Property prices on the Côte d'Azur
Radia Amar - 29 January 2024
Over the past year, there has been lower demand from French buyers for high-end properties on the Côte d’Azur. Mainly from neighbouring European countries, its international clientele is, however, beginning to tire of a wait-and-see attitude. The result is sales volume that is pretty much stable, with a return to a seasonal rhythm with quieter winters.
Nice : stability and confidence
"In the high-end real-estate sector in Nice, one of the most notable trends is price stability indicating the market's maturity and sustained confidence among players in the field," explains Benjamin Mondou, President of Century 21 Lafage Transactions.
According to this professional heading up a network of six agencies in the town's most desirable neighbourhoods (Promenade des Anglais, Golden Square, Cimiez, the Port, Villefranche-sur-Mer next door to Nice, and the Lafage Horeca agency specializing in transactions for business premises), high-end and luxury properties are still seen as sound investments, offering a balance between the refinement of the Mediterranean lifestyle and financial security.
"Iconic neighbourhoods such as the Promenade des Anglais and Mont Boron are still the most sought-after addresses, comprised of residences and properties enjoying panoramic views of the Mediterranean. This constant appeal is reinforced by modern infrastructures, high-spec amenities, and living conditions of exceptional and self-evident quality."
Enlightened investors are also drawn by Nice's urban transformation, with innovative projects that incorporate contemporary architecture while preserving historic charm. This creates an urban landscape and a vibrant array of properties in which old and new complement each other harmoniously.
"In short, the high-end property market in Nice has begun the year in an aura of elegance and stability," concludes Benjamin Mondou. Current trends show persistent demand for prestigious and exceptional properties, confirming the region's reputation as a gem in Mediterranean real estate.
Cannes : a period of reflection
"Over the past seven to eight years, the market in Cannes had been very bullish in terms of property values, even more so since the post-Covid period," says Frédéric Barth, CEO and member of the Private Desk at Côte d’Azur Sotheby’s Realty. "Since last summer, we are now seeing at Sotheby’s a certain inertia on the part of buyers who are waiting to see if we are entering a phase of reasonable stabilization or a cycle tending towards lower prices."
The result of this situation is a clear decline in the number of sales but, for the moment, no structural effect on sales prices. In fact, an "adjustment" towards lower prices is not at all obligatory for an address such as Cannes.
Experience shows that it could continue, unchanged, for two or three years, according to this specialist. "The future is, however, always uncertain, though the present economic context and credit rates seem to point to an upturn in the market during 2024."
Mougins, the return of an international clientele
Mougins is unquestionably one of the pearls of the Côte d'Azur's hinterland. On the hills, 5 km from Cannes, this superb medieval village is surrounded by pines, olive-trees and cypresses. Like Neuilly and Cap d’Antibes, Mougins has become a chic address, synonymous with a quality lifestyle appreciated by an international clientele, as well as a few celebrities and company directors who opt, on retirement, for an upper-crust residence.
"As for the evolution of prices in Mougins, we have seen stagnation at the upper end of the market accompanied by a significant fall in demand since the end of October, 2023," says Michel Brevier, manager of Label Properties for over 25 years, an agency based in Mougins for more than 40 years. "Overall, the market is resisting relatively well, though we are witnessing a correction for properties that tended to be over-estimated at the end of the Covid pandemic. This correction will enable the market to become even more lively, especially as we can see that affluent foreign clients are taking over from French buyers, more inclined to wait and see."
Photos : www.flickr.com/Jean-Jacques Giordan/CC BY 2.0 - Presse
