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MIPIM News

Extensive coverage from this years and last years global property market MIPIM, that took place in Cannes in March. Exclusive video report, News, Blogs, an interview with leading architect Norman Foster and reports on London Mayor Boris Johnson's visit. With the global property market in turmoil, find out what the experts predict.

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British holiday homeowners in France to be hit by new tax  telegraph.co.uk 23 May 11 Around 200,000 British holiday homeowners in France are to be charged a new tax that could cost thousands of pounds a year. The property tax, which is due to come into force next year, is due on any home which is rented out for part of the year. To calculate the amount owed, the French government estimates the value of the annual rent the property could generate - the valeur locative cadastrale - then charges the owner 20% whether or not it is ever actually rented. Two taxes already exist: the taxe fonciere, which is paid by the person who owns a house; and the taxe d'habitation, which is paid by those who live in it. Clare Brown, of the British Association of the Var said: "There is a strong feeling among the French legal profession that this new tax will be challenged in the European courts and will not, therefore, be applied next year as proposed." Andy Bloxham/Henry Samuel.

Illicit construction economy targeted in the Var  francesoir.fr 14 May 11 After months of investigations and observations into the construction of 120 villas around Pourcieux in the Var, investigative agencies have succeeded in identifying suspected fraud. Police, regional companies, consumer protection organisations, unions and Ursaaf - collaborated in a broad monitoring operation. The employment of illegal aliens, false unemployment claims and work undertaken by unregistered companies were amongst the infractions uncovered by the investigators. Gilles Carvoyeur.

Vincent Tchenguiz puts Saint Tropez villa on the market for £25m  telegraph.co.uk 08 May 11 The elder of the Iranian-born business brothers has appointed Knight Frank to sell the property, Villa Symphonie, in Saint Tropez. A spokesman for Mr Tchenguiz said that it was "simply a case of good timing because there are lots of Russians looking to buy villas". The sale is the latest move in a radical reorganisation of the assets of Vincent Tchenguiz and his brother, Robert. The Tchenguiz brothers were arrested in March as part of investigation into the collapse of Kaupthing, the Icelandic bank.The brothers were released without charge and they deny any wrongdoing. Louise Armistead.

Foreigners second homes to be taxed at 20%  lexpress.fr 05 May 11 French tax authorities have announced a 20% tax on the rateable value of second homes held by foreigners in France and French expatriates to offset a decline in tax revenues. It would be calculated on the same basis as the property tax, on the registered rental value, less an allowance of 50%. It would be in addition to property and residence taxes, but would go directly to the state and not local coffers. Expatriates who are abroad for professional reasons will be exempted. It will likely affect the property market. In some regions, mainly in the south and in some neighbourhoods of Paris, foreigners are sometimes more than 20 to 30% of buyers. There are also questions about whether this tax complies with the rights of EU citizens. Robin Massonnaud.

Pitt & Jolie begin renovations on their $35m French mansion  dailymail.co.uk 05 May 11 Hollywood's golden couple have recently begun extensive renovations on their vast French property, Chateau Miraval. New photos show the house alterations are well underway with almost the entire main house covered in scaffolding and various building materials scattered across the grounds.  Brad, an architecture enthusiast, is said to have been spending most of his time at the property overseeing the project. Château Miraval is situated in Provence and classified as a Historic Monument. It is located in Brignoles, not far from the city of Aix-en-Provence.

SBM to increase its luxury residences  tourmag.com 04 May 11 Monaco's Societe des Bains de Mer has decided to increase its offering of upscale residences, with new suites at the Balmoral (pic) and the construction of three large villas in the Monte Carlo Bay Resort. In December the SBM will take delivery of 5 large  luxury suites at the Balmoral as a type of annex to the Hermitage Hotel. In October, the construction of three large villas (400-500 m2) will commence alongside the Monte Carlo Bay Resort. Plans to redevelop the Sporting d'Hiver also include plans for luxury residences. In 2010, revenues from luxury residences generated a turnover of over €10 million. Michel Bovas.

