February 21, 2012
Boulevard de la Croisette
With property markets around the world being unstable and shaky it makes a refreshing change to hear about a region with a stable house market at present.
According to Engel & Volkers, an international real estate company based in Germany, property on the Cote d’Azur is soaring to new heights and that the French Riviera is ranked to be one of the most stable second home markets in Europe.
Talking about how much properties are currently worth on the Cote d’Azur, Jorg Buchen, former member of the board at Engel & Volkers in Hamburg, who now manages the Engel &Volkers office in Cannes, said:
“In very good locations, prices per square meter for apartments range between 10,000 and 14,000 euros. At absolutely prime addresses such as the ‘Boulevard de la Croisette’, prices can reach as much as 30,000 euros per square meter. Prices for villas range from 3 to 8 million euros, with exceptional properties sometimes even exceeding a price tag of 30 million euros.”
The majority of property buyers on the Cote d’Azur are from Russia and Europe, as well as an increasing number of real estate investors in the area coming from the Middle East.
Cannes is, unsurprisingly, one of the most sought-after cities in the region to buy property, alongside other coastal towns on the Cote d’Azur, including Golfe Juan, Cap d’Antibes, Villefranche-sur-Mer and Saint-Jean-Cap-Ferrat. Whilst inland, the regions around Valbonne, Mougins and Saint-Paul-de-Vence are particularly desirable locations to buy a second home.
So why is the Cote d’Azur’s property market flourishing, whilst others perish?
Well apart from the area being exceedingly beautiful, chic and sophisticated yet steeped in an unswaying tradition and culture, the region has fantastic infrastructure, with Nice Airport being the second biggest in France.
All in all, this rise in the prices of property in this southern region of France is evidence that the wealthy and elite cannot resists the unique charms of the Cote d’Azur.