Russians Ferrat invested over 700 million euros

Posted on Dec 30, 2011

Russians have invested over 700 million euros in the acquisition of property on the French Riviera, wrote Wednesday in Nice overlooking the newspaper Nice Matin.

She recalled that the first Russian property buyers who received soon nicknamed “novarisch” (from the confluence of the French “nouveau riche” and Russian “friend”), appeared on the French Riviera in the early 1990s, and since then, the number and size investments made by them, has been steadily growing.

In recent years, the publication cites RIA “Novosti”, buyers from Russia have invested not only in the purchase of apartments and villas for personal use, but also in the purchase of hotels, industrial and service companies. True, the newspaper said, these purchases “is often conducted through front companies”, often registered abroad.

However, in 2001 the French tax office has prepared a confidential report, according to which the total amount of investments made by the Russians on the Riviera, was estimated at 240 million euros.

According to the newspaper, the influx of Russian capital in recent years has accelerated, and today the volume of Russian investments in the property on the Cote dAzur, made a half decades, has exceeded 700 million euros.