Prefect accelerates Roquebillère evacuation plan  nicematin.com 27 Apr 11 Nearly 200 residents of Roquebillière are threatened with eviction. The village inland from Nice suffered a mudslide that killed 19 people in 1926. Now, the Alpes Maritimes prefect Francis Lamy said Tuesday that he is in Paris to initiate action to evacuate nearly 200 residents, all vehemently opposed to such a measure. State representatives intend to leave all options open by pursuing technical studies. A survey in June will examine the soil down to 100 meters to reveal the condition of houses spared by the tragedy of 1926. It is hoped that the survey will substantially reduce the scope of the proposed evacuation.

Villefranche renovation Yorkshire style  yorkshirepost.co.uk 25 Apr 11 This villa on the French Riviera is a luxury holiday home with “ooh la la” thanks to a truly Yorkshire renovation. “I work with a fantastic builder on projects in England and so I really wanted him to do the job. Fortunately, he agreed. I did look at hiring French builders but the cost was off the scale. The quality of French workmanship is good but they are twice as expensive, partly because of the high taxes they have to pay,” says Graham, a businessman and property entrepreneur. “It is in a small gated community above Villefranche-sur-Mer, between Nice and Monaco, with magnificent views.” Sharon Dale.

Mon Dieu! Prices Rise on the French Riviera  nreionline.com 22 Apr 11 The average price for a luxury property on the French Riviera, including apartments and villas, has risen by 0.27% since March, according to Estate Net France SARL Research Division in Mouigns, France, a real estate brokerage and services firm. The number of properties coming onto the market rose 5.2% from March to April, Estate Net France reports.  The average price for luxury property on the French Riviera rose from 2,222,818 Euros in March to 2,228,923 Euros in April. However, the properties are still a relative bargain compared with the peak of the cycle in 2011 to date. In February, the average price reached 2,346,370 Euros, or $3.4 million. Denise Kalette.

Quinlan’s Riviera dream home is now Barclays' nightmare  independent.ie 17 Apr 11 God has ways of telling you that you have too much money. But what is he trying to tell you as you splash out €100m on a house on the French Riviera? That's what former Revenue Inspector-turned-financier Derek Quinlan paid for Villa La Carriere, his stunning waterfront villa in the über-exclusive town of St-Jean-Cap-Ferrat at the height of the property boom. Perhaps it made sense then to Mr Quinlan, and to his bankers at Barclays Bank, who according to documents lodged with the Land Registry in France loaned him a total of €64m for his dream home on the Cote D'Azur.

Villa Leopolda: Prokhorov loses property battle  lefigaro.fr 15 Apr 11 The Court of Appeal of Aix-en-Provence confirmed the loss by the Russian billionaire Mikhail Prokhorov of his €39million deposit over his aborted purchase of villa Leopolda in Villefranche. The Russian oligarch had offered €390million just under three years ago, then retracted. Prokhorov called for the return of the deposit paid in July 08, from owner Lily Safra. However, the Russian businessman will not admit defeat yet, "We will certainly lodge an appeal, "said Mr. Christophe Reille, the billionaire's French advisor. Aliette de Broqua.

G20: Eden Roc stays shut for Obama  nicematin.com 10 Apr 10 The hosting of Heads of State and their delegations at the G20 in Cannes on 03-04 Nov 11, has its logistical problems. The White House wanted to accommodate U.S. President Barack Obama at the Hotel Eden Roc Cap Antibes. But the palace is closed from mid-October to mid-April and declined to open its doors for the occasion. Moreover, according to our information, the delegation led by Russian President Dmitry Medvedev will finally be allowed in the château de la Craoë of billionaire Roman Abramovic, a stone's throw from the Eden Roc.

Monaco, Saint Tropez, Cannes ... the crazy prices of luxury real estate  capital.fr 06 Apr 11 Do house prices in Paris make you feel dizzy? If so brace yourself. In Monaco, prestige properties are currently trading  at around  €46,000 per sqm on average. The Principality has the highest real estate prices in the world, according to an annual study of the British consultancy firm Knight Frank. In Cap Ferrat (3rd highest in the world), allow an average of €38,200 per  sqm for high end properties. The prices also beat a record  in St. Tropez  (€28,600)  and Cannes (€22,323), respectively 4th and 7th in the standings. "On the Croisette, close to the Carlton, a Russian has just spent €17 million for a loft of 500 sq m ... where there is everything to renovate," says Thibaut de Saint-Vincent president of the Barnes France Agency that  specialises  in upscale properties.

