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recently by an online specialist wealth company - Princess Grace Avenue in Monte Carlo, close to Casino Square, where four bedroom apartments were changing hands for US 40 million dollars in the summer earlier this year.

But could Monaco be about to experience sharp price falls? And can it stay top of the real estate price league?

Yes - and yes, according to Monaco property company Tribune Properties.

'For the first time in a number of years owners are putting their Monaco properties on the market and saying they are prepared to negotiate on the asking price - with some indicating straight off that they would consider offers ten per cent below what they might have expected to achieve early and mid 2008.'

And as well as indications that Monaco property is likely to come down in price for 2009, Tribune Properties say they know the day when the Monaco market peaked, and the day estate agents' telephones stopped ringing in Monaco.

'The Monaco property market peaked Friday September 12 2008 - and the telephones stopped ringing in Monaco estate agent offices Monday 15 September when Lehman Brothers went bust', say Tribune, 'And the number of properties coming on to the market for sale started increasing significantly from the first week of October.'

There has been a serious shortage of property coming to the market in the last three years, and with demand for Monaco property as high as ever and supply low, prices have escalated to overtake London as the world's most expensive real estate.

'But whether the new flow of properties will be enough to drop Monaco's prices below London's and other prime destination prices remains to be seen', conclude Tribune, 'If Monaco's competitors drop too the tax haven could remain having the most expensive real estate for 2009 as well. We predict Monaco will drop from being number one in 2009.'

Longer term the shortage of properties in Monaco was going to be addressed by a new island due to be built just off Monte Carlo, but the project has now been abandoned due to the current economic circumstances. The island was to have a mix of housing and new Monaco hotels

So the shortage of property that spurred the Monaco property price rises could well become a factor again when the economy recovers.

Property in Monaco that has just come on to the market include a 175m2 3 bedroom 3 bathroom apartment with a 60m2 terrace in Fontvieille Village for 11,850,000 Euros. And in Monte Carlo in Mirabeau, with both Mediterranean and Casino Square views, a 15th foor 164m2 apartment at 17,000,000 Euros.

It remains to be seen if these multi-million prices are sustainable for 2009.

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