The capital of the French Riviera is well known around the word and the real estate demand is constant. But Nice is a town with many different facets. The real estate market is very heterogeneous : the range of budgets is wide. It’s not like in Cap d’Antibes where you can’t find a house below € 1,000,000. The average price in Nice is € 4,200/m² . But prices are very different from on area to another one.
The heart of the city is much more for the locals. The wealthiest prefer the “Carré d’Or” where prices go from € 5,000/m² to € 6,500/m². Then Cimiez is a residential area when you obviously need a car. Appartments cost around € 4,250/m² and you can afford a villa for € 750,000. Most of the French people prefer the hills west of Nice. Prices go down to € 4,000/m². The lower prices are in the north of Nice with € 3,200/m².
The exponential rise in prices is due to the foreignors investors on the French Riviera. Anglo-saxons and Scandinavians are ready to pay for a seafront flat or “Belle époque” architecture. The low cost flight from Britain and Ireland explain why prices for well situated and small appartments (1 room) have been increasing since 2000. A first class 40m² appartement can be bought for € 320,000 ! Anyway, foreignors have high quality requirements and air conditionning is a minimum.
The Mont Boron, closed to the centre, is considered as a little paradise. Prices range between € 6,000/m² and € 8,000/m². The beautiful and elegant “Belle époque” or “Art déco” houses attract many foreignors. Real estate agencies face to a lack of offers in this area.
In this part of Nice, there is no new building. This rarity makes prices increasing. It’s very hard to find properties around € 2,500,000. A 400m² mansion costs € 6,500,000. But Nice is still less expensive than Cannes, Villefranche or Beaulieu; so it’s a good place to invest in the real estate maket of the French Riviera.
That IS progress. Your blogging skills are getting better and better. I had a great time reading this post.