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Happy New Year on the Riviera?

15th December 2008 | back to article listings BACK    print this article PRINT

As the effects of the credit crunch continue to be felt around the world and recessions kick in around the globe, those keen on investing in property may wonder if anywhere in Europe is worth buying in. After all, it might be reasoned, even France - with its cautious banks that don't lend subprime mortgages and had little exposure to their counterparts in the US who did - is feeling the pinch.

France, however, has generally been described as a stable market. Recently the managing director of French property specialists VEF Trisha Mason commented: "Generally, at VEF, we do not think that prices are still rising, whichever way you look at it. However, what we are sure of is that they are not falling significantly either."

Even so, she noted, some areas are doing better than others around the country. So for investors, the question to be answered is this: where in France will 2009 offer good prospects?

One region that may do so is the Cote D'Azur, a part of the world that needs little introduction as a Mediterranean holiday hotspot, but also a place that may be considered potentially vulnerable, should the economic climate produce a major downturn in tourism.

However, two recent developments may provide very good reasons to believe that this will not be the case, making tourist buy-to-let a solid investment.

One of these is the arrival of more ships in cruise ports along the Riviera coast. Commenting on news that the 2010 Seatrade Med exhibition is to be held in Cannes, French Riviera Cruise Club president Alain Gumiel noted: "Already 2009 will be an exciting year for cruise business, [with] two new opening destinations with the ports of Golfe Juan and Antibes."

With these new destinations could come new tourists and the emergence of new local hotspots. But it is not just Golfe Juan and Antibes that may be gaining more visitors. So too may Nice.

At a time when some airlines are struggling and others talking of discontinuing unsuccessful routes, budget airline easyJet announced last week that it is to start a new service from East Midlands Airport to Nice from April. easyJet's commercial manager Carly Brear called it a "fantastic addition" to the operator's services from the airport, while managing director of the airport Penny Coates commented: "Nice is a beautiful short break destination and I am sure it will prove to be a great success."

For those investing in or around Nice, there may be success too. With airliners and cruise liners on the way, the French Riviera may be one of the property success stories of 2009.

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