Nice : expansion and contrasts

The main city on the Côte d’Azur, Nice is confirming its appeal more than ever before among a very diverse clientele, looking for both year-round and holiday homes.

Inaugurated in Nice in 1982, the first agency opened by Benjamin Mondou has become the Century 21 Lafage Transactions Group, now consisting of eight agencies covering all real estate activities on the Côte d’Azur. “Nice’s property market is constantly expanding thanks, in particular, to considerable refurbishment and development that have made the town even more attractive, such as the Coulée Verte gardens, the tramway, renovation of the Libération neighbourhood, and current plans to rehabilitate the area around the train station” says Benjamin Mondou. “Many French and foreign clients are keen to invest in Nice, whether to acquire their main residence here, a business, holiday home, or a property bringing rental income.” Prices are stable, though demand is rising significantly in the Port, “Golden Square” and Libération neighbourhoods, with borrowing rates enticing many tenants to become homeowners. “By way of example, we recently sold a 1-bedroom apartment in the Port area to Swedish clients : 36 m2, in perfect condition, offering a glimpse of the sea, and priced at 285,000 €. For a local buyer, this price may seem high, but the property met all their criteria with regard to location, closeness to shops, cultural activities and the tramline crossing Nice to the airport. In the Libération neighbourhood, we also sold a spacious 2-bedroomed apartment priced at 450,000 € to a local family wanting to take advantage of the area’s liveliness.”

Representing the third generation of estate agents in a family of real connoisseurs of the Côte d’Azur market, Philippe Calosso is the director of Nice Agency, based at the heart of town. “Today, our clients, 80% of whom are French, are showing real enthusiasm for the neighbourhoods of La Libération and Riquier, thanks in particular to the tramway which has opened up some of the more outlying areas.” Our expert explains that properties available for sale are insufficient to meet sustained demand, thus driving prices upwards : “Owners decide to sell their properties themselves without the help of a professional. They often overestimate the value of their house or apartment. This approach, aiming to save on agency fees, proves to be counter-productive as their properties do not find takers, stay too long on the market and therefore lose their value.” That being said, properties that are correctly valued and offered at the right price are selling quickly, as in the case of a 3-bedroomed apartment of 95 m2, recently sold by Nice Agency for 345,000 €.

Specializing in sales, Jean Bozec heads up the Sesam’Immobilier agency operating in Nice for the past 31 years. “Over the past 10 years or so, prices have remained relatively stable, except in certain neighbourhoods. The market for villas in Nice is hardly being renewed at all : there is very little building land, and a very limited number of new constructions, so the market focuses on re-sales,” says Jean Bozec. “While highly appreciated by the Niçois, the Mont-Boron neighbourhood mainly draws foreign buyers with prices attaining several million euros. In neighbourhoods near amenities (Cimiez, Les Poètes, Chambrun, lower Fabron...), prices range from 600,000 to 2 M €, exceptions aside. This same price bracket is found on the hills near the town centre (Rimiez, Gairaut, Pessicart, Saint Pancrace, Saint Pierre de Féric, upper Fabron, Saint Roman de Bellet, Saint Antoine de Ginestière...). Villas on the hills benefit from larger grounds with pools and sea views. Distances from the town centre have a major impact on prices for houses. For apartments right in the centre of Nice and in immediate proximity to the sea, prices can attain 10,000 € per sq.m, or even more for a property offering a sweeping view of the sea or the Coulée Verte gardens.” The same is true for Mont Boron. The Garibaldi neighbourhood continues to be popular among buyers, together with that of La Libération since the arrival of Line 1 of the tramway and renovation of the Gare du Sud. In other neighbourhoods in Nice, prices tend to range from 3,000 to 5,000 € per sq.m, with some exceptions.