Brangelina extreme makeover  itn.co.uk 02 Apr 11 Brad Pitt and Angelina Jolie are reportedly giving their $56 million property in the south of France an extreme makeover. The couple are modernizing their 17th century estate, which is located in the French Riviera, with new amenities. The estate has a swimming pool, billiards room, indoor pool, his and hers gyms, sauna, jacuzzi and a huge banquet hall. The local area is also well known for its wines, woods and vineyards. Construction is well underway on the 35 bedroom Chateau Miraval estate, and the celebrity couple plan on moving in this summer with their whole family.

Lebanese buyer is toast of Cannes  propertyweek.com 01 Apr 11 Morgan Stanley Real Estate Funds (MSREF) has sold a €450m portfolio of hotels that includes the famous Carlton in Cannes, to the reclusive Lebanese businessman who once owned London’s Dorchester. Toufic Aboukhater, who lives in Monaco and has owned a string of famous European hotels, including the Grand in Monte Carlo, is close to completing the purchase from the property fund management arm of Morgan Stanley. The sale is part of the unwinding of the legacy of debt-driven deals undertaken by MSREF at the top of the market. Kat Baker/Mike Phillips.

Russians invest in Cannes real estate maville.com 01 Apr 11 The Russians who buy in Cannes are not all billionaires. CEOs and senior executives, also want to secure their assets in safe investments. While billionaires compete for lavish properties on Cap d'Antibes and Saint-Jean-Cap-Ferrat, other Russian citizens have joined them a bit more modestly byinvesting in the property market in Cannes. “This trend is confirmed more and more", says Michel Magrey, director of the agency Magrey & Sons on the Croisette. The agency recently sold a Penthouse duplex of 500 sq ft on the Croisette for €15 million, but the average investment in Cannes is between €1-3 million for an apartment, and €10-12 million for a villa. It is estimated that 100 Russian citizens own property in Cannes. P. Valet.

Dispute over ownership of Russian Cathedral in Nice back in court  lepoint.fr 31 Mar 11 The Russian federation and a local Russian Orthodox religious association, who both claim ownership of the prestigious Cathedral of St. Nicolas in Nice, reiterated their arguments before the Court of Appeal of Aix-en-Provence on Thursday. The court will make its ruling 19 May 11. In January 2010, the Tribunal de Grande Instance of Nice awarded ownership of the cathedral to the Russian Federation. The Counsel for the religious association says that their sustained and peaceful occupation of the building for 80 years is proof of ownership. AFP.

Overseas buyers returning to South of France property market  propertycommunity.com 31 Mar 11 The property market in the South of France has seen a flurry of activity so far in 2011 as buyers from around the world return to this popular second home location, according to specialists in the region’s real estate market. Home Hunts, an English-speaking specialist that searches for dream homes, said buyers are attracted by France being a stable place to live and buy property. It has buyers coming from the UK, Benelux, Scandinavia, Switzerland and Russia with also some buyers from the Middle East and China. The latest figures from Century 21, one of France’s biggest real estate agents, show that in the last 12 months property prices in Provence have increased 7.75%. Only Paris, Poitou Charentes and Languedoc Roussillon have seen higher increases. Ray Clancy.

Palais des Festivals de Cannes is being transformed  AFP 18 Mar 11 The Palais des Festivals in Cannes, a grey bunker reviled on its inauguration in December 1982, has began its metamorphosis. "I have been able to find an architectural character that has been lost these last 30 years," said architect François Druet. When he won the international competition to build a gigantic convention centre of 70,000m2, he imagined a building "more glamorous and polished", covered with white stone and glass. Now he has the chance to realise his dream by transforming the Palais. Catherine Marciano.

