INTERNATIONAL BUYERS STRIVE FOR A HOLIDAY SPOT ON THE FRENCH RIVIERA

The property market in the beautiful French Riviera is seeing a significant increase in demand from international wealthy buyers, according to the latest research.

France’s Côte d’Azur is a desirable destination and location for foreign buyers and part of an international network of second home hotspots. Now, analysis from international real estate firm Savills says prime property prices in the Côte d’Azur are now on a high plateau, having more in common with other top tier global city markets than the rest of France.

“The Mediterranean climate, vibrant towns, beautiful coastline and world-class events attract visitors from across the globe and create a spectacular setting for property,” says Paul Tostevin, Savills associate director for world research. “This underpins rental markets as well as creating demand for second homes and means the Côte d’Azur is likely to remain a desirable destination.”

For homes priced above €10 million (about US$12.34 million) in Côte d’Azur, most buyers are from Russia, Eastern Europe, Belgium, Scandinavian countries, U.K. and Middle East.

The report also reveals that those buying in the region are getting younger and they want to split their leisure time between multiple destinations in the Mediterranean so new build apartments with a high level of services are meeting this new demand for high quality and low maintenance.

The prime Cote d’Azur residential market previously peaked in 2008 and slowed significantly after the global financial crisis. The 2017 election of Emmanuel Macron has marked a turning point, as the new government has brought stability and improved international standing

Presently, prime prices in Côte d’Azur have plateaued and are close to the levels seen in 2006, ranging between €25,000 and €30,000 per square metre.