The recession has been less severe on the Riviera, says ISABEL MORTON

I’VE ESCAPED from the gloom, doom and depression of the “Celtic Catastrophe” and I have to admit that it is so nice to have some temporary respite from “our” recession.

As a nation, we have taken ownership of the global economic downturn and we are making sure to squeeze every last drop of misery out of it all.

Regardless of how badly it is actually affecting us, we feel guilty if we don’t live and breath it along with everyone else.

It is almost considered bad form these days to look even vaguely cheerful and I’ve even noticed a certain reluctance by some to discuss their holiday plans. They carefully skirt around the issue in order to avoid revealing any details, lest they appear too extravagant.

Where once they might have boasted of visits to far-flung places and compared notes on smart hotels and villas, they now assume an expression of martyrdom as they claim to be staying home this year or apologetically whisper something about just popping down to Portugal.

Well, I admit it. I’m enjoying (a working) holiday in the sunny south of France – where people are getting on with living their lives, greeting each other with numerous kisses and taking plenty of time to relax and enjoy the good weather, delicious food and each others’ company.

And it has come as a great relief to find that the world has not stopped turning and that people can actually converse for hours without making constant references to the recession.

Here on the Côte D’Azur, it is very evident that, while property prices increased over the last decade, both here and in Paris, they avoided the property boom and bust.

The only people making any reference to business being “a little difficult” this year are the estate agents.

Normally rental villas and apartments along the French Riviera are booked well in advance. This year estate agents reported that, where enquiry and viewing figures were high, people were slow to confirm their booking.

And when they did, they wanted a discount on normal rates. Prices at all levels dropped by approximately 10 per cent but, as per usual, well-located properties are still doing very well.

But because they left it to the last minute, holidaymakers are now panicking and rental bookings have suddenly increased.

So too have sales enquiries, as there is always a new set of international millionaire buyers ready to replace those who are suffering the effects of the credit crunch.

Traditionally, property sales are slow in the early months of the year and only begin to pick up in April when the summer season officially starts. This year was no exception; therefore the agents are not entirely sure how much the recession might yet affect them.

One agent reported “what we lost in British and Irish clients, we have made up for with Russian and Italian. As yet, it is too early to say, but this year most clients want to believe that they are getting a bargain, whether they are or not.”

There have been less American visitors of late, even numbers attending the Cannes Film Festival have decreased, but if they do decide to holiday on the French Riviera, they do so in style.

One estate agent referred to the phone call she had just taken – “that was one of my July rental clients, an American family consisting of the parents, two-year-old twins, a seven-year-old and a nine-year-old. Plus, of course, their staff: three nannies, two security staff, chef, chauffeur and a French-speaking personal assistant. In addition the villa owners will supply the pool man, the gardener, the cleaning staff and the villa manager. Their staff will arrive a few days beforehand to make sure that everything is in order for their employer, who just wants a relaxed family holiday this year,” she said with a smile.

Another agent based in Nice said “reports of Russian oligarchs losing millions were obviously greatly exaggerated because we have had an increase in Russian visitors, particularly at the top end of the market. In fact, there are many new agencies, which deal exclusively with Russian clients. There has also been an increase in Italian buyers. It appears that the economic downturn has not really hit Italy.”

However, she had noticed a drop off in the numbers of English and Irish clients – “they are no longer buying property and are spending less on renting. One Irish family, who always booked the same villa overlooking the sea in Beaulieu, have this year moved back into the mountains where it is so much cheaper to rent.”

At least they have decided to compromise rather than give up entirely. Maybe next year they will have to rent a mobile home or a tent, or perhaps they might be back again in the villa in Beaulieu.

Either way, all that matters is that they enjoy a great (recession-free) holiday.