Villa Leopolda: Prokhorov/Safra dispute back in court  levif.rnews.be 17 Mar 11 Aix-en-Provence appeal court examined Thursday the dispute between Russian billionaire Mikhail Prokhorov and Lily Safra over the €39m deposit from the aborted sale of Safra’s sumptuous Villa Leopolda in Villefranche. The court will rule on 15 Apr 11. At a hearing 01 Mar 10, the court granted Lily Safra, widow of banker Edmond Safra, the €39m guarantee paid by Prokhorov. The Nice Tribunal also granted Ms. Safra €1.5m in damages and ordered the provisional execution of judgments. Prokhorov’s defence argued that the right of withdrawal for seven days had been denied. In summer 2008, Prokhorov agreed to acquire the villa for the record price of €370m, plus €19.5m for the furniture, before finally giving up his purchase. Read more about the story and view a video here.

Tchenguiz brothers arrest the talk of MIPIM  cityam.com 10 Mar 11 They came, they saw, they conquered – and then the Tchenguiz brothers were arrested by the Serious Fraud Office yesterday morning in connection with the collapse of the Kaupthing Icelandic bank. The dramatic raid at the property developers’ Mayfair HQ has been the talk of the MIPIM property fair at Cannes, where the brothers were due to host a glitzy party tonight aboard their yacht Veni Vidi Vici, currently moored in the harbour. The yacht has been closed off to visitors and the crew are remaining tight-lipped about the fate of their employers, who are currently detained in London. Harriet Dennys.

Property speed-date over canapes at MIPIM  reuters.com 08 Mar 11 The bigwigs of Europe's commercial property industry will hold court this week in Cannes to debate how far the stricken asset class has rebounded from recession, and the hurdles that remain. This year's MIPIM (Marche International des Professionnels de l'immobilier), from March 8-10, will be the industry's equivalent of deal-making speed dating, with the spectres of scarce debt, asset sales and red tape in focus. After more than three years of global financial crisis driven woes, the commercial property industry is still waiting for debt-heavy European banks to sell off distressed assets, easing inflated prices caused by high demand and low supply. Property investors such as real estate investment trusts, pension funds, sovereign wealth funds, private equity and insurance companies again have pots of cash for acquisitions. Andrew Macdonald.

Wall Street recovery leads to luxury property boom  themovechannel.com 08 Mar 11 Property markets in the US and Europe may be recovering at a generally slow pace, but there's one category that's rebounding faster than the rest - luxury property. Across the traditional high-end destinations in the international property market, agents have reported an increase in enquiries and sales for homes above the million mark, as stock market rebounds make the super-rich more secure in their income than they have been in several years. Across the pond, British estate agents Knight Frank have reported an increase in high-end enquiries within their overseas property sector with the Swiss ski resort of St Moritz, the Cap Ferrat area in the French Riviera and the Portuguese golfing haven of the Algarve as hot spots for luxury property investment in 2011. Sarah Kendell.

No Luxury Property Crisis on the French Riviera  stockmarketsreview.com 04 Mar 11 While the rest of the world chose the easy money route into sub prime lending, the French banks maintained their control over the French lending market. The result is a relatively stable property based economy, with little devaluation at the lower and middle market price levels for properties which fall into what can be described as "not uncommon". The French Riviera comprises a limited potential for development, strict urban planning regulations and all the advantages of a beautiful landscape, a sophisticated lifestyle, political and social stability plus a benign climate. Carlton International Press Release.

Signs of recovery in Antibes apartment market  partenaire-europeen.fr 21 Feb 11 There are signs of recovery for the Antibes property market, which recorded a rise in purchase applications, notably with older apartments. Antibes is experiencing significant momentum due to its large business park Sophia Antipolis. Thanks to excellent credit terms, the volume of transactions increased in 2010. However, buyers are very attentive to value with prices averaging between €3,400 and €5,300 / m². Comparitive prices in nearby towns are; Biot: 4.450 € / m²; Cagnes sur Mer: € 3,765 / m²; Grasse: € 2,665 / m²; Mouans Sartoux: 3.350 € / m²; Mougins: 3.950 € / m²; Valbonne: € 3,205 / m².

