As all over the map, the real estate market on the French Riviera is going badly. Since September, the housing sales are decreasing and, of course, that brings the prices’ drop.
The transaction have been reducing a lot since five months (30% less in Nice or Cannes!), and the trend has been becoming more marked since the beginning of the year. According to the estate agent Jérôme Renaud “The situation is serious. The market is really going to change radically.”. He admits that he’s very worried about the future.
The price already dropped by 6% on average in the department, and the most affected by this prices and activities’ collapse seems to be Nice.
However, Jérôme Renaud wants to appear reassuring: a real breakdown is not to be feared: “We expect a prices’ drop by 10% on average and 5 to 10% on the French Riviera.”.
But the real estate market on the French Riviera is not as stable: because of the shortage of customers, the sellers have to cut prices: from 20 to 30% left for some properties!
But the most nagged are the estate agents, often torn between two positions: to one side, the sellers who have dug in their heels and refuse to drop their prices, and to the other side, the buyers who still make low offers, convinced that the crisis will last. As a result, the real estate market on the French Riviera is totally blocked. Hope that the effective prices’ drop will encourage the investors to unlock the real estate market on the French Riviera!
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