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MIPIM French Real Estate on the French Riviera : It is official prices are down

On the French Riviera for the last ten years it is estimated that the price per square meter of property has gone up 80 percent!

Since 2008 there has been no increase and now in 2013 according to French notaries report at MIPIM prices of property sold on the French Riviera are down.

In 2012 the number of transactions in the Alpes- Maritimes went down 15 %. This is significant in the second more expensive area in France, Paris being the most expensive.

Jean- Charles March , President of the Chamber of Alpes- Maritimes Notaries said the ‘Notaries give the real prices, we see the room for negotiation that has occurred in the drafting of sale documents in our offices. We see the sale prices.

The 2013 Real Estate Statistics for the French Riviera

According to the notaries, the average price for the department PACA has gone down
3.4 percent for detached houses
3.8 percent for apartments
5.3 percent for new properties

When you look closely at the sale prices in the west of the PACA department you see an even more notable decline of between 7 to 8 percent.

French Real Estate and Foreign Buyers
According to the Notaries, in the Alpes ten years ago about 18 percent of buyers were foreigners
Last year this dropped to 10.6 percent.

What will happen in 2014?
The notaries say that in the first part of 2014 they have not seen many sales. Perhaps this could be related to the 2014 French government increase in notary fees.

Viewpoint

When the market is like this, the buyers waiting to take hold of an opportunity seem to be arriving, they are not many but we see an increase activity in people inquiring and visiting properties seeking the right property at a good price.

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Source article in French here