CÔTE D'AZUR
Record prices on the Côte d'Azur
House prices on the Côte d'Azur are reaching record highs,
despite the travel issues associated with the pandemic.
These complexities may have deterred some international
buyers but domestic demand is so strong that prices have
risen beyond most expectations. Demand is particularly
strong along the coast. The online listing site SeLoger
estimates that "you will pay a 34% premium for a property
with a view out over the Meditteranean".
Across in St. Tropez, Mark Macauley is seeing the same
dynamic market. He has lived in the area for over 20
years and says that a lot of the stock that stuck on the
market has now sold, leading to a shortage of luxury
properties, with many owners looking for discreet
sales off market:
"We have seen a lot of Germans, Belgians and Dutch
buyers entering the market, especially in the villages
outside of St. Tropez. Grimaud in particular has seen a
large proportion of German buyers after being voted
'Figaro's' top location in which to own a second home in
France."
Gillian Wilson covers the northern section of the Var,
an area that is authentic Provence. Whilst further from
the Meditteranean sea than Dan she is surrounded by
ancient hilltop villages, lavender fields and is close
to the Gorges-de-Verdon, known as the largest and
most picturesque canyon in Europe. It is an incredibly
popular area for holiday home owners and she too has
never known a demand like it:
"There is a huge demand, with little property available
- it seems as though everyone wants to stay here and
everyone wants to move to a rural environment. The most
popular price levels are 300-500,000 euros and if you own
a detached, 3-4 bed property with a garden and pool then
you will be at the forefront of pretty much every buyers
short-list. My patch around Cotignac is a rural idyll, yet
we can reach Port Grimaud in around an hour, which then
opens up the beaches around St. Tropez and Ste. Maxime. "
The prices given in this report are a guide only, and should
be treated with caution, but it does give context that the
average apartment price in Cotignac is 1,590 euros per
m2, which is around a third of the price in Nice or Cannes.
Dan Norris heads the Leggett team in this region,
he gives us some context into this unprecedented
demand and tells us how even the locals are being
squeezed out:
"The very hottest part of the market is for a villa of
between 120-150m2, they are all being bought by
'Marchands des Biens' (small property developers) and
private buyers cannot get a look in. The developers know
the system and are currently squeezing everyone else
out. The rising prices that we are seeing stimulate the
professionals to buy and renovate quickly and then flip
the property as soon as the paint is dry. The important
thing is to know your market - getting a heads-up when
a property is about to come on, and how much it is worth
is critical. Personally, I do have a concern for future stock
though. Will it all be dull, beige, freshly-painted boring
refurbishments, that have had the soul and value ripped
out of them?"
Figures from BNP Paribas back up what Dan is saying.
Their latest figures show a 21% fall in international buyers
for the region as a whole. These figures are a little dated
now and it is hardly surprising given travel restrictions,
but they show that domestic buyers have more than
stepped up to fill any gaps in demand.
Current sales trends
Nice 4,260 euros per m²
Cannes 4,820 euros per m²
Antibes 4,700 euros per m²
St. Tropez 9,530 euros per m²
Grasse 2,770 euros per m²
Mougins 4,050 euros per m²
Vence 4,000 euros per m²
*source Notaires de France, median price of all apartment sales between
October - December 2021