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Average house price on the French Riviera falls under €2 million
propertywire.com 31 Jan 12
The average price for a luxury home on the French Riviera has
fallen under €2 million for the first time, according to the
latest EstateNetFrance index. The figures for Jan 12 show a big
increase in properties for sale, up by almost 16% since December
2011 and over 12% up from Jan 11. Properties that were taken off
the market and new listings that were put on hold due to the new
tax regulation effective from Wed 01 Feb 12, are now back on the
market and this explains the big increase of units for sale. The
index shows that the average price for a luxury home on the
French Riviera is now €1.925.383. The high level of interest and
investment activity should be driving prices up throughout 2012,
but for now the sector has adapted to the buyers' market
situation in Europe. The total market value is less today than a
year ago at €23.16 billion, some 6.87% down on January 2011. |
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Arthur Loyd sells 5,100 m² of business
premises in Sophia Antipolis
businessimmo.com 24 Jan 12 |
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The agency Arthur Loyd Côte d'Azur has confirmed the sale of
business premises of 5100 m². The transaction amounts to € 5.66
million for 34 lots of business space located in buildings A, B
and C Site Pole Euro 95 in the perimeter of the ZAC des Moulins
3, Antibes Sophia Antipolis. These buildings, built in 1993,
consist of business areas and storage of 2 or 3 levels. Buyers
and sellers are private SCI. |
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Petition organised against demolition of
Monaco’s Sporting d'Hiver
montecarlonews.it 16 Jan 12
Opponents of the demolition and redevelopment of the Sporting d’hiver
site in Monaco are mobilising with online petitions. The Monaco
Heritage site
www.monaco-patrimoine.com have
published their reasons for opposing the demolition saying that
“Growth and development are important but cultural identity is
more important than profit alone”. A Facebook page called
‘No to the destruction of the Sporting
d’hiver’ has also been created, and as of this
dateline, the group has 239 members.
Sara Contestabile. |
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SBM unveils Sporting d'hiver development project
nicematin.com 12 Jan 12
Monaco’s Société des Bains de Mer (SBM) presented its plan to
demolish the Sporting d’hiver on the Place du Casino, Thursday.
The imposing art deco building is planned to be replaced by a
series of small buildings designed by the British architect Sir
Richard Rogers. Glass walls and open spaces predominate,
creating a new shopping street in the heart of Monaco’s ‘Golden
Square’. More than just an architectural project, it is an urban
project that includes shops, upscale rental residences, offices,
an art gallery and a conference room. Work could begin in 2016
and end in 2020. Some local residents are protesting the
demolition of the Sporting d’hiver. |
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House Hunting in ... Monaco
nytimes.com 11 Jan 12
Until the real estate bubble burst in 2008 there was a steep
increase in real estate values in Monaco; some homes doubled in
price. The global financial crisis cut the number of
transactions by more than half, and prices fell 15-35%. Values
appear to have stabilized, but homes are taking time to sell.
The market did get a lift as of last June, when a new law
reduced closing costs by about 40%. The lack of a personal
income tax will help maintain a climate favorable to real
estate. Most buyers hire agents, who typically charge about 3%.
The listing agent gets 5%, which is paid by the seller. The
transaction itself is handled by a notary, who typically charges
about 1%. Alison Gregor. |
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French Property 10% cheaper for Brits due
to euro exchange
marketwatch.com 09 Jan 12 The
effect of exchange rate changes over the past few months has
effectively reduced property prices for Brits buying in Europe
by around 10%, according to Offshoreonline.org, who specialise
in sourcing euro mortgages for UK buyers. Added to this the
aggressive pricing by developers in areas of the Cote D'Azur
such as Nice and Cannes. Exchange rate movements are important
for buyers from the UK. Put simply, around six months ago, one
pound sterling would have bought €1.10, but now the UK buyer can
expect to receive over €1.20. The net effect is to make any
purchase of euros around 10% cheaper, saving £20,000 on a
£200,000 house purchase. Buyers looking at high end new launches,
such as Parc Eugenie in Cannes should immediately see an
enhancement to any rental returns, as with lower upfront
purchase cost, the real yield they can expect will rise
accordingly. Press Release. |
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Sophia Antipolis General Council sells
CICA for €9.5 million
nicematin.com 09 Jan 11
The fate has been decided for the future of the International
Centre for Advanced Communication (CICA) in Sophia Antipolis.
