01.10.2009 0

Column: RT Editorial Octobe 2009

Property investors under threat

It has been a complicated time for foreign property investors on the Riviera. UK second-home owners have been leaving in droves, according to local real estate agents. The reason for this withdrawal has been the economic crisis, which has put pressure on many British residents with French properties. These sellers have been helped by the collapse of the pound against the euro, so a paper loss in France has often trans-lated into a real profit in sterling. Obstacles, such as the requirement to appoint a fiscal guarantor (see article page 20) have not been big enough to be insurmountable. Perhaps one day some of these vendors will return.

In the meantime, at the very top end of the market, one London-based investor in particular, Robert Bourne, has attracted a huge amount of criticism for his bid to turn the much-loved zoo on Cap Ferrat into another luxury hotel and wellness centre. Feelings have been running very high indeed, and elite development projects such as Bourne's are certain to face greater scrutiny and even outright opposition when they threaten the heritage of the region (see page 5). The growing impression is that foreigners, particularly those from across La Manche, are more interested in the financial aspects of property ownership along the sunny Côte d’Azur, than in any meaningful alliance with local interests.

If foreign property buyers and developers, big and small, fail to become more sensitive to French sensibilities, they risk becoming an endangered species.

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