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Inside the Market / Market Trends

Enquiries up 60% for real estate on French Riviera

villefranche-sur-mer

International buyers are back to prospecting for real estate in the South of France, according to one specialized agency that saw demand for French Riviera property rise by 60% in 2015.

According to Home Hunts, a luxury real estate agency for overseas buyers, enquiries into high-end property on the French Riviera rose by 60% year on year in 2015. Moreover, last year was also the agency’s busiest in over a decade.

Home Hunts’ director Tim Swannie notes that “the luxury property market on the French Riviera has really boomed in 2015. Although we saw activity start to increase in 2014, this year the market has transformed and it has been the busiest we have seen since starting the company in 2004.”

According to Swannie, international buyers are particularly interested in popular destinations such as St-Tropez and Villefranche-sur-Mer — both very touristic upmarket Mediterranean resorts and highly sought-after locations for prime real estate, offering beautifully designed properties with ocean views and beachside locations — but also in parts of the Riviera les known to international buyers such as Vence and Mougins — two medieval villages in the hills with vibrant atmospheres, high quality restaurants and spas.

Though property on the French Riviera is generally in high demand — mainly due to the fact that strict planning laws restrict residential real estate construction in the area, resulting in a limited number of properties in the Riviera’s highly sought-after spots being available at any given time — international interest has experienced a renewal in 2015.

Increased interest from foreign buyers in real estate in the South of France and in the country as a whole is chiefly due to reduced property prices, favorable currency exchange (which put the euro and the dollar almost on par) and historically low mortgage rates in France.

Photo credit: Pixabay / Bogitw

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