Jump to content
House Price Crash Forum
picnic

French Property

Recommended Posts

Update re my last couple of weekends walking in and around Antibes,Juan, Cannes etc.

All anecdotal,  but gives a flavour at the start of the buying season on my part of the Riviera. 

- Lots of "For Sale" boards on the seafront properties in Juan. Years since I've seen as many. I counted 8 on 1 block of flats alone. Owners bailing out possibly? 

- A friend recently bought a 2 bed townhouse in Valbonne. End of January.  Needs a little work, nothing major. Priced originally at 285k, he offered 210k. Within a week owner accepted 220k. Estate agent reckons offers of -25 to -30% are being considered by sellers.  The market is stagnant.  My friend reckons "collapse" is nearer the truth. 

- Went to my local Societe Generale branch for my annual visit.  The client manager mentioned that she expects house prices to fall sharply in next 18-24 months or sooner.  Mid to top of market is dead. Foreign investors thin on the ground. Older foreigners selling up and going home. Interest rates rising will be the key to next falls she reckoned.  But market is fragile so won't take big rises. 

- 2 unfinished houses still unsold , 500m from where I live.Both vacant since around 2012. Kite flying prices....but I'm going to contact them in next 2 months with an offer of -40% to see what the reaction is. 

Edited by Agentimmo
Spelling

Share this post


Link to post
Share on other sites
13 hours ago, Agentimmo said:

- Lots of "For Sale" boards on the seafront properties in Juan. Years since I've seen as many. I counted 8 on 1 block of flats alone. Owners bailing out possibly? 

 Interest rates rising will be the key to next falls she reckoned.  

Juan les Pins apart from its hair dresser Kim & Roland is crap. It is a place where people start buying when better places along the Cote d'Azur are too expensive and the other way round nobody will buy there when those better places become affordable. Similar comparison may be made between France and Spain. France is better, but if too expensive, one goes to Spain.

Interest rates, yes, that is what it is all about, but ....
sadly I do not think those will go up much longer.

Share this post


Link to post
Share on other sites

Interesting. Complete opposite of Nice. Demand here is crazy with nearly nothing on the market. Both bottom end and top end. Prices went up 5% but growth is limited by lack of stock. Local developers are really exploiting this. Properties that would have been on for €250k a year ago are being snapped up for €300k. At the top end, even properties that were sitting on the market for years way over-priced have disappeared. There is practically nothing left for sale on the sea front.

If you want to buy in Nice then you are going to have to be patient to get any kind of deal. Plan several trips just in case. The authorities are pouring over a billion euros into the city so I would advise buying before 2020. Check out the town's web site for more info.

Phillip.

Share this post


Link to post
Share on other sites
10 hours ago, felix said:

Juan les Pins apart from its hair dresser Kim & Roland is crap. It is a place where people start buying when better places along the Cote d'Azur are too expensive and the other way round nobody will buy there when those better places become affordable. Similar comparison may be made between France and Spain. France is better, but if too expensive, one goes to Spain.

Interest rates, yes, that is what it is all about, but ....
sadly I do not think those will go up much longer.

Well the current IR can hardly go down much lower.  Have you seen the rates in France????

JLP is hardly Chicago or Detroit either!

Ok, I wouldn't live in the town centre as it's holiday central for 4 months of the year.....but plenty of decent properties within 1km of the beach.

As for Spain....let's just say they don't speak French. No comparison. Different markets totally.  

Share this post


Link to post
Share on other sites
9 hours ago, Phillip said:

Interesting. Complete opposite of Nice. Demand here is crazy with nearly nothing on the market. Both bottom end and top end. Prices went up 5% but growth is limited by lack of stock. Local developers are really exploiting this. Properties that would have been on for €250k a year ago are being snapped up for €300k. At the top end, even properties that were sitting on the market for years way over-priced have disappeared. There is practically nothing left for sale on the sea front.

