Real-estate activity in town centres on the Riviera

In the Alpes-Maritimes, town centres are coveted addresses where transactions are brisk and prices now stable. Illustrations in Nice, Antibes (the largest and second largest towns in the département) and Menton.

The economic capital of the Côte d’Azur, Nice enjoys lots of appeal thanks, in particular, to its well-developed infrastructures and undeniable geographic attributes. Despite a challenging business climate overall, its property market is showing signs of vitality.

“Demand is strong, especially for the town centre, with most of the reticence apparently behind us,” says Virginie Ryckaert, manageress of Century 21 Agence Victoire, an agency at the very heart of Nice, 300 metres from Avenue Jean-Médecin, which works in collaboration with all of Nice’s agencies to meet its clients’ needs while developing its portfolio in the Cimiez neighbourhood. “Furthermore, owners are now more ready to listen to estate-agents and are more willing to put their properties up for sale at prices closer to market reality. Which has resulted in a downward adjustment giving a real boost to activity. In the centre, the most widely sought-after properties are 1- and 2-bedroomed apartments, whose prices range respectively from 150,000 to 200,000 €, and 250,000 to 350,000 €. There are, however, significant disparities, so buyers need to know the area really well : on the same street, the price per sqm. can vary from 2,700 to 3,500 €, and from one street to another, differences can be even wider.” Near the seafront, prices can climb, for example, up to 5,500 € per sqm. “As for our clients, they arrive in the agency with real projects mainly related to major life changes : divorce, deaths, job transfers, growing families.”

Antibes, the agglomeration with the second highest population in the Alpes-Maritimes, is one of the region’s most highly-prized addresses with its Old Town, ramparts, seaside resort of Juan-les-Pins, harbours and famous cape. The town centre also has its fans : “Despite a few setbacks in activity over the past few years, the market around Place Général de Gaulle continues to see steady demand and now posts stable prices. It draws quite a lot of seniors, but also a growing number of younger working people who take advantage of the efficient bus service and TGV station,” says Daniel Dolmen, manager of the Cabinet Morere, an agency founded in 1970. Part of the national Arthurimmo.com network for the past 10 years, it specializes in property surveying and covers Antibes, Golfe-Juan, Vallauris and Biot. “Local prices range from 2,500 € per sqm. for apartments to renovate, to 6,000 € per sqm. at the top end, even more for exceptional properties, though most enquiries are for those between 4,500 and 5,000 € per sqm. Large surface areas are, in fact, particularly sought-after : a top-floor apartment of 120 m2 with a terrace of 80 m2 and sea view sold recently for 830,000 €.” New residences are also very popular : “Even though their prices are high - from 5,000 to over 6,000 € per sqm. -, apartments in new developments sell quickly. They attract a clientele looking for modern amenities such as lifts and parking facilities, which are not always easily found in the town centre”.

Between the sea and mountains on the Franco-Italian border, benefiting from its proximity to Monaco, Menton offers living conditions of remarkable quality thanks to its exceptional micro-climate and privileged environment. Aptly nicknamed the “Pearl of France”, this town on a human scale, well-known for its annual Citrus Festival, also proposes picturesque properties which attract in particular wealthy foreign clients. “In the town centre, where the average price per sq. metre is close on 5,500 €, buyers hail from Scandinavian countries, the Netherlands, Germany, Great Britain, Italy and northern France - mostly Paris and its surrounding region. They are mainly looking for holiday homes or rental investments - especially the Italians,” says Andrea Tarabusi, director of the Edouard VII agency proposing sales, rentals (mostly furnished) and property management for the past four years, in Menton and Roquebrune-Cap-Martin. “The most widely sought-after type of property is a 1-bedroomed apartment with a terrace and sea view : a parking place isn’t a decisive factor. By way of example, we are currently handling the sale of a fully renovated 1-bedroom apartment of over 30 m2, tastefully furnished, with a terrace, in a contemporary residence a stone’s throw from the beaches and station, priced at 255,000 €.” According to this professional, the market for the centre of Menton is very active and its prices have stabilized.