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Phillip in Nice

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About Phillip in Nice

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  1. It's not good for us in Nice either, with hundreds of agencies chasing a handful of properties. It's good if you want to sell though! My sellers are very happy with the prices they are getting. AirBnb is a good way to experience an area, as you only need a couple of days to really get a feel for it. The quarters of Nice are quite small and don't need much time to get to grips with. Though I would have to disagree with AirBnb not being profitable enough. It is highly lucrative, hence the dearth of properties in the prime areas. A property should make around 8-10% gross yield with revenues, bu
  2. Yes very cheeky by meilleursagents.com, the real government dataset is online here: https://app.dvf.etalab.gouv.fr/ It should be noted that the dataset is *net vendeur* so the actual sale price will be 5-6% more expensive as the buyer paid agency fees. I know this as I checked it against some of my own sales. I would say that people buying abroad, in my experience, are more fiscally conservative in their purchase. If my client has a budget of €500k then they generally have about that in cash. They then may borrow €300k as interest rates are so low freeing up that for other investments. If
  3. I wouldn't put too much trust in meilleursagents.com, except as the roughest guide. Certainly not to evaluate an individual property. The dataset is pretty light, it relies on their "partner agents" filling in their sales. The government has released recently for free a complete dataset of all sales, updated every 6 months. I don't think I'm allowed to post links here but you can Google and find it. Even the official sales prices are little help, in my opinion, as property in Nice isn't cookie cutter boxes like the UK and the US. Even in my street here prices can range €3,000/m² to €15,000/m².
  4. Holiday rental and hotel prices dropped in Nice after the terror attack on the Promenade, as so many owners were worried people wouldn't want to come. I would estimate both dropped around 25%. Actually Nice was still packed. There were quite a few immediate cancellations but due to strict cancellation policies many owners got the full money from the no-show and instantly booked it again and doubled up! Prices quickly went back up to normal. It's not so much that prices have dropped, but with so many more on the market the range of prices as increased so you notice more low priced ones when y
  5. Things are evolving slowly in Nice. It is still the case there are far more buyers than sellers. However the rush for small AirBnb rentals has slowed. The property developers that hiked up the prices are finding the remaining stock is sticking. You can definitely try a more low-ball offer now. Because of the shortage of apartments, developers are desperate for anything to renovate so as a private buyer you will struggle to find a deal where you can add a lot of capital appreciation. As a rule of thumb, anything you can make €50k+ is snapped up. There are still plenty of run-down apartments tha
  6. I can't answer for the other cities but Nice is in an identical state to last year. Far too many buyers and not enough sellers. Property developers are still asking extremely high prices, and not dropping them as they are actually selling them for those prices. Yields are very high, my clients are getting mortgage rates around 1.4%, and all rental properties are packed every summer, so I can't see the situation changing in the near future. It's really tough finding my clients good deals, I have to put in a lot of work for each and every client. Phillip.
  7. The market in Nice is red hot for property under €300k. My advice is first don't base your idea of prices on what you see on web sites. The stuff you see online is often over-priced property that is failing to sell. I am showing apartments this afternoon of which 4/5 came onto the market in the past 3-4 days. In two weeks time I expect most of those to be sold. My comments above made in February still apply. You can still find good deals but (a) you need to have your finance sorted and be ready to make an offer within 24 hours of viewing, and (b) some luck in your timing. Don't try and book
  8. Various private subsidies, usually along the lines of writing off a percentage of purchase cost against income tax as long as you rent it out long-term below market rate for a minimum amount of time (last time 9 years), have cropped up regularly the past couple of decades (Pinel, Duflot, etc). Their generosity varies over time, depending on the profligacy of the current government and the perceived acuteness of the housing shortage. The government wants to reduce housing benefits, but will be hit by the shortfall next year by cancelling "taxe habitation" (a secondary council tax, equivale
  9. Capital growth in Paris has been high compared to the rest of France. The average price is now €9,000/m², twice that of Nice. I don't know Paris well enough to understand the factors why. The Mayor of Paris has declared war on AirBnb, which eliminates higher yield holiday rentals. If you want capital growth, I hear Spain is good at the moment. Looking at that chart, it makes London look a bad buy. However Berlin suffers from rent control, and Italy and Portugal are still economic basket cases. Shame it doesn't show eastern European countries. Poland is supposed to be strong, and I see Cze
  10. If you want a house with a pool, be easy distance to the beach, and if you are on a budget then Nice is not really the best place. You can get a brand new villa twice the size with pool within 10-15min drive of the beach for less in the south of Spain. However, the lifestyles are not comparable. It is not just the sunshine, but the culture and history where France meets Italy is quite unique. Some expats that come and only go to the local English pub get bored after a few years, complain there is nothing to do, and then leave. Those that keep their eyes open stay because they love it. For inst
  11. I would agree that the villa market is struggling compared to the apartment market, which is quite robust in Nice. The % of foreign owners in Nice is probably less than 1% overall but quite high in the Old Town and Carré d'Or. Yields are so high that local shop owners are snapping up properties to put on AirBnb, so the percentage of foreign owned secondary residences might even be going down. Property prices have been relatively stagnant here the past few years. Creeping up in the centre and down in the north and west. I'd expect a few % rise per year, for a number of factors I think I me
  12. Millionaires tend to go to the US and Canada not just for the lifestyle but also because it has a better business eco-system. The millionaires with houses in France will be second homes, so won't be included in this figure. Now is not a bad time to buy. Properties in the €5M-€25M range have already dropped in price on the French Riviera as the Russian have disappeared. However if Fillon gets elected he has said he will abolish wealth tax, which will give prices a boost again. Before his scandal he was a shoe-in, but now he is looking 50/50 with Macron. As for making prices drop, it will h
  13. I would book now. After the attack in Nice last summer, people quickly dropped their prices on AirBnb as much as 20% just in case it had an adverse affect on rentals. In fact, rentals packed out as usual the rest of 2016. As people start to see rentals fill up as usual in 2017 they will start putting their prices back up. If you are going to a different country every year, then buying a holiday home somewhere does not make much sense. You are better off waiting until you find a place you really love. You can find bargain properties everywhere, but finding that special place abroad that is
  14. I would use the word steady rather than buoyant when it comes to the Cote d'Azur. The British have been buying in Nice for a couple of hundred years, long before the EU existed. Brexit has made surprisingly little difference. In my recent experience, priority goes (a) exchange rate (b) interest rate (c) Brexit, with (c) quite far behind. As I said previously, people are using (b) to hedge against (a). The problem is that AirBnb has been so successful it is now quite hard to find a good pied-a-terre for sale here. The expat market is less significant than Spain. Few of my clients buy to di
  15. Coming from Monaco to Nice, it is a bit more spread out. Places open a lot more often in Nice and sometimes it's hard to keep up. Apoteka was always full of people from MC but that closed down. Likely places might be the rooftop terrace of the Hussard, or Merkatos. Probably Coulis later. The young crowd like the grungier bars. In the summer it may be Nice for bars but the clubbing is in Cannes. Baoli is a popular one. Phillip.
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