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CHIC GITES RENTALS - PRESS RELEASE 11



Press Release No.11 - 20th January 2012 - Sale of 148 rue d'Antibes 

In January 2012 we sold our stlyish studio at 148 rue d'Antibes. We were reluctant to sell what had been a very popular studio due to its modern interior and wonderful location on the exclusive rue d'Antibes. The sale was simply down to recent trends seen in the Cannes property market. Studios remain in high demand in Cannes as they represent a relatively low risk first step on the ladder of the Cannes property market. Many investors in Cannes are now non-residents who use the property for their own vacations and rent it during the lucrative conference market held during the off-peak season. The result is prices for studios have risen while rental rates have dipped slightly due to the ongoing supply of such properties for rent. Because ours is a pure investment company in Cannes, that signaled the right time for us to sell. We plan to reinvest the proceeds in a new larger apartment in central Cannes. We shall continue to search for the right property for ours and our clients' needs - centrally located with period features. We hope to announce our new purchase in late 2012 or perhaps 2013.