Irish Property Specialists Showcase 'NICE' Investment Opportunities

Dec. 10, 2007 - PRLog -- That is according to two West of Ireland property specialists who recently launched a free property finding service in the French Riviera, the most sought-after area in the world for luxury apartments and villas.

Based in Nice, Chez Riviera commenced operation the same week as French President Nicolas Sarkozy officially opened an 8.7km tramway in the popular Mediterranean coastal city.  The tram service has opened up previously underdeveloped suburbs of Nice, including Malaussena and Avenue Republique, to property investors.  The introduction of the new service also coincides with Ryanair's launch last month of a daily direct service from Dublin to Nice International Airport.

Chez Riviera, which is the only Irish estate agency in Nice, represents buyers seeking apartments and villas along the French Mediterranean coast.  It has a database of thousands of properties for sale across the Cote d'Azur, from Menton to St. Tropez.

Owners Donal Warde from County Galway and Aideen O'Brien from County Mayo have lived in Nice for several years and have extensive experience of the property market on the Cote d'Azur.  The G.M.I.T. business graduates also possess an in-depth understanding of the legal and other processes involved in property ownership in France.

"The coming months will present significant opportunities for any Irish people considering investing in overseas property, particularly in Nice", explained Mr. Donal Warde of Chez Riviera.

The Galway-native continued, "Areas that were previously a half hour walk from the main beach are now a short five minute tram journey away.  Major residential developments have already been earmarked for the areas concerned, which has led to an influx of investors and a subsequent rise in property prices."

Commenting on the Tramway's effect on City centre property prices, Mr. Warde said, "The project has transformed the centre of town with much more pedestrianised streets, a cheap, clean and modern form of transport, and urban renewal around the northern and eastern suburbs where the tram is running.  We expect prices in the centre to maintain their strong growth and demand."

He indicated that the property market in central Nice and surrounding areas represented great value for Irish people dismayed by sky-high house prices at home.

"The French Riviera is often and incorrectly associated with unaffordable properties.  However, the reality is that properties in or close to the centre do include many reasonably priced old and newly built apartments and villas. In the City's Quartier des Musiciens, for example, a two-bedroom, furnished apartment with balcony can be bought for EUR265k.  Such a property would be estimated to yield EUR800-1000 a week in rent, which could prove attractive to investors", stated Mr. Warde.

Prices in Nice have been consistently rising for the past 6 years and now average 9.1% per annum, according to FNAIM (French estate agent's body).

Other guide prices include 300-350k Euro for luxury apartments or apartments with sea views; and EUR150k for a one bedroom, furnished apartment in the centre of Nice and less than 10mins from the beach and Old Town quarter.

According to Aideen O'Brien of Chez Riviera, "There is no doubt that the new tramway will result in an increase in property prices and a strengthening of rental demand in areas outside the traditional tourist hotspots of Nice.  On the other hand, however, properties in and around Nice city centre look like continuing to achieve strong capital appreciation and high rental yield with holiday lets.  These properties, therefore, present some exciting opportunities for Irish investors."

"Properties in Nice 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", she indicated.

Ms. O'Brien cautioned, however, that the French property market operated in a much different way to other counties and could act as a disincentive to some investors.

She continued, "In most countries, only one estate agency normally handles a particular property. In France numerous estate agencies handle the same property. Chez Riviera, however, can search through virtually all properties on the market to find the ideal one for you at the lowest listed price."

"The buyer is not charged, as we take commission from the agencies.  We offer an end-to-end service, from guiding you through the different areas of Nice to helping you change over the utility bills after you have purchased.  Most importantly, Chez Riviera provides comprehensive guidance on French Taxation, Inheritance Law and Financing", concluded Ms. O'Brien.

The Local Government in Nice has ten major city renovation projects that will be completed in the next two years. 'Les Grands Projets' are dispersed throughout the city and, as well as the Tramway system, include a new Town Hall, a new student district and the extension of the Nice bypass road which should reduce traffic on the 'Promenade des Anglais'. The Local Government also plans to extend the new tramline, including a line from Nice International Airport to the Port of Nice. Work is expected to commence on this phase by 2011.

Nice International Airport is the second largest in France, serving destinations such as Dublin (since 7th Nov 07), London, New York, Moscow and the Middle East. The introduction of a daily service from Shannon to Dublin, meanwhile, means that people in the West of Ireland can now readily access Nice.  Almost all of the major destinations for luxury property are 15-40 drives from Nice International Airport.

For more on Chez Riviera call Freephone (from Ireland) 1800-818644, email info@chezriviera.com or see www.chezriviera.com.

-ENDS-

Notes to Editor:
-    Mr. Donal Warde (0033-625431057) and/or Ms. Aideen O'Brien (0033-624544267) are available for interview and further comment.
-    High-resolution images are available on request.  Please contact Mark Dunphy of Dunphy Public Relations on 086-8534900 or media@dunphypr.com

Dunphy Public Relations
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