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Exclusivity and prestige on French Riviera

19th July 2007 | back to article listings BACK    print this article PRINT

The relative exclusivity and status of the French Riviera is attracting a different type of property buyer, according to an industry insider.

Olivier Morvan, a spokesperson for Cluttons France, said that there is a distinct difference between the typical expat buying a property in the Spanish Costas and those investing on the French Riviera.

He explained that the region has "a certain prestige" and a limited number of plots, adding to its exclusivity.

Known as the playground of the rich and famous, the French Riviera is a popular holiday destination for tycoons, starlets and celeb spotters. It is believed that among the famous property owners in the area include Australia's richest man James Packer, Elton John and Kylie Minogue.

And it seems these big names are also savvy investors, as house prices have increased steadily in the region. Maria Anna Burger of Mougins-based Burger Sotheby's International Realty told the International Herald Tribune that property prices in the area have increased by 15 per cent annually over the last three years.

She described the market as "really strong", a view shared by Knight Frank's Paul Humphreys who told the paper house prices in the French Riviera are "as strong as they have ever been".

Property prices have been driven up by high demand from foreign investors, according to Cluttons France's Mr Morvan, who said many locals are being priced out of the market. "In France you will always keep the value of the property," he commented.

The most popular types of property British buyers snap up cost in the region of £500,000, according to Mr Morvan. He said these will typically have three bedrooms and be situated near airports serving low-cost air lines, improving accessibility for foreign buyers.

However, the more discerning buyers might want to head to the classic destination of St Tropez, which is one of the hotspots highlighted by Mr Humpreys. He told the International Herald Tribune the beach town, famous for its regatta, and Saint-Jean Cap Ferrat - "the epicentre of the most exclusive area" - are the most popular destinations for the high rollers.

So is there any hope for Joe Public to become a property owner, perhaps even a buy-to-let investor hoping drawing some famous clientele, on the French Riviera? It would seem so.

Not only is it likely that properties in this region will increase in value, but the rental yield potential is also favourable. The market has not peaked yet, but is solid, according to Hamptons International's Jonathan Salsbury.

He told the Channel 4 website buy-to-let investors can benefit from the French Riviera's "established and proven" market, as well as good weather and ease of access.

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