Talking Property

On the Cote D'Azur Isabel Mortonfinds happy economic emigrés

IT LOOKS as if there is going to be an exodus within the next few years, as many Irish people consider packing their bags and leaving in search of a better life elsewhere.

As I write this column the sun is shining, the sky is blue and the sea is glistening on the Cote D’Azur. Unlike our ex-Ceann Comhairle, John O’Donoghue, I am not “reluctant” to travel.

In fact, I don’t know many reluctant Irish travellers these days, as we delight in escaping the current “recession obsession” – even if it’s only for a long weekend.

Some Irish people, who invested in properties abroad during the good times, are now trying to sell them again in order to reduce their borrowings. However, there are many who are now looking at a variety of different options in an effort to improve their financial position and their standard of living.

Some months ago I spoke with a carpenter who was threatening to pack up his family and go to Portugal to live in the three-bedroom holiday apartment he bought six years ago. Now he tells me he is actually moving.

He’s done the sums. The rent he is getting on his family home in Dublin will just about cover that mortgage. But by moving to live in his Portuguese apartment, where servicing his loan will cost him less than half the amount he is currently paying, he figures he will be actually saving money. Added to that, the weather, the lifestyle and the cost of living should, he says, make life “bearable” again.

The other day I met an Irish couple in Nice. They were in their late 50s and from the southeast of the Ireland. They bought an apartment in Nice eight years ago but had recently sold it and were now looking to buy something else.

“Back then, we bought an apartment on the forth floor of an old building which was very charming and had great views of the city but had no lift. Since then, I have had problems with my hips and will probably have to have an operation. This time we are looking for something a little more practical, ideally with a sea view but certainly with a lift.”

They went on to tell me that although they were leaving the physical aspects of their business back home to their two sons, they were going to be working on the Internet orders from their laptops in Nice.

“We realised last winter, that we could do most of our work from anywhere in the world, so we’re taking the opportunity to enjoy milder weather and better health in beautiful surroundings while still being completely involved in the business.”

An English couple in their mid 40s told me of how they had built up a portfolio of residential investment properties at home, which they renovated, rented and maintained.

"We'd over-extended ourselves both financially and physically. We were working all hours to service our huge debts so we sold everything, two of them at a considerable loss and moved here, where we had enjoyed many camping holidays over the years. We bought an old bastide(stone built country house) in need of renovation on the outskirts of Grasse and we set up a business managing and maintaining holiday villas and apartments, mainly for British owners."

They say it can be hard work, especially in the height of the summer season, but “we are no longer in debt and we’re enjoying life although the children took a little while to adapt to the language and make new friends.”

All those I spoke with agreed that you must be very realistic and practical if you are considering moving abroad and must do a lot of research and spend plenty of time renting in various places prior to making a decision to buy.

Agents on the Cote d’Azur laugh at many of their international clients who jet in for a long weekend expecting to buy their dream holiday home.

“Few clients do their homework and provide us with a brief. Many don’t even know the area very well. Most of the time we try to establish their budget and bring them to see everything within their price range. Usually they either have to increase their budget or lower their expectations.”

The French have a knack of making most properties look charming and romantic. When we were first viewing houses here, my husband had to take me aside to point out that I appeared to be delighted with every single one we saw and that I was obviously wearing my holiday chapeaurather than my professional hard hat.

He was absolutely correct. I too, was being taken in by the magnificence of the location, views and weather and, of course, the romance of it all. And I would have bought a dilapidated cow shed, as long as it had a view of the magnificent Mediterranean.

I suspect that we are not just leaving Ireland in droves because of our depressed economy or even because of our lousy weather, but because our spirits have been battered and bruised, our hopes are fading and we've lost our joie de vivre.