Released on: June 26, 2008, 3:06 am

Press Release Author: Foreign Property Investors Undeterred By Recession

Industry: Real Estate

Press Release Summary: Thursday, 26 June 2008 - The economic recession in Ireland
has had little impact on the number of Irish people investing in foreign properties,
according to a leading French-based estate agent.

Press Release Body: Chez Riviera is a free Irish owned property-finding service in
the French Riviera, the most sought-after area in the world for luxury apartments
and villas.

"While the Celtic Tiger was this week declared dead by the Economic and Social
Research Institute, its claw marks are still being felt in the south of France where
Irish property investors now have a greater presence than their British
counterparts", stated Donal Warde of Chez Riviera.

He explained that the predicted bursting of the Irish housing property bubble,
combined with rising inflation and the international credit crisis, did not appear
to be deterring Irish investors from taking advantage of the development
opportunities along the French Mediterranean coast.

Mr. Warde continued, "The fall in house prices in Ireland for the 15th month in a
row in May, bringing the total decline versus a year earlier to 9.5 percent, is
certainly helping to sustain the numbers of Irish people seeking sound investment
opportunities abroad. In France, for example, the value of second hand properties
increased by 2.7% in the first quarter of 2008. As a result, we are seeing a lot of
foreign developers, predominantly Irish, continuing to invest in properties here."

Mr Warde noted, however, that the British presence in the property market had been
reduced by the sterling exchange rate at the moment.

"Following this slight fall in demand from a major market like the UK, the Irish
presence is now proportionately bigger", he stated.

Chez Riviera represents buyers seeking apartments and villas along the French
Rivera. It has a database of thousands of properties for sale across the Cote
d\'Azur, from Menton to St. Tropez.

According to Mr. Warde, "The market at the moment is characterised by an increasing
level of development from foreign buyers. The areas of high activity are the top end
(EUR1m+) and the entry level (EUR100-250k) housing markets. Foreign and local
investors and local clients looking for a first home are still going strong. The
upper end market, which remains popular among Irish investors, is also relatively
strong."

He commented, "The key areas of interest are St Jean Cap Ferrat, Villefranche sur
mer and Beaulieu sur Mer. St Jean Cap Ferrat is one of the most expensive place in
the world to buy property. The main markets in these areas are Irish, Russian and
clients from other mainly \'emerging\' economies, such as the Middle East."

"Properties in Nice and surrounding areas 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", concluded Mr. Warde.

Chez Riviera 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.

Nice International Airport is the second largest in France, serving destinations
such as Dublin, London, New York, Moscow and the Middle East. 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

Mark Dunphy
Dunphy Public Relations
www.dunphypr.com
media@dunphypr.com
00353-868534900

Web Site: http://www.dunphypr.com

Contact Details: Dunphy Public Relations, Connolly, Ennis, County Clare, Ireland
Tel: +353 (0) 86 853 4900 Email:media@dunphypr.com