Built in the early 90s by the General Council, the building was
to be a showcase for innovation. It has been used as a low rent
accommodation for business start-ups, but has been seeking a
real purpose. At its last plenary meeting, the Departmental
Assembly unanimously accepted a bid of €9.5 million made
by Perial Asset
Management representing OPCI Majestal I and the Caisse des
dépôts et consignations. The offer is accompanied by a
commitment to spend approximately €20 million to upgrade the
site. |
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Cannes Carlton sale will be signed at the
end of the month
nicematin.com 09 Jan 12 The future
owner of the Carlton Intercontinental Hotel in Cannes is Ghanem
Bin Saad Al Saad’s Qatari Diar, a subsidiary of the sovereign
wealth funds of Qatar. They also own shares in the Majestic
Barriere Group and are buying seven hotels from the
Intercontinental hotels group, including Cannes. The other
hotels are in Amsterdam, Budapest, Frankfurt, Madrid, Rome and
Vienna. Saad al-Saad is expected to sign the deed of purchase in
late January and conclude the transaction (for an undisclosed
sum) with the current owner, the billionaire Lebanese Toufic
Aboukhater, who bought the portfolio of seven hotels in April
for €450 million. |
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Saad al-Saad owns 15% in the Fermière de
Cannes, the management company of the Majestic Barrière and Gray
d’Albion Hotels and the Croisettes and Les Princes casinos. He
also bid for a 30% stake in Monaco’s SBM. The Carlton is set to
shut for renovation between Sept 12 and May 13.
Gaëtan Peyrebesse. |
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Coventry council leaders quizzed over £4,600 Cannes trip
coventrytelegraph.net 05 Jan 12
Coventry council leaders are facing questions over why four
highly paid bosses are to attend a property exhibition in the
luxury resort of Cannes in the south of France – costing city
taxpayers £4,600. Following this newspaper’s “Nice Work If You
Cannes Get It” report on Tuesday, Tory opposition leader Kevin
Foster is demanding that only two bosses attend – alongside up
to 16 business people in the city delegation. He said, amid more
cuts and job losses this year, there was “soft evidence” only
when Conservatives were in council control before May 2010 that
annual attendance at the MIPIM property show attracted
investment and jobs to Coventry. |
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French Riviera luxury property prices down
5% in 2011
greatreporter.com 02 Jan 12 The
fresh data for the luxury holiday home market shows us that 2011
has been a year where prices on the Riviera went down, but also
a year where the number of sales increased. It proves yet again
that even in a difficult financial climate the French Riviera,
its properties remain a secure investment and a preferred
destination for second home buyers. In 2011 the average price
for a luxury property declined by 5.06% but sales figures shows
us a strong growth of 16.29% in the number of transactions,
mainly due to better prices and a need for a safe investment.
The average price for a Riviera luxury property is €2,117,349.
Presswire. |
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Mougins: Delays in construction of eco-social housing on former
SPA site
nicematin.com 26 Dec 11
When laying the foundation stone of the 'Lady Yule' residence
on the site of the former SPA (animal rescue home) in Mougins
24 Jun 10, the developer Azur Provence Habitat (today 3F Group)announced
completion for Jul 11. But these buildings of low energy
consumption are still under construction. The project, which
comprises twelve individual villas for social housing stalled
due to the bankruptcy of the construction company. Azur Provence
Habitat had to find not only a new general contractor, but also
balance the budget by taking out a new loan of €150,000 from the
local council. Building work has now resumed. |
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Monaco billionaire's daughter pays record
sum for NYC pad
forbes.com 19 Dec 11 Former
Citigroup chairman Sandy Weill listed his 6,744-sq-ft apartment
at 15 Central Park West for an astonishing $88 million in
November, promising to donate the proceeds of the sale to
charity. Now comes news that Ekaterina Rybolovleva, the
22-year-old daughter of Monaco based Russian billionaire Dmitriy
Rybolovlev, is buying the condominium. Rybolovleva is currently
studying at an undisclosed U.S. university and plans to stay in
the apartment when visiting New York. According to a source she
paid the full asking price of $88 million setting a record for
highest individual transaction in New York City history.
Luisa Kroll. |
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Luxury Riviera villas court case told of shock at sacking
thisisplymouth.co.uk 16 Dec 11
A legal battle between two of Plymouth's richest businessmen is
set to stretch into next year (See 14 Dec 11 story below.) City
retail tycoon Chris Dawson is suing former business partner Paul
Scantlebury over a soured £7million property deal in the South
of France. Dawson says he fired Plymouth property developer
Scantlebury after unearthing flawed figures. But Scantlebury is
counter-suing for his share of the profits amid claims that
Dawson tore up their agreement just weeks before the pair's
second property in Cap d’Ail was ready for sale in a calculated
move to avoid paying his partner's 40% share of profits.
Dawson's company CDS and Scantlebury's Riviera Property
Development firm had entered into a joint venture to renovate
three properties, successfully making £500,000 on the first.
