Property Prices in South France’s Coastal Cities Creeping back up
After stagnancy during the few years after 2012, property prices in south France have by-and-large stopped falling with some regions seeing a significant pick-up.
While the Cote d’Azur remains a world-famous site for property the strength of the south of France’s market has not always been a given. As with the rest of the country, 2012 hit the market hard and many towns and departments have struggled to recover since.
“Posting prices well above-market, property owners were in no rush to sell and rested on their assets. On top of this, buyers have been rare in a market in decline,” says Gilles Tejedor of John Taylor, a luxury real estate agency located on the prestigious Peninsula of Saint-Cap-Jean-Ferrat, near Nice.
One notable departure in the last five years has been Russian billionaires, a demographic largely influential in the pre-2012 period of huge signed prices. A weak ruble has certainly had an effect, but other less identifiable factors might be at play.
Property Prices in South France’s Coastal Towns (per m2; stats courtesy of Meilleursagents)
But there is plenty of anecdotal evidence from local agents which points towards bluer skies, as has been the case for the capital’s high-end property market. Laurence Chaleuil of Cote d’Azur agency Sotheby’s International Realty, says that “while transactions remain sporadic, the market for properties priced between 10 and 20 million euros is picking up again.” Benjamin Mondou of Century 21 agrees.
“Since the end of 2016, the search for second homes [on the coast] has picked up. This trend has been further confirmed since the election period. Now is a great window of opportunity for finding good deals. Prices have stopped falling, and have not yet begun to rise significantly.”
See the price movements in southern departments below. The +0.8% figure for Alpes-Maritime is especially important as that department remains the most popular for second home purchases. Anne-Karine Pitois-Brouchier of Pitois Immobilier notes a “slight upward trend in prices for the most desirable properties.”
Price movements in South France’s Coastal Departments (1 year, Meilleursagents figures)
image: Saint-Tropez © Wikicommons