Newcomers among the rich and famous: Russians buying up the French Riviera
Newly-rich Russians have flocked to the French Mediterranean coast since the early 1990s, following the collapse of the Soviet Union, and the start of controversial privatization deals that allowed a small minority to rapidly accumulate vast wealth.
In 2001, Russian investment in French Riviera real estate stood at 240 million euros, according to a confidential report prepared by France’s tax police.
In the last five years, the figure has grown to over 700 million euros.
They also buy expensive cars, but that’s another story…
Interesting comment that we can confirm.
We currently have over €500 Million worth of potential buyer clients from Russia who nearly all want the Cap Ferrat area.
http://www.riviera-home-finders.com
Richard
Richard: I’m not sure if the locals are happy with that, but at 6% commission I’m sure you’re not complaining :-)