Brad and Angelina will call France home  ibtimes.com 21 Feb 11 Following in the footsteps of fellow mega-star Johnny Depp, who became a permanent French resident in the late '90s and owns a villa near St Tropez, it seems Brad Pitt and Angelina Jolie will also be setting up house in the country's scenic South on a permanent basis. Jolie and Pitt took out a three-year lease on a £35 million wine estate in the small village of Correns, near Brignoles, in 2008. After dividing their time between Los Angeles and the Cote d'Azur, the couple are now undertaking extensive renovations on the sprawling property and will move there permanently later this year. Sarah Kendell.

Grasse court defers sale of Charles Trenet villa  leparisien.fr 17 Feb 11 The court in Grasse decided Thursday to postpone until May 26, the auction of Charles Trenet’s villa on Cap d'Antibes. The decision came following agreement between the creditor bank of the singer's former private secretary, Georges El Assidi, former owner of the villa, and Florian Lang, who won it at auction in Nov 2009, but never paid. The private bank 1818 granted Lang a new deadline to pay, May 26. Failing that, the villa currently leased to the Charles Trenet Foundation, will be relisted. By Thursday morning, no potential buyer had come forward, perhaps because of the very bad state of the building. AFP.

Brad Pitt jets off to renovate £35m French château  dailymail.co.uk 04 Feb 11 Brad Pitt will leave Angelina Jolie in Los Angeles as he jets to France to work on the couple's £35m château. The Hollywood star and architectural enthusiast plans to oversee major renovations that are taking place at the sprawling property he and Angelina own in Provence. The couple obtained a building permit in 2009 to renovate the estate and now it looks like their plans are coming to fruition. The property, named Château Miraval, is situated in Provence and classified as a Historic Monument. It is located in a tiny village called Brignoles, not far from the city of Aix-en-Provence.

France Sees Real Estate Investment Increase by 40% in 2010  stockmarketsreview.com 03 Feb 11 Experts in real estate South of France attributed the strong growth last year to the improved financing conditions implemented by the French government to cushion the country's economic decline. Thanks to these measures the final quarter of 2010 saw those looking to invest in property for sale South of France were able to borrow more at historically low interest rates. With French mortgages hitting post war lows of 3.3% down from 5% just two years previously. Globally, German investors have been the strongest source of foreign investment, accounting for almost 20% of the total transactions of 2010. Second came the US with 6% whilst a recovering UK economy saw just 4% of all transactions. Carlton International.

Mayle saying au revoir to his house in Provence  irishtimes.com 27 Jan 11 British writer Peter Mayle, whose book ‘A Year in Provence’ popularised the region, is selling his house. His best-selling tales of village life in Provence helped send property prices through the roof in the south of France. Now, writer Peter Mayle is selling his Provençal home – for €6 million. The British author, whose stories of life in the Luberon have sold millions of copies, moved on long ago from the farmhouse he restored chapter by chapter in his 1989 book A Year in Provence . He now owns an 18th-century house on the outskirts of the village of Lourmarin, said to be one of the most beautiful villages in France. Orna Mulcahy.

MIPIM Awards 2011: The 21 Finalists  newsblaze.com 27 Jan 11 MIPIM has announced the 21 finalists for the 2011 MIPIM Awards selected by a jury of international real estate professionals and the introduction of a new award category. The jury examined some 100 projects from 27 countries ranging from Germany to Turkey and India to Japan. The jury paid special attention to such criteria as infrastructure and transportation access, environmental integration, originality of concept, technical and architectural quality and services offered. For the first time at the MIPIM Awards, entries will be invited to the new FUTURA category, recognising projects which have not yet started construction. Press Release.

Monaco & Cap Ferrat take one, two in world's most expensive streets  irishtimes.com 27 Jan 11 In the latest list of the world's most expensive streets, Ave. Princess Grace, Monaco, is the world's most expensive. Real estate there costs €90,000 per sq m. Chemin de Saint-Hospice in Cap Ferrat – close to Nice – captures the second spot pushing New York’s Fifth Avenue and London’s Kensington Palace Gardens into third and fourth places. The list features all the traditional haunts of the international moneyed set but the arrival of nouveau-riche Moscow (9) and Sydney (10) suggests that changes are afoot in the distribution of global wealth. Wealth Bulletin.

