Nice in the Provence-Alpes-Côte d’Azur Region

In the works- Kitchen on rue des Congres

I end the year and the last issue of French Property Insider 2016 in sunny Nice in the Provence-Alpes-Côte d’Azur region. The office of the Chambre des Notaires des Alpes Maritimes is located just a few streets away from my Nice apartment (“Le Matisse”) and literally across the street from the apartment our clients purchased during their first visit to the city. It was on my recommendation to consider the Mediterranean hub for retirement. They fell so in love with it so quickly that they didn’t hesitate to let us find them an apartment they would want to call their new home.

The spacious two-bedroom apartment was a particular bargain as it needed complete renovation. Not everyone is ready to take on such an undertaking, but they were willing to put their heart and soul into it by trusting a designer I work with in Nice who took on the project. She proudly showed me the results this week as it is in the finishing stages and they’re preparing to make their move over. When they come in a few months time, they will be seeing it for the first time since they made the purchase last year and I’m sure they will be pleased.

The creamy-colored Farrow & Ball painted walls are luscious, the natural stone bathroom tiles are warm and soothing and the rustic country kitchen friendly and inviting. The transformation is impressive.

Another of our clients is in the process of purchasing an apartment on rue Meyerbeer just one block from the water which was under renovation by a “marchand de bien” — or developer. They had the good fortune of committing to the purchase early on, enabling them to make a few choices of materials. I am hoping to get to see it before I leave Nice to give them an official report. It’s a two-bedroom apartment with a wrap-around balcony and a view of the sea. Our designer is assisting them with the decor. These owners will want to rent it when they are not using it.

Yesterday I had the pleasure of lunching with clients who purchased an apartment on rue de France a couple of years ago. They happily come as often as they can with their two daughters and enjoy every minute. The girls said that they don’t tell their friends that they go to France so often for fear their friends will be jealous! (I’m sure that would be true!)

More and more of our clients are becoming interested in making investments in Provence or on the Riviera, in place of Paris. There are many reasons for that which include the price of the property (half of Paris property prices), weather, lifestyle, the ability to rent short-term (Nice has not yet adopted the short-term rental laws enforced in Paris) and the fact that as a hub of a city with an international airport, from Nice you can get anywhere in the world easier, faster.

In the Nice area (06000), the Chambre de Notaire reports that prices vary from about 2,800€ to 6,650€ per m2, but I can tell you that the figures are not true market prices. When reading the price reports, one must consider that they may or may not include the agency commission (about 5%), the furnishings which are deducted from the sale price and the cash exchanged “under the table.” While this is illegal, it is done. (We will not be involved in such a transaction.)

Nonetheless, the most expensive parts of Nice include the:

Quartier                Lowest      Average   Highest

Gairaut                 3 146 €     4 903 €     7 685 €
Rue de France       2 780 €     4 780 €     7 066 €
Mont Boron           2 815 €     4 725 €     7 921 €
Medecin                2 373 €     4 590 €     7 026 €
Vieille Ville            2 816 €     4 303 €     6 550 €

And the least expensive are:

Quartier                Lowest      Average   Highest

Ariane                  1 381 €     1 833 €     2 572 €
Roquebilliere         2 083 €     2 592 €     3 408 €
Arenas                 1 993 €     2 852 €     3 929 €
Saint Augustin      1 945 €     2 914 €     4 431 €
Pasteur                2 106 €     2 956 €     4 005 €

Other enclaves can be more expensive than Nice, such as Cannes and Beausoleil. For the moment, prices have not increased much in the last five years, but the trend is upward. Now is a great time to make an investment.

If you are thinking of considering a purchase outside of Paris, then now is the right time to consider the Provence-Alpes-Côte d’Azur region for an affordable yet elegant and casual lifestyle. Let us help you discover it as so many of our clients have. This could be your New Year’s resolution.

A bientôt,

Adrian Leeds
Adrian Leeds Group

(by Tom Marquardt)

Respond to Adrian: [email protected]

 

  

 

P.S. “Le Matisse,” my apartment near the sea in the Carré d’Or district, and the two-bedroom apartment next door, is available for short stays to friends of Parler Paris, Parler Nice and the Adrian Leeds Group. Email [email protected] for more information and to book your stay!