Property prices in Nice (France)

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Bean deas

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Has anyone any idea on how the property market is doing in France and in particular the south of France around Nice? Is house prices falling like here and in the UK? Any links to articles etc. would be much appreciated.
 
I was in France recently and I was told that property prices have stagnated somewhat especially over the last few months.

Here is a recent article from the Guardian also see here

You might find this AngloInFO Riviera of use, it offers good practical information on buying property in the area.
 
France has weathered the global credit crunch well compared to many other countries. Prices in Nice are significantly lower than the surrounding areas; with good reason however. Nice is not a particularly nice city and unless you purchase in the right area, you will find it very hard to rent your property, long or short-term.

More than any other city that I've lived or invested in, the "right area" is judged on a street level rather than a 'quartier' level. Routinely in Logic-immo (real estate publication), you can spot 1 bedroom apartments on the Promenade for E120k, 3 bedroom lofts in Vieux Nice for E200k and large villas in the Nice hills for E300k but likely, they'll be on the Californie end of the Prom, buried deep in some obscure Ruelle and without access respectively (none of which is appealing to tenants or other investors) so you *must* have access to local knowledge if considering a purchase in Nice or you will get burned.

That said, because prices are lower than most other places in PACA, the yields are reasonable. You should easily be able to get 6/7% by doing holiday rentals in the summer season which will also give you a few weeks to use the property yourself. If you can get that yield in a good location; Promenade (east end), Vieux Nice (anywhere within 5 mins of the Palais de Justice), Port (on the port only, nearby is useless), Rue Giofreddo (the Jean Medecin end), Carre d'Or + Rue de la France, you'll be onto a winner. Personally I wouldn't recommend going outside of the area formed by Blvd Gambetta, Blvd Dubouchage and Place Garibaldi. Properties outside that area don't rent well.
 
Prices for apts in Nice rose 4.8% (annualised) in the 1st quarter 2008 and 1.8% in the second quarter, according to the FNAIM, the French estate agents union.

This isn't bad compared with the rest of the world.

And its 28 or so degrees celcius today. Storms in Ireland.
 
There is a very interesting discussion on this subject on Angloinfo Riviera Forum. It is under Local Discussions - General, and titled Real Estate Prices.

I am sorry but I'm unable to figure out how to create a link.
 
declanja said:
There is a very interesting discussion on this subject on Angloinfo Riviera Forum. It is under Local Discussions - General, and titled Real Estate Prices.

I am sorry but I'm unable to figure out how to create a link.
Click to expand...

[broken link removed]
 
Not sure about Nice but an interview with the new President of FNAIM (realtors association) at the weekend where he said that prices could drop 10 to 12% (possibly 20% in Paris) in the next 6 months is cause for concern for french property owners
 
Not sure about Nice but an interview with the new President of FNAIM (realtors association) at the weekend where he said that prices could drop 10 to 12% (possibly 20% in Paris) in the next 6 months is cause for concern for french property owners
 
Hi Le Francais, can you provide me with a link or reference to the interview with the FNAIM president? Prices in Paris are up 4,5% on last year at the moment?

thanks
Deirdre

[broken link removed]
 
Why revive an old thread from 2008 other than to promote your estate agency in Nice?

A poor attempt to do so as the link doesn't work.
 
delgirl said:
Why revive an old thread from 2008 other than to promote your estate agency in Nice?

A poor attempt to do so as the link doesn't work.
Click to expand...

That's a little harsh. Look at the report first before you deem it unworthy of your time.

Its relevant to the forum, its original research and its better to have it in the appropriate thread.

The link works fine for me. If it still doesn't work for you, go to [broken link removed]
Its the first post.
 
Hi

Was wondering when French tax returns have to be completed for rental property, have paid tresor public.
 
Riveria the link works fine for me too. Interesting report. Sadly thus far South of France is too expensive and likely to be ever so. :cool:
 
I too found the report very interesting. I understand the comment of Bronte about the south of France being too expensive. Over 5 years ago I purchased a new build house in the Aude region. From my perspective a better location for the type of person looking for longer term investment. The Aude region to the south of Carcassonne has a lot of options for flying into the region. Carcassonne, Toulouse, Rodez, Perpignon or even Gerona. The summers are not as hot as the coast and its only 40 minutes away anyway. The Pyrenees mountains good for skiing and perhaps cheaper and less crowded than the Alps. Houses are available as new build, a route I would recommend as it gives a two year "holiday" on taxes due to the builder having paid these. There are no issues about neighbour boundaries problems usually. I hope to spend up to 6 months there per year in the next year or so. Personally I would avoid any apartment or leaseback as I cannot get my head around dealing with management companies. Too many issues with these companies coming and going. Owning your own house is a very simple process. As to resale, best not to consider selling for a minimum of 5 years as taxes can be higher if you try to flip a property. My best advice to anyone is to by a property that the local French will buy as well. Have met too many "expats" with the Peter Mayle syndrome, they want to buy stone wreck and restore. I my own area there are 3 such properties on the market while several new built homes have changed hands in the same time.
Just my tuppence worth....for what its worth.
Dave
 
Interesting post Dave. Can you recommend any local immobiliers for that area?

Slim
 
Hi Slim,
I can't recommend a real estate agency in the area, but if I were looking to buy there, my first port of call would be the 'chambre des notaires': they usually have lists of properties for sale, and can recommend agencies if none of their properties meet your criteria. 'Notaires' also organise auctions: usually the properties on offer are run down, or the owners are in a hurry because they've gone bankrupt or something.
Some real estate agencies close down after 1 or 2 years (not enough sales = not enough commission to pay the bills).
'De particulier a particulier' can give you an idea of the prices in an area: usually people who try to sell without going through an agency overprice their properties by at least 10% (I've worked in an agency in Paris and used to do valuations).
Nice used to be a lovely city, but it started getting less 'refined' in the 80's: my uncle sold his flat there around 1990 and bought a new flat in Cannes.
Perpignan and the Pyrenees region should still be decently priced, unlike the Riviera.
In the south of France, some 'recent' (1980's onwards) properties were built on land which can be occasionnally flooded. Better check with the 'prefecture' if such a problem is likely to occur before signing a pre-sale contract. It's not just the presence of a river which can pose a problem, but also the nature of the soil, and the size of the reservoirs of 'ground water': if it rains too much and they get saturated, you can get some really bad 'flash floods'.
 
Has anyone any knowlegde of the state property market in the Bayonne area of SW France or has anyone purchased there and is willing to share their experience?
 
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