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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Which of these two stories (above and below) do you believe? Ed. Send us an email with your thoughts.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.