Nice’s property market and the local working population

The fifth largest city in France and the economic capital of the Côte d’Azur, Nice inevitably has a high proportion of actively employed residents : about 150,000 out of a total population of almost 350,000. What kind of budget can they afford ? What type of home are they looking for ? What are the most coveted neighbourhoods ?

Backed by several years of experience in the property market in Milan, Barbara Pietra founded the Cosmopolitan Real Estate agency in Nice in 2003. Its transactions concerning members of the working population account for about 40 % of its turnover. “They are entrepreneurs, self-employed professionals such as doctors and dentists, and executives employed in the private or public sectors, aged from 35 to 55. Working in Nice, but also in other nearby areas - even as far as Monaco -, they give precedence to bus routes or the tramway, easy access to the express road or motorway, and closeness to shops and schools.” The most highly-prized neighbourhoods are thus Nice west, Nice north, Libération, Cimiez and the Port : “The most widely sought-after homes, ie. 2- or 3-bedroomed apartments, range here from 300,000 to 600,000 €, with Nice north and Libération the most affordable sectors. Prices are also affected by coveted amenities such as elevators, garages or nearby parking facilities”. Villas priced from 650,000 to about 1 million euros also receive enquiries, as illustrated by a property of 200 m2 with a pool and sea view in Nice west, which recently sold for 1,150,000 €.

Jean Girard, manager of Côte d’Azur Properties, chalks up 50 % of his sales with this same clientele : “Specializing since 2006 in Nice west, a relatively high-end area, we are in fact contacted just as much by clients either foreign or from outside the region, often planning for their retirement, and equipped with substantial means”. With more modest budgets (up to 300,000 €), local workers thus mainly focus on the two most affordable neighbourhoods on the west side of Nice : “That of the Faculté des Lettres, between Magnan and Fabron, where prices range from 3,500 to 4,000 € per sq. metre, and that of La Madeleine - especially the bottom end of the boulevard -, which is even more reasonable : from 3,000 to 3,500 € per sqm. These addresses are popular because they offer easy access and locations only 10 minutes from the centre, and mainly consist of residences less than 40 years old benefitting from terraces, balconies, parking facilities, even swimming pools and tennis courts. Such properties on offer at these prices can only be found here”. One should also bear in mind the introduction of line 2 of Nice’s tramway, scheduled for 2017 and offering really positive prospects : “The area should enjoy the same destiny as the eastern neighbourhood of Riquier, whose development was made possible thanks to the arrival of the first tramline”. As for new homes, demand remains limited due to excessively high prices : “New developments are mainly reserved for rental investors”.

Based in the “Golden Square” for the past five years, Camilla Dora, manageress of Camilla Dora Estates, specializes in property transactions with foreign clients (especially Scandinavian). Members of the working population thus only account for about 10 % of her sales : “They are, however, growing steadily in number, and we thus expect to see their share begin to rise. Today, these clients are usually young - from 25 to 30 - and work in Nice or Sophia Antipolis. With budgets ranging from 150,000 to 200,000 €, they are looking for 1-bedroomed or small 2-bedroomed apartments from 50 to 65 m2 in comfortable, well-maintained buildings”. Other recurrent requests include reasonable co-ownership charges, closeness to the tramway and parking facilities. “The latter are rather easy to find around Avenue Borriglione (Libération neighbourhood) and Parc Impérial (Saint-Philippe). Otherwise, a very popular neighbourhood is the Avenue des Fleurs (Baumettes).” By way of example, Camilla Dora recently handled sales for two members of the working population : a 1-bedroomed apartment of 38 m2 with a terrace and cellar in a recent residence, priced at 205,000 €, and another of 40 m2 with a balcony and cellar, at 230,000 €.