Foreign Property Investors Undeterred By Recession

The economic recession in Ireland has had little impact on the number of Irish people investing in foreign properties, according to a leading French-based estate agent.

Chez Riviera is a free Irish owned property-finding service in the French Riviera, the most sought-after area in the world for luxury apartments and villas.

“While the Celtic Tiger was this week declared dead by the Economic and Social Research Institute, its claw marks are still being felt in the south of France where Irish property investors now have a greater presence than their British

counterparts”, stated Donal Warde of Chez Riviera.

He explained that the predicted bursting of the Irish housing property bubble, combined with rising inflation and the international credit crisis, did not appear to be deterring Irish investors from taking advantage of the development opportunities along the French Mediterranean coast.

Mr. Warde continued, “The fall in house prices in Ireland for the 15th month in a row in May, bringing the total decline versus a year earlier to 9.5 percent, is certainly helping to sustain the numbers of Irish people seeking sound investment opportunities abroad. In France, for example, the value of second hand properties increased by 2.7% in the first quarter of 2008. As a result, we are seeing a lot of foreign developers, predominantly Irish, continuing to invest in properties here.”

Chez Riviera represents buyers seeking apartments and villas along the French Rivera. It has a database of thousands of properties for sale across the Cote d'Azur, from Menton to St. Tropez.

According to Mr. Warde, “The market at the moment is characterised by an increasing level of development from foreign buyers. The areas of high activity are the top end (EUR1m+) and the entry level (EUR100-250k) housing markets. Foreign and local investors and local clients looking for a first home are still going strong. The upper end market, which remains popular among Irish investors, is also relatively strong.”

He commented, “The key areas of interest are St Jean Cap Ferrat, Villefranche sur mer and Beaulieu sur Mer. St Jean Cap Ferrat is one of the most expensive place in the world to buy property. The main markets in these areas are Irish, Russian and clients from other mainly 'emerging' economies, such as the Middle East.”

“Properties in Nice and surrounding areas continue to be some of the best investments around, combining peace of mind for the buyer, high rental yields and a strong likelihood of capital appreciation. The lack of developable land on the Riviera ensures price stability while the renting culture that is still prevalent in France means that finding quality tenants is relatively easy”, concluded Mr. Warde.