Construction on the Cap d'Ail villa began in September 2009, and
was due for completion the following March. |
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Standard & Poor's forecasts real estate prices will fall 5-10%
in 2012
sicavonline.fr 16 Dec 12 After an
unusual rebound in 2011 property prices in France will decline
next year. The rating agency Standard & Poor's expects a decline
in housing prices in the range of 5 to 10%. The agency believes
that the continuing crisis will weigh on the French property
market. After climbing for over a decade, except during the 2009
crisis, property should depreciate. Buyers will probably wait
and sellers will then have to adapt. This apparent good news for
buyers could lead to a rapid blocking of the market if sellers
are not willing to drop their prices. |
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All change in the Riviera’s luxury
hotel market
nicematin.com 15 Dec 11 The Carlton
in Cannes is to change ownership again. After being acquired
nine times, the Carlton has been sold to a Qatari investment
fund. It is not the only luxury hotel on the coast that could be
sold soon. Another investment fund Starwood Capital, wants to
sell the Martinez, also in Cannes. The investment funds of Abu
Dhabi and the Accor group are rumoured buyers. The Palais de la
Mediterranee in Nice, also owned by Starwood Capital is also up
for sale. In Monaco, Starwood Hotels could also sell the
Meridien Beach Plaza. SBM is said to have been approached but
for now the sale is on standby. Last April the Palais Stephanie
was sold to the American group Marriott. |
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Cannes Carlton hotel sold to Qatar investor for €450m
15 Dec 11
The Carlton hotel on the Croisette in Cannes has been sold for
€450m to Qatar-based investor Ghanim Bin Saad Al Saad (pic). The
sale comes eight months after the property was acquired by
Lebanese businessman Toufic Aboukhater, who resides in Monaco.
He bought the Carlton from investment bank Morgan Stanley. If
confirmed, the sale price will be significantly below the €634m
that Morgan Stanley paid for the Carlton in 2006. Constructed in
1911, the Carlton is the last of the grand hotels in Cannes
which has not yet undergone a comprehensive program of
renovation, however, management announced it will be closed from
Aug - May 13 to undergo modernisation. |
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Plymouth tycoon sues property developer over Riviera villas
thisisplymouth.co.uk 14 Dec 11
Retail tycoon Chris Dawson (pic left) is suing his business
partner after a £7million property deal turned sour. Dawson
claims funds managed by fellow Plymouth businessman Paul
Scantlebury "went missing". The pair fell out while renovating
villas in the South of France. Mr Scantlebury is counter-suing
for his share of profits from the sale of the properties.
Dawson's company CDS entered a joint venture with Scantlebury's
Riviera Property Development firm. The pair successfully
developed a villa outside Cannes, which they sold for a £500,000
profit. But they fell out in 2009 over renovating a villa in
Cap-d'Ail for a Russian client. |
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Apollonia affair: Four new indictments, including CIPA in Cannes
AFP 11 Dec 11
Four new people, including Hervé Perotin, a Regional Head of BNP
Paribas Personal Finance in the Rhone-Alpes and Annick Magrin &
Chantal Mella, managers of home loans investment insurance (CIPA)
in Cannes, were indicted for ‘complicity in organised fraud’
last week in Marseille as part of the Apollonia investigation, a
large fraud case with real estate investments. This brings to
thirty the number of defendants, including a dozen bank
employees. Apollonia is a company in Aix-en-Provence
specialising in tax exemption. It is suspected of defrauding
over €1 billion. From 2003 to 2007, Apollonia convinced
households to invest in residential hotels in order to obtain
the status of professional dwelling rentals that are eligible
for tax benefits. Several banks are suspected of violating
numerous rules in compiling financing documentation. |
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Chateau Eza re-opens after €2million refurbishment
easier.com 04 Dec 11
Chateau Eza has undergone a €2 million five month refurbishment.
Only the 400 year old walls have remained untouched at this
world famous boutique hotel and Michelin stared restaurant. Set
on the side of the ancient rock walls of Eze, more than 400m
above the Mediterranean, the refurbishment came with its
logistical challenges due to the only access to the hotel being
via the 500 metre staircase from the village. Helicopters were
deployed to remove rubble and bring in construction materials.
Once home to Prince William of Sweden, architects Alain Bennati
and Alain Cecchetti of Cabinet Art-Tec had to incorporate
authenticity and conservation aspects into the brief. |
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A new tax for sale of buildable land in Grasse
nicematin.com 02 Dec 11
Elected officials voted in Grasse Thursday the introduction of a
10% flat tax on the transfer of buildable vacant land. A Grasse
councilor explained that it is a financial tool that complements
the existing planning provisions relating to the financing of
public facilities, and applies to the entire municipality. No
tax is payable if the sale price of the land is less than three
times the purchase price or for a price less than or equal to
€15,000, or if it has been classified buildable land for over
18 years. Also exempt are persons holding an old-age pension or
disability card if they are not subject to wealth tax under
certain conditions. The tax is calculated on 10% of the
difference between the sale price of the land and its purchase
price. |
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French property market faces hardships in
2012
nuwireinvestor.com 02 Dec 11 With
Credit Agricole, one of France’s biggest banks, forecasting a
national fall in property prices of 5 to 6% next year with an 8%
fall in overall sales, the French real estate market could face
a tough year. This year hasn’t been too bad with prices in and
around Paris and in Provence and the South of France generally
increasing. But it has been a mixed bad with parts of the
country seeing price falls. Now France is embroiled in the
middle of the eurozone crisis and the property market is
unlikely to go unscathed. Figures for 2011 won’t be available
for some weeks yet but anecdotal evidence suggests transaction
levels are likely to be at their lowest for 40 years, almost 50%
down on 2007 according to some estimates.
