Newly-rich Russians have flocked to the country's Mediterranean coast since the early 1990s, following the collapse of the Soviet Union, and the start of controversial privatization deals that allowed a small minority to rapidly accumulate vast wealth.
Local newspaper Nice Matin writes that their number and investment have steadily grown since the early nineties. In recent years, Russians have been investing in apartments and villas, as well as hotels and other property, mainly through foreign-based front companies, the paper says.
In 2001, Russian investment in French Riviera real estate stood at 240 million euros, according to a confidential report prepared by France's tax police, the paper said. In the last five years, the figure has grown to over 700 million euros.
The French Riviera, which borders with Italy, is home to many of the world's rich and famous. Cannes hosts one of the world's most prestigious film festivals.
