| Monaco is preparing for the 2007 Grand Prix, with | | | | contributing to Monaco's vibrant economy, with |
| some noticeable changes compared to previous | | | | many visitors making day trips from neighbouring |
| years. | | | | France and Italy at other times of the year. |
| Always a social highlight, with celebrities and top | | | | 'The Monaco Grand Prix plays a part of course', |
| business people packing into the principality for the | | | | comment YourMonaco, 'but many tourists want |
| weekend, the 2007 Grand Prix will be the first for | | | | to see what it is really like to be in Monte Carlo, |
| many years without previous winner and leading | | | | the millionaire's playground. Monaco hotels enjoy |
| driver Michael Schumacher taking part. | | | | high occupation levels despite the day trippers |
| Significantly the F1 sponsors are changing too, | | | | though, as so many business people are in |
| with tobacco companies no longer the main | | | | Monaco for two or three days'. |
| sponsors of the teams. | | | | Property prices in Monaco are among the highest |
| In their place step finance companies such as ING, | | | | in the world, with one bedroom apartments after |
| the Dutch financial services company, who are | | | | closing costs starting at around a million Euros. |
| sponsoring the Renault team. ING will also be | | | | It's thought unlikely that the new island to be built |
| sponsoring the Australian Grand Prix. | | | | off Monaco will reduce prices much overall despite |
| In addition to ING other finance and banking | | | | the increase in the number of property units |
| companies stepping into the Monaco Grand Prix | | | | available as Monaco property is always in demand. |
| are the Spanish bank Santander, who recently | | | | A Monaco property company believe that most |
| acquired Britain's Abbey National and the Royal | | | | new apartments will be sold to investors off plan |
| Bank of Scotland who will be involved with the | | | | well in advance of any building work starting. |
| Williams team. | | | | 'The problem with property in Monaco is not the |
| 'Not so long ago Monaco's Grand Prix weekend | | | | lack of buyers', they say, 'but more the lack of |
| was full of tobacco company executives with the | | | | good properties for buyers to choose from. |
| cars and advertising hoardings reflecting that,' | | | | Hopefully the new island will address that. |
| comment a Monaco travel guide, 'But with EU and | | | | Everyone in Monaco is aware of how important |
| other government legislation stopping that the | | | | the environment is thanks to Prince Albert's |
| world of Formula One have had to look elsewhere | | | | initiatives in pushing it up the political agenda, and |
| for sponsorship - and they have done that very | | | | any new developments will be low rise. With the |
| successfully'. | | | | good weather in Monaco expect to see plenty of |
| The major change in the race itself will be the | | | | solar panels on the roofs to make the buildings |
| absence of former world champion Michael | | | | energy efficient'. |
| Schumacher, who retired at the end of this | | | | It is possible that the new island will be |
| season. Schumacher was involved in several | | | | incorporated into future Monaco Grand Prix, which |
| incidents at the Monaco Grand Prix over the | | | | could give more overtaking opportunities. |
| years, making the event an even more colourful | | | | During his first year Prince Albert has successfully |
| one for spectactors. | | | | made the people of Monaco aware of global |
| Monaco Economy | | | | warming and taken steps to combat it, and for |
| Along with the banking and finance sectors | | | | his second year and beyond he is likely to be |
| sponsoring the teams at the 2007 Monaco Grand | | | | campaigning just as hard at home and abroad on |
| Prix, tourism also plays a major part in | | | | the issue he believes in so much. |