Proprty Wire. |
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French expats buying more property in
France than Brits
expatforum.com 28 Nov 11 British
buyers in France still lag behind expat French property
investors in absolute numbers, according to a report produced by
Credit Foncier. Although British interest in areas such as the
Cote D’Azur recovered last year to the point where it now
accounts for 14% of all property bought by UK investors, in
absolute terms, it is the overseas French buyers who account for
nearly a third of all overseas originated property purchases,
followed by the Brits who now make up 15% of all expat buyers.
The French property market is generally regarded as having
weathered the credit crisis well, with overall sales volumes now
returning to the boom years of 2003 to 2007 and prices moving
forward in the second quarter of 2011 by 7.8% on average, with
areas such as the Cote D’Azur showing gains of 8.4%, according
to the French Property Market Report produced by the State
Notaries in France. Market Report produced by the State Notaries
in France. Ray Clancy. |
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Condominiums: Increase in charges
accelerating
batirama.com 22 Nov 11 After three
years of moderate increases and five years of slowdown,
condominium fees accelerated sharply in 2010 (+3.9%), mainly
because of cooler winter temperatures. But the increase should
be less in 2011, due to a "better weather in 2010, despite the
higher price of energy," said Michel Mouillart, Professor of
Economics and author of the study. Heating accounts for nearly
20% of the total. There are 8.4 million condominium homes,
housing about 20 million people in France. Average costs in
Provence-Cote d ' Azur are 22.4 euros/m2 compared with the most
expensive region, the Nord-Pas de Calais at 32.9 euros/m2 due to
higher heating costs there. AFP. |
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Pierre Cardin accused of 'killing'
Provence village by buying too many houses
dailymail.co.uk 21 Nov 11
Pierre Cardin has been accused of turning a picturesque village
favoured by British expats into one of the most expensive in
France after buying up 23 of its properties. The world famous
fashion designer’s purchases in Lacoste, in the unspoilt Luberon
area of Provence, include a magnificent castle which used to
belong to the Marquis de Sade. Modern celebrities who live close
by also include author Peter Mayle, whose classic book, A Year
In Provence, attracted thousands of British people to the area.
But now locals have accused Mr Cardin of turning their
traditional rural village into an enclave favoured by rich
celebrities. |
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Marks & Spencer announce five Paris stores
at MAPIC
20minutes.fr 16 Nov 11 The British
retailer Marks & Spencer, who withdrew from France ten years
ago, will open on the Champs-Elysées ‘before Christmas’ and
prepare four other larger stores in Paris and the Paris region,
the group said this Wednesday. Its International Director
General, Jan Heere, speaking at MAPIC, the commercial real
estate exhibition in Cannes, did not disclose the date of the
Champs-Elysées store opening but the company has invited the
press to visit Nov. 23, suggesting an opening the next day. With
just 500 sqm of retail space, it will not be stocking the entire
range, but a selection of clothing for women, lingerie and food
products. "The other stores in Paris will be bigger," he said,
referring to areas of 2,000 to 3,000 sqm.
AFP. |
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Scrapping of zero interest loan for 1st time buyers will impact
local property market
nicerendezvous.com 14 Nov 11
The French government's decision to scrap zero interest loans
for first time buyers as part of its austerity measures, will
negatively impact the property industry according to Pierre
Laurent Chairman of FNAIM Riviera which represents 700 real
estate professionals. Laurent says that the new measure, which
will be implemented from 01 Jan 12, will have dramatic
consequences on employment in the real estate business, on local
authority revenues, the mobility of employees and for the most
vulnerable families who will be excluded from the market for
home ownership. In the Alpes-Maritimes, in the 1st half of 2011,
out of 6,000 sales, 2,500 were due to the interest-free loan. |
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Peter Mayle has sold his Provence house
lefigaro.fr 05 Nov 11
Peter Mayle, the ad exec turned humorous writer who settled in
the village of Lourmarin has sold his house. A Year in Provence
was a bestseller in the 90s with over 5 million copies sold. Now
72 years old, Peter Mayle has sold the property in which he
spent eleven years. Emile Garcin, who conducted the transaction
(between €5-6 million), refers to "a magnificent Provencal 17th
and 18th century property 600sqm and 5.7 acres of park, olive
grove, rose & vegetable gardens, fruit trees, pond and infinity
pool thirty minutes from Aix-en-Provence. "He has not abandoned
the area that is close to his heart. He just bought another
house, smaller, in the same village."
Carole Papazian. |
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Russians on the French Riviera up 4000%
from 2003-2011
larussiedaujourdhui.fr 02 Nov 11
The Russians are becoming more numerous among the owners of
villas and luxury apartments on the French Riviera. This is also
the case in Spain, Italy, Cyprus and Turkey. But according to
experts, the richest Russians invest in real estate, not to
live. Between 2003 and 2011, the number of Russians with villas
and apartments on the Cote d'Azur increased from 50 to 2000, an
increase of 4000%, according to Sandrine Carsalade,
representative of the Regional Committee of Tourism and
Convention Côte d'Azur. "Among the Russians who visited Côte d'Azur
in 2010, 9% own a property, 23% stay with friends and family
members, 52% stay in a hotel and 5% in apartments" , she said
the agency Ria Novosti. Sandrine Carsalade adds that 80% of
Russians are on the Cote d'Azur for holidays, and 20% for
business. The cities most popular with Russian tourists are Nice
(chosen by 40% of them), Cannes (20%), Monaco (13%) and Antibes
(10%). Olga Samofalova. |
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Owner
of the Hotel de Paris
in Saint Tropez
killed at his home in
Neuilly
varmatin.com 26 Oct 11
A
wealthy businessman, Claude Dray (76) who owned several
properties around Saint-Tropez, has been shot dead. His body was
discovered by his butler yesterday morning in his bedroom at his home in
Neuilly-sur-Seine. Three shots were fired into the victim's neck.
