The Cote d’Azur has always been synonymous with international chic and glamour; today in Nice, not only can you find international icons, such as the likes of Jack Nicholson who is holidaying in Nice presently, but also a wave of hungry real estate buyers from all over the world looking for their own slice of the Riviera action.
For property agency Agence 107 Promenade situated in the heart of Nice city on the Promenade des Anglais, foreign visitors and property buyers are part of the rich and intricate tapestry that makes Nice the diverse and popular city that it is today.
The main attraction for buyers is the seafront coupled with the relaxed French lifestyle and climate, and owning an uninterrupted view of the Baie des Anges is an opportunity not to be missed, some buyers have called it “priceless”. Christensen, a former Director of Unicef, recently retired to Nice from Denmark. From his apartment he soaks up the French sunshine and the far stretching coastal views. “It’s quite reasonable to pay a high price to enjoy such an amazing view, I feel this is a real privilege and there is a certain freedom of not having buildings in front of your apartment.”
Christensen’s sentiments are shared by the Italians, English, Irish, Russians, Dutch, Swedish, Norwegian, American and Turkish buyers that all hope for this ‘privilege’. Kirkor Ajderhanyan, Founder and Owner of Agence 107 Promenade says, “approximately 75% of the purchasers here especially on the Prom are foreign buyers, out of these 8-10% are from the UK. This hasn’t even varied a great deal over the last 5 years or so, the seafront properties in particular have always been popular from both an investment and lifestyle point of view.”
Agence 107 Promenade has found that there is some variation on where different nationalities choose to buy however. Typically the west side of the Promenade from Magnan to Carras is the hunting ground for Italians and North Europeans all with varying budgets. It is also a favourite for Parisians and the French from the colder northern climes that seek the sunny weather and panoramic views of the French Riviera from the Cap d’Antibes to Cap Ferrat. There is a significant demand from all buyers on the east side of the Promenade from Old Nice to Magnan, however supply of properties is limited and prices here remain very high, a 1 bedroom apartment sold in this strip recently for just short of €700,000 compared to a similar sized property on the west side which sold for roughly a third of that price.
Of course, those with large budgets tend to buy villas to enjoy greater privacy and space, wherever the villas may lie along the coastline. Undoubtedly these buyers tend to be Russians with far reaching budgets of up to €30,000,000. It is those typically with budgets of between €400,000 and €1,500,000 that opt for the Prom apartments and penthouses giving them easy access to the city centre without the need for cars.
Despite the ongoing international financial crisis they are facing, as well as local real estate crisis, the USA remains a major source of tourists for the French Riviera and well-off Americans are still looking for a secure investment haven. After vacationing in Nice several times, Doc and Marion from the US, sold up and flew to Nice in search of their retirement home, Agence 107 Promenade were able to quickly find them exactly what they wanted. “In just a couple of days we found our dream home, we benefited from Agence’s experience and Kirkor was able to assist with the legal necessities, even offering ideas on renovation for the apartment.”
The value of real estate on the French Riviera is more stable than in many places, property prices have been affected but it has been seen as more of a shake up as opposed to a market crash. With the high demand in Nice from buyers all over the world, properties have maintained their values; the local Government continues to plough in money to infrastructural improvements including the new tramway from the city centre to the international airport, all of which keep the appeal and quality of living in Nice extremely high.
For more information on purchasing in Nice contact Agence 107 Promenade on 00 33 4 93 44 83 83 or visit www.107promenade.com to view a wide selection of properties today.