ARTICLE

Nice, impressive stability

The nerve centre of the capital of the Côte d’Azur is constantly undergoing transformation. After the Coulée Verte gardens, inauguration of the tramway, and the opening next spring of the Iconic space in the train station neighbourhood, the city is pursuing its embellishment policy. The result is a town in which life is very appealing, on condition that you obtain expert assistance when choosing your address.

Nice Properties, an independent group comprised of five agencies including three in Nice, specializes in properties from the medium to high end of the range and caters for buyers wanting to treat themselves to a permanent or holiday home of quality on the Côte d’Azur.

“Our clientele is shared out between local buyers, foreigners, and French clients from other regions,” says Manager Michael Fusaro.

“Our offerings now start at around 300,000 € for a high-standard pied-à-terre, studio or 1-bedroom apartment in a prized neighbourhood in Nice, rising to 4 to 5 million euros for an exceptional property. The average price-tag for transactions we handle is around 1 million euros.” Michael Fusaro is somewhat surprised by the slowdown in the current market. “Our clients pursue a cautious, wait-and-see approach. Though Nice’s property market is one of the only ones in France to record exemplary stability, with prices even on the rise by 3 to 4 % in the most highly sought-after neighbourhoods. Furthermore, 8 times out of 10, our buyers acquire their properties without needing a mortgage, so we are seeing very little impact from tougher conditions for obtaining financing. It has to be said, however, that there really is a slowdown, driven by a global context which is far from reassuring, and a national real estate market which is rather morose. The entire chain is affected by this, whether developers, specialists in renovation or interior decorators.”

“A view of the sea and an outdoor area are still major assets for our clientele, along with proximity to shops and attractions in the town centre. We know how best to guide our clients in their installation projects depending on their life-style... They occasionally fall for the charm of neighbourhoods of which they were unaware !…”

Nice is not, however, a city at a standstill, as shown by substantial transactions recently orchestrated by Nice Properties : a private mansion on the front row, on Quai des Etats-Unis, which sold for slightly over 4 million euros, a sumptuous apartment of 177 m2 on Place Masséna, priced at around 2 million euros, and an apartment with 2/3 main rooms and views of the sea and the Promenade des Anglais, acquired by a Parisian client for about 800,000 €.

“Our clientele is shared out between local buyers, foreigners, and French clients from other regions,” says Manager Michael Fusaro.

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