A long-time owner of several villas around Saint-Tropez, and an art collector from Oran (Algeria), Dray made a fortune in
real estate and hotels.
He held a 99% stake in Cidinvest. Dray was involved in a
major €45 million project to restructure the Hotel de Paris in
Saint-Tropez. After a two year legal battle over the project,
Dray was planning to re-open the Hotel next summer. |
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Oligarch’s holiday home on Cap d’Antibes
for sale
businessinsider.com 24 Oct 11
A website property sales agency, calling
itself “specialized in urgent and forced sales of Luxury
Properties, Super Cars & Yachts”, is offering Suleiman Kerimov’s
holiday residence at Medy Roc, at Cap d’Antibes. The sale notice
is dated 20 Oct 11. A number of notable Russian-owned properties
on the Cote d’Azur have been sold since the crash of 2008, but
this is the first oligarch-sized disposal. There is no price-tag
on the sale posting by
Agent4Stars, but a source who
recently visited claims Kerimov is asking €20 million. Kerimov’s
current Russian business interests include stakes in Uralkali (potash),
Polyus Gold, and PIK (real estate).
John Helmer. |
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Brits continue to invest in French
residential property with a 23% increase in 2010
property-magazine.eu 18 Oct 11
Spend on French residential property from investors investing or
living abroad rose 21% in 2010, to pre-crisis levels, according
to the latest ‘Investing & Living abroad’ report by BNP Paribas
International Buyers. The region where British investors were
most active was the South West Aquitaine province (Bordeaux,
Basque Coast) where 20% of all investment was from the UK. Next
was the Rhones-Alps region, where the UK represented 14% of all
investment, largely due to their passion for skiing. Next was
the Provence Alpes Côte D’Azur and Languedoc Roussillon where UK
investment came second behind that of the Italians with 12%.
However, UK interest in the region is growing with 60% of
non-residents’ enquiries coming from Britain. |
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Alpes-Maritimes: where to stay to pay less council tax
metrofrance.com 16 Oct 11
It is better to live in Clans than Beausoleil if you do not want
to pay too much council tax ... From the charming village of
Tinée to nearby Monaco overlooking the Mediterranean, the rate
tripled: from 4.21 % for the mountain village to 21.85% for the
coastal town. Each municipality sets its own rate, depending on
the revenue it will generate. On the Riviera coast, the price
can go from single to double digits in just a few miles, from 9%
in Villeneuve-Loubet to 19.62% in Cagnes-sur-Mer, for example.
Nice, the largest city of the department, has one of the highest
levels at 21.33%. Antibes has a rate of 14.95%, five points
below Cannes, which requires its inhabitants to pay 19.72%. This
rate, which is in the highest band of the department, has not
changed since 2004. |
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Rise in French property prices in regions favoured by overseas
buyers
propertywire.com 05 Oct 11 Despite
the well publicised stock market instabilities and eurozone debt
crisis property prices in France are rising, especially in
regions favoured by overseas buyers. Data for the past 12 months
from French Notaires, shows that prices increased in Paris, the
Cote D’Azur and Bordeaux regions. The rise was strongest in
Paris, which recorded a 23% increase in prices and a 2% increase
in the volumes of sales. In the Bordeaux area prices rose by a
more modest 3.5%. Activity in Provence and the Cote D’Azur was
also encouraging, with a 6% rise over the past 12 months. Data
produced by mortgage bank BNP Paribas showed a stronger growth
in sales, with volumes rising over 20% across France as a whole,
and prices growing by between 4% and 8% on average. |
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Which of these two
stories (above and below) do you believe? Ed.
Send us an email with your
thoughts. |
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Slight decrease in house prices in France this summer
nouvelobs.com 04 Oct 11
After two years of uninterrupted increases, house prices in
France fell on average -2.7% this summer according to the
network of estate agents, Century 21. The average price per
square meter was €2,621 in France. This represents a downward
trend for houses (- 4%) and apartments (- 0.8%). But this
overall trend masks substantial local disparity. Prices
continued to rise in Paris (+ 2.3%) whilst in the
Provences-Alpes-Cote d’Azur there was a drop (-3.7%). Mortgage
rates remain stable in October. "The best fixed rate currently
available non-insured for 20 years is 3.85% whilst the average
fell slightly to 4.22% against 4.25% in early September and
4.30% this summer," said credit broker Meilleurtaux.com. |
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Antibes villa and yacht of Ziad Takieddine
imponded lejdd.fr
18 Sep 11 The Antibes villa of
Franco-Lebanese arms dealer Ziad Takieddine has been impounded
as part of a judicial investigation into the ‘misuse of
corporate assets’. The engine of his yacht Diva was also
impounded to prevent it leaving the port of Antibes. Takieddine
is implicated in the ‘Karachigate affair’ – a political funding
scandal involving alleged kickbacks on a 1994 arms sale to
Pakistan and the death of French naval engineers in a bomb
attack. Last week Takieddine was also ordered to pay a €3
million settlement to his British ex-wife Nicola Johnson (50)
who had claimed a €25 million settlement. They were married in
1985 and have two children.