If you want to buy in Nice then you are going to have to be patient to get any kind of deal. Plan several trips just in case. The authorities are pouring over a billion euros into the city so I would advise buying before 2020. Check out the town's web site for more info.

Phillip.

For beach front appartments and a few select quartiers,  possibly still being "snapped up" (love that estate agent speak ?).

I just did a quick query on seloger.fr for flats with 2+ beds in central nice under 350k.

There's about 2500 properties available on that one site which suggests quite a bit of stock and negotiating margin for the discerning buyer....?

Share this post


Link to post
Share on other sites
18 hours ago, Phillip said:

The authorities are pouring over a billion euros into the city so I would advise buying before 2020.

Convenience, convenience and convenience. After I read that the happy few from Monaco likes to go out in Nice, that said it all to me. Cote d'Azur way too boring. People like to live somewhere, where they got something to do. Nice at least working on it.

Share this post


Link to post
Share on other sites

felix, yes living in Monaco has been described to me by as a local as "living in a goldfish bowl". Personally I have a great time in Nice but it certainly cannot compare to London or Paris in terms of things to do. On the other hand I can fly to either for €30-40 so it is not so bad.

agentimmo, my last two cash clients of 2017 decided to get mortgages anyway and got rates of 1%. The last couple of clients this month got 1.15%. This will be a bit more if you want maximum mortgage over the longest number of years.

As regards stock, as an example I used to have around 400 apartments for sale in the Old Town, now it's around 40. A generic "Nice" search on seloger used to show over 20,000 properties and now it is just over 9,000. Take that selection on seloger and drill down to the central areas (Carre d'Or, Vieux Nice, Quartier Musiciens, etc) you will cut that number drastically. Then take a look at the adverts and you will see every developer's property repeated multiple times by various agencies. For instance, search right now for properties €275,000 in Nice with a balcony. Of the 30 results, 11 of them are the same apartment.

Phillip.

Share this post


Link to post
Share on other sites

In two weeks time I will spend a week on the Cote d'Azur. I will do some very minor property viewing. Retirement still 10 years away, so in no hurry to buy anything. Is there anything new in particular I should pay attention to?

As mentioned earlier I have a feeling that Nice itself is picking up a lot more than areas around it. I kind of want to investigate this. Something I am totally not happy about, as my own interest goes to Nice itself too.

Share this post


Link to post
Share on other sites
12 hours ago, felix said:

In two weeks time I will spend a week on the Cote d'Azur. I will do some very minor property viewing. Retirement still 10 years away, so in no hurry to buy anything. Is there anything new in particular I should pay attention to?

As mentioned earlier I have a feeling that Nice itself is picking up a lot more than areas around it. I kind of want to investigate this. Something I am totally not happy about, as my own interest goes to Nice itself too.

Please report back. I have not been to Cote d'Azur this year and am starting to get nervous that property in that area is exceeding the rate of return elsewhere, meaning my dream is getting harder to obtain. I still consider buying a small apartment now as a hedge against future rises but then I find I've become a landlord ... 😕

Which inland areas do you like? 

Share this post


Link to post
Share on other sites

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 up viewings of properties until less than a week before your arrival.

Driving past the airport last week and the new tram line is already up and running, but just doing test runs. The first section opens end of next month.

Phillip.

Share this post


Link to post
Share on other sites
On ‎07‎/‎05‎/‎2018 at 19:24, dugsbody said:

Which inland areas do you like? 

Many beautiful areas in France, but to live in?! I guess only Paris and the Cote d'Azur. All the others too boring.

Share this post


Link to post
Share on other sites

So I was in the Cote d'Azur last week. Looked around quite a bit. The one thing that did catch my eye was that at the Pointe Croisette on the Avenue de Lerins there are many units up for sale. Does anyone have a clue what might be behind t?

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Next General Election   64 members have voted

    1. 1. When do you predict the next general election will be held?


      • 2019
      • 2020
      • 2021
      • 2022

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.