Provence's 'russian revolution'

Brits are no longer the dominant investment force in the Cote d’Azur, claims one expert…

According to Stuart Baldock, managing director of the Riviera branch of Property Vision, Brits are no longer the largest single group of foreign buyers: “The Russians have taken over, especially at the top end” he says, and this means British buyers are now having to look further inland.

Mr Baldock continued: “People are edging westward, away from the overcrowded and expensive Côte d’Azur, in search of something more French.  As they do so, the areas they are moving into are becoming less seasonal.

“Saint-Rémy-de-Provence has almost become a mini Aix-en-Provence, humming all the way through from spring to Christmas. The quality of hotels and restaurants in the area has improved beyond recognition over the past five years or so – as, of course, have the wines of Provence.”

Slowdown in the middle market

Some parts of Provence are not as popular as others, mainly due to the flat landscape, but this makes them affordable. The countryside between Saint-Rémy and Avignon is a popular hunting ground, as is the Luberon.

Hervé Honen, of Provence Dream Property, added: “I have seen a slowdown in what he terms the middle market as a result of the rise of the euro. The lower price range, €200,000-€300,000, is dynamic, as is anything over €800,000 and running into the millions. The medium range, however, has been badly affected.”

Valerie Lucien, an agent with Actuel Immobilier, continued: “It is possible to find a large farmhouse for about £800,000, but that is a lot less than in other areas of Provence. The region is less popular because people like to see hills covered with olive trees. Apart from the price, the other upside is that there are fewer people.”