Laurent Valdiguié. |
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For sale: Martinez in Cannes and
Palais de la Méditerranée in Nice
nicerendezvous.com 13 Sep 11
The U.S. equity firm Starwood Capital are willing to cede
the bulk segment of its hotels holding ‘Groupe du Louvre’
that it has held since 2005. In this portfolio with a value
approaching €1 billion, are the Martinez in Cannes and the
Palais de la Mediterranee in Nice as well as Concorde Hotels
& Resorts, budget hotel chains Campanile and Kyriad as well
as Baccarat crystal and the Annick Goutal perfume house.
Starwood Capital recently refinanced its acquisition debt
for five years and earlier this year sold the prestigious
Hotel de Crillon in Paris for €250 million to a member of
the Saudi royal family. |
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Real estate prices in Alpes Maritimes return to their 2007
level
nicematin.com 13 Sep 11
Forget the crisis from 2007 to 2009 that greatly affected
the housing market. Its effects have been almost completely
erased. Prices have returned to their previous levels. The
price per sqm (on average resale) was €4,035 on the Riviera
in early 2007, it is now valued at €4,020. This recovery is
the result of four consecutive quarterly increases. Over the
last six months prices have increased by 3% in the Alpes-Maritimes.
However, this increase is not commensurate with the increase
of 9.7% per sqm recorded during the first half of 2011
nationally. The number of transactions is also increasing
(4%) in the Alpes-Maritimes, while home sales were down
almost 20% in France. |
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Kate Moss buys a vineyard in Provence
vitisphere.com 12 Sep 11
The new guilty pleasure of stars is a vineyard! Advised by
her ex-boyfriend Johnny Depp, top model Kate Moss and her
rocker husband, Kills singer Jamie Hince, have just acquired
a vineyard in Provence valued at more than $200 000 dollars.
Moss is not the only star to invest in the vineyards of
southern France. In addition to Johnny Depp and Vanessa
Paradis, owners for four years of an area in the Massif des
Maures, the Var is also the stronghold of David and Victoria
Beckham at the Domaine Saint-Vincent and Brad Pitt and
Angelina Jolie, who have the vineyards at the Chateau
Miraval in Correns since 2008. |
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Homes still pay on the Cote d’Azur
cityam.com 26 Aug 11
There are no bargains here, but the French Med won’t let you
down Nice-based Stuart Baldock, director of buying agents
Property Vision, has been working here for 30 years.
“Everyone is concerned with making sure their wealth is
preserved,” he says, “if you happen to own a property in the
south of France that is well placed, it will never lose
money.” As for well-placed, the pecking order is as follows:
the three “caps” (Cap Martin, Cap Ferrat and Cap d’Antibes),
followed by St Tropez. So if you’re looking for ways to sink
a wad of cash in an asset as likely to go out of fashion as
the little black dress – and want a slice of the high life
with it – then you want to head straight for the best.
Zoe Strimpel. |
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Nice real estate: Prices rising again
partenaire-europeen.fr 18 Aug
11 The real estate market in
Nice, which suffered a lull during the crisis, is moving
again. Buyers are back and investing. Prices are up 4.8%
from 2010 and 2011 for apartments and +9.9% for homes. There
is a wide selection that meets every budget and profile. First-time
buyers with a restricted budget look in the outskirts of
town in the neighbourhoods of Ariane and Moulins. The areas
of Saint Roch and Liberation have been energised since the
arrival of the tram. Executives working in Monaco often live
in the neighborhood near Riquier station. Retirees turn
mainly to the old town or to luxury residences around the
port. The most affluent neighborhood is the prestigious
golden square around Mont Boron, where luxury villas
overlook the bay of Villefranche-sur-Mer and Cap Ferrat.
These villas trade at premium prices.
