for a two-bed apartment near the harbour with a good view.

What are the tax breaks with Ireland?

In Monaco there is no income tax, no tax on rental income, no capital gains and no inheritance tax. However if you are not a resident and still live in Ireland you are required to inform the Irish Revenue of any earnings.

FAST FACTS Getting there: Aer Lingus "ies from Dublin and Cork to nearby C�te d'Azur International Airport in Nice and there is a regular helicopter shuttle service to Monaco's heliport at Fontvieille.

Area: 1.95sq km Population: 32,543 Currency: Euro Weather: Mild and sunny, with average temperatures from 8�C to 26�C Transport: Monte Carlo is linked by train to Nice, Cannes, Menton and Ventimiglia in Italy. There are also regular and inexpensive taxi and bus links to Nice and while the best methods are either by foot or scooter, the real way to get there is by private yacht and dock in Port de Monaco!

Going out: The Palace, the Jardin Exotique and the world renowned oceanographic museum are must see spots. Over 21-year-olds must visit the Monaco Casino just to see the Euro500,000 chip. In Monaco a tour of the F1 track is essential and here Champagne is almost considered the national drink!

Eating Out: Monaco is adorned with "ne [and expensive] restaurants, the best being Cafe de Paris near the casino and along the waterfront by Port de Fontvieille.

Shopping: Shopping is very expensive but most of the big "bling" brands such as Cartier, Bulgari, Christian Dior, Louis Vuitton, Burberry and Chanel are located near The Casino Square.

USEFUL CONTACTS � Embassy of Ireland in Paris (handles diplomatic representation for Monaco): 00331-4417 6700;

www. embassyo"relandparis. com � Irish Honorary Consultat in Monaco: 00377-93 15 70 00 � Guide to Monaco: www. monte-carlo. mc � Government of Monaco: www. gouv. mc � Association of International Property Professionals: 0044-20 7409 7061; www. aipp. org. uk � Property Lawyers Abroad Network: www. plani. net � Overseas List: www. overseaslist. com � Monaco Tourism Board: www. visitmonaco. com � Monaco Private Banking: www. monaco-privatebanking. com � Monaco News: www. insidemonaco. com � The Monaco Times: www. mctimes. com � Riviera Radio: www. rivieraradio. mc