Nice : a buoyant market

A real picture-postcard of international renown, the capital of the Côte d’Azur benefits from new urban developments which heighten its appeal among tourists and the locally employed.

Despite rising prices in the most highly-prized neighbourhoods (of around 3.3% in 2019 according to the “Observatoire Immobilier de l’Habitat”), both old and new apartments are still finding takers. French retirees, the locally employed, first-time buyers, foreigners, investors, newly formed families… All buyer-profiles are reporting present.

Based on the Promenade des Anglais for the past three years, the agency managed by Emmanuel Bertein forms part of the Blue Square Group which has eight addresses across the Provence-Alpes-Côte d’Azur region. “Since we started our activities, we have observed a significant increase in the number of sales, to such an extent that the challenge is now to find enough properties to meet steady demand from our clients. 2-bedroomed apartments are the properties most sought-after by our clients, mostly foreigners. We welcome many buyers from Germany, Austria, Switzerland, Luxembourg and Belgium, as well as the UK and even the USA, looking for holiday homes in Nice.” With an average budget of 700,000 €, which can exceed 1 million euros, these clients aim to acquire an apartment with sea view, ideally a penthouse. “As for our French clients, they usually have an average budget of 500,000 € with which to acquire a permanent home.” The most sought-after neighbourhoods are still the town’s blue-chip addresses, ie. Mont Boron, Cimiez and the “Golden Square” area along the Promenade des Anglais. “The new developments we propose also sell quickly, especially small apartments with rental potential, prized by investors. In these developments, properties offering large surface areas, on the top floors, priced from 800,000 €, appeal to foreign buyers. All in all, the Blue Square Group reports particularly buoyant activity on the property market in Nice, which could beat records if this momentum is maintained throughout 2020.”

With over 15 years of experience in real estate on the Côte d’Azur, Marie-France Baillet and her partners launched Azur Luxe Properties in Nice in 2018. “At the beginning of March, we are opening a second agency in Beaulieu, enabling us to target another high-end clientele. Today, in Nice, our clients are mainly looking for apartments offering quality appointments : select residences, terraces, sea views, high floors, with budgets ranging from 350,000 € for living space of 70 m2 to 700,000 € for properties of 120 m2. I am also seeing a reasonable but definite rise in prices, undoubtedly due to the disparity between limited supply and growing demand.” According to Marie-France Baillet, Nice’s property market - varied and constantly renewed - never experiences a low season.