Click here to see prices per sqm in various districts of
Nice. |
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Le Corbusier's shed, a pilgrimage point on the Mediterranean
AFP 17 Aug 11
The Mediterranean minimalist cottage of Le Corbusier, where
the architect spent his August until his drowning in 1965,
has become a pilgrimage site for apprentice builders and
ordinary admirers. At the turn of the coastal path in
Roquebrune-Cap-Martin, the cottage of 16m2 with a crust of
pine siding is almost invisible. Inside, however, reveals a
wealth of ingenuity, where everything is designed to
maximize space. "I have a castle on the Riviera, which is
3.66m by 3.66m. This is for my wife's extravagant comfort,"
joked Charles-Edouard Jeanneret, known as Le Corbusier. |
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SA designer to spruce up Monaco palace
iol.co.za 08 Aug 11
South African interior designer Stephen Falcke has been
commissioned to give Monaco’s palace an overhaul. Falcke was
startled to learn that the 'cat was out of the bag', and
said his “clients” had requested privacy. Examples of his
designs can be seen at the Saxon Boutique and Da Vinci
hotels in Sandton, and at the Summer Place conference centre
in Hyde Park. The news surfaced when fashion editor and
stylist Jenny Andrew tweeted on Thursday: “The best news
from Decorex so far. Stephen Falcke has been commissioned to
decorate the Monaco palace.” –
Sapa. |
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New home sales down 19% but Cote d’Azur defies trend
ladepeche.fr 08 Aug 11
Sales of new homes by developers fell by 19% in the first
six months of 2011 over the same period in 2010, says the
Federation of Property Developers (FPI) Monday. However,
several French regions defied this trend including the Cote
d'Azur, Montpellier, the Ile-de-France and the Atlantic
metropolis between Saint-Nazaire and Nantes. The drop in
sales is due to a combined effect of the reduction in tax
benefits and an increase in interest rates, according to the
Federation of Property Developers. Meanwhile, the price per
square foot increased 9.7% over the last twelve months. |
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French Property mogul survives slump after deal almost sank
him
sfgate.com 03 Aug 11 Alain
Taravella recalls how in late 2008, as France's real-estate
market slumped, he began doubting his biggest acquisition. A
year earlier, he'd bought apartment and office developer
Cogedim from investors led by Italian insurer Vittoria
Assicurazioni SpA. Analysts were skeptical of the €650
million purchase; Cogedim didn't appear to mesh with
Taravella's Altarea SCA, a builder of shopping centers.
Taravella's restructuring and a sudden recovery in France's
housing market helped prove critics wrong. He shed one in
eight jobs at Cogedim, sold development sites and began
building starter homes for low-income earners. |
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Cream bassist Jack Bruce sells his White Rooms in Dolceacqua
dailymail.co.uk 18 Jul 11
Jack Bruce, 68 and his second wife Margrit, 57 have decided
to sell their rustic three-bedroom house in the Italian
medieval village of Dolceacqua. ‘I’m reluctant to sell
because it’s in an absolutely gorgeous location,’ says
Bruce. ‘Monet stayed in the village and painted the arched
bridge crossing the river Nervia near the castle. But it’s
two years now since I was last there.’ Bruce’s Italian home
is on the market for £105,000. Despite tourists flocking to
the village in the summer, according to one local expat who
runs a bed and breakfast there, only 15 Britons live in
Dolceacqua, which has a population of 2,000.
Mark Anstead. |
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Plenty renting, some buying on the
Riviera
irishtimes.com 14 Jul 11 High
profile owners like Derek Quinlan may have sold up – but
renters are discovering the Côte d’Azur in their droves. The
number of Irish people renting is rising, says Dublin-born
Suzanne McElhinney, who manages a company that leases
high-end villas. LF (Luxury Family) Properties, which once
rented out Quinlan’s own Cap Ferrat villa at around €300,000
a month, has seen business boom this summer. She puts the
year-on-year increase at between 30-40%. Mougins and
Valbonne are two of the most desirable areas with Irish
renters. Alanna Gallagher. |
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Quinlan's Riviera villa sold already?
irishtimes.com 07 Jul 11
An auction planned for Nice today to handle the sale of a
stunning Riviera mansion owned by troubled financier Derek
Quinlan, may not be going ahead-because the property has
apparently already been sold. An estate agent based in the
south of France estimates that Villa La Carriere at Cap
Ferrat – put on the market after Barclays Bank got a French
court order – has made the guts of €70m. Quinlan, who fled
Ireland in the early stages of the financial crisis, raised
€48 million from AIB when he bought the eight -bedroom
mansion in 2006. The loans soared to almost €65 million when
he refinanced the AIB loans at the Monaco branch of Barclays
Bank. |
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House Hunting in ... Provence
nytimes.com 06 Jul 11
The real estate market in Provence is healthy this year,
according to Antoine Reguis, owner of Your Provence.
Well-priced homes sell in 4-6 months. In the current market
homes often sell for 10-15% below the asking price. “Prices
are still high, in spite of a slight decrease in 2010,” said
Marie-Madeleine Nelson, MD of real estate company Un Mas en
Provence. She added that sales prices spiked 40% just before
the economic downturn in 2008, and that the 2010 decrease
was part of a market correction. Village houses can command
as much as €800,000. Prices per square meter vary from
€2,500 to €10,000. Virginia
C. McGuire. |
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Sarkozy drops controversial tax on second homes in France
telegraph.co.uk 19 Jun 11
Nicolas Sarkozy has decided to drop controversial plans that
would have led to more than 180,000 Britons with second
homes in France paying a new tax on their properties. The
French parliament approved the law a week ago, but faced
with a two-pronged revolt from irate Britons and French
living abroad, the president chose to remove it via an
amendment. French expatriates will be represented by an MP
for the first time after next year’s election, giving them
far more political clout, and the scheme had been described
as “electoral suicide” for Mr Sarkozy.