Investment Takes Centre Stage at MIPIM 2011  alphatrade.com 25 Jan 11 A key trend at MIPIM 2011 (08-11 Mar 11): investors and financial institutions such as AG Real Estate, GE Capital Real Estate, Pramerica and Unicredit Group-Hypovereinsbank are joining the ranks of MIPIM exhibitors. This is a positive sign of investor willingness to seek greater visibility at the MIPIM and reflects a more active strategy from investors as they search for international real estate opportunities.This tendency echoes the measured but real sense of investor optimism reported in the recent Jones Lang LaSalle forecasts for 2011; "a broad range of investors are targeting prime European real estate and significant capital raising activity is underway. 2011 investment volumes are projected to be around €130 billion, representing a 30% increase on the likely 2010 outcome." Press Release.

Monaco: Condamine market project to launch in April  maville.com 24 Jan 11 Monaco mayor Georges Marsan says that renovation plans for Monaco’s Condamine market area at the Place d’Armes will finally begin in April, starting with the interim relocation of traders. They will be installed in mobile homes in the square covered by a marquee. The redevelopment of the indoor market will take about a year. Seven new locations will be built for wine, cheese, ice-cream and Monegasque specialties shops plus two new restaurants. The Monaco government is 100% funding the redevelopment of the site.

Cap de Nice: State finally demolishes Villa Inglés  nicematin.com 18 Jan 11 The state began to demolish the Villa Inglés on Tuesday, an unfinished building that has disfigured the coastline at the Cap de Nice for 17 years. It became a symbol of the struggle for the preservation of the coastline. The  site of the Villa Inglés was illegally started in 1993, before being halted due to several complaints from residents. However, it took 17 years of legal battles to obtain and fund the demolition of the "wart", located at 16, Avenue Jean Lorrain, Nice. The cost of the demolition is estimated at €190,000 euros. Richard Ray.

Cote d’azur real estate market picks up in 2010  nicematin.com 14 Jan 11 Property transactions in the Alpes Maritimes rose 28% in 2010 according to real estate association FNAIM. That is 3,000 more sales than in 2009. Most transactions were those deferred since the financial crisis with record low interest loans ‘doping’ the increase. However the market remains fragile in the Alpes-Maritimes according to Pierre Laurent, President of FNAIM Cote d’Azur. Price per square metre increased on average: 4.02% in Nice (€3907), 3.09% in Cannes (€4792), 3.26% in Antibes (€4407). Menton was flat at €4705 (- 0.03%). The volume of transfer taxes: €314m in 2008, fell to €214m in 09, rising to €294m in 2010.

2011 facelift readies Menton for new Cocteau museum  nicematin.com 07 Jan 11 Menton  will get a facelift this year leading up to the landmark launch of the new Cocteau Museum. The 2,500m2 museum on the esplanade in front of the market will have two levels and should be completed in August ready for an official opening in November. The museum was funded by the State and the Region each contributing 10% (€1,435,200), 34% by the Department (€4,784,000 ) and 46% by the town hall (€6,436,872). A new 14,800 m2 luxury 5 star hotel is being built in the Garavan area. It will have 96 rooms of 40m2, 8 suites and will create 120 to 150 jobs. J.F. Malatesta.

Estrosi: "Negotiations are well advanced with Ikea"  nicematin.com 04 Jan 11 An an interview with the Nice Matin newspaper, Nice mayor Christian Estrosi said that negotiations with the Swedish furniture giant Ikea are well advanced regarding the location of a mega store in the Var valley and that a decision will be made in a matter of weeks. “The project has failed in Mougins and it would be a shame if such a business, that generates many jobs and many consumers, goes to Ventimiglia! I had an interview with the president of Ikea and I can tell you that discussions are now well advanced. If all this continues, it will be the last major retail development to be permitted. I will not be favorable to other developments of this size. All my efforts will go into strengthening local business in the downtown area,” says Estrosi.

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