Henry Samuel. |
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Foreigners with French holiday homes face shock new tax
increase
dailymail.co.uk 11 Jun 11
Foreigners will have to pay a new tax on their French
holiday homes in a shock move by President Sarkozy. The tax
only applies to foreigners with second homes that are
unoccupied all year whether the property is owned personally,
through a company or a trust. Sarkozy is introducing it to
help raise revenues and improve his poll ratings.
The new charge was approved after a marathon debate in the
National Assembly which ended as dawn broke. But France's
newly-affluent will pay less after it was agreed that no-one
should be taxed more than 50 per cent. Non-resident French
homeowners already pay two taxes - one by the person who
owns the house and the other paid by those who live in the
property. Under the new proposals, even if homes are only
used for a few weeks a year, the French government will
estimate the annual rent that could be gained, and then
charge 20% tax based on that sum. |
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Headwinds soon to buffet the
French property market
RLTV 09 Jun 11 Riviera
based Independent Investment Adviser Richard McCreery
publishes an occasional Financial Editorial with informed
comment on topical financial matters relevant to residents
and businesses on the Cote d'Azur. In his latest editorial,
while
the local property market awaits the application of yet
another tax on French homes, Richard looks at the drivers of
rising home prices and explains why things might be about to
get even tougher for homebuyers despite PR claims from the
real estate industry that the trends for the French property
market looks bright. |
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40 m² without additional building
permits coming soon
le-buzz-immobilier.com 01 Jun 11
The French will soon benefit from a planning reform that
will allow them to add 40m2 to their house without a permit.
Among the 70 new measures introduced in housing laws, the
most emblematic is the doubling (20 to 40m ²) the maximum
area for which a simple prior declaration is enough -
instead of a building permit - to enlarge a house. Unless
otherwise specified by the mayor, within one month,
the work can be started whilst a building permit could take
up to take six months. The National Association of
Architects are opposing the measure saying that it will lead
to ‘chaos’. AFP. |
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Expat guide to France: financial
management
telegraph.co.uk 01 Jun 11
France is our closest neighbour, and despite 20 miles of
English Channel separating our two countries, our economic
and working patterns are largely aligned through shared
membership of the European Union. In the year to March 2010,
an estimated 364,000 UK nationals emigrated overseas,
according to official figures, with more than 20,000 people
going to France. Since it is so close to the UK, it might be
tempting to think you can get away with doing less planning.
But it does not matter how far you have to travel to your
new country, you still need to put a lot of preparation and
organisation into the move. Whether you are retiring to
France, working there, or simply looking for a better
standard of living, this guide will help you through the
financial maze of what you need to do to make your move out
a success. Alison Steed. |
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Increase in air travel to benefit French property market
ibtimes.com 01 Jun 11
An increase in air travel of 9.1% to France's Nice Cote
d'Azur airport could be the incentive that property
investors are looking for. Charlie Williams, business
development manager of developer Terresens, said
that investing in the French Riviera should be viewed as
"common sense", adding that the high level of tourists the
region attracts means that high rental yields can be
achieved. "The abundance of annual conferences and events
taking place especially in Cannes, make the south of France
an excellent choice for your overseas property investment,"
he explained. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Paca, leader of second homes owned by foreigners
info-economique.com 28 Apr 11
The Provence-Alpes-Cote d’Azur (PACA) region leads the
number of second homes owned by foreigners in France with
82,000 properties. That is 19% of the 426,000 homes in the
region and 29% of the national total of foreign second home
ownership. 56% are in the Alpes Maritimes, the Var follows
with 30%, far ahead of the Vaucluse (5%) and the
Hautes-Alpes (4%). The Bouches-du-Rhone and Alpes-de-Haute-Provence
account for only 3% and 2%. There are more than 100
nationalities, 35% are Italians followed by British
(15%). There are four other significant nationalities;
Belgians (10%), Swiss (9%), Germans and Dutch (5% each). |
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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. |
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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.
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Montecarlo flat: Fini and Pontone case
dismissed
agi.it 14 Mar 11 In Italy, the
Examining Magistrate has accepted the conclusions of
Procurator Giovanni Ferrara and deputy Pierfilippi Laviani.
These were that the then President of AN (National Alliance
political party), Gianfranco Fini, and the party Treasurer,
Mr Pontone did not sell the
flat in Boulevard Princess Charlotte,
Monte Carlo to an off-shore fund in 2008 for
spurious or unlawful purposes. The party had inherited the
flat from Countess Maria Colleoni in 1999. |
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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. |
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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. |
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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. |
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UK is star of MIPIM property annual
ball in Cannes
independent.co.uk 06 Mar 11
Britain is this year's honoured country at the annual
European commercial property beano in Cannes - MIPIM.
Several London developments will be showcased including
Earl's Court, Stratford City and Battersea Power Station.
The real estate market may not be anywhere near its peak of
2006, but MIPIM is still set to attract more than 18,000
this week. This is slightly up on the 17,306 participants
who travelled to the French Riviera last year, left.
Laura Chesters. |
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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. |
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