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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 my client is buying a holiday home then I prefer to come in below budget, as it should be something to relax and enjoy rather than stress about. If it is an investment then you need to leave a margin in case of an unpredictable mini-crisis affecting the market. You don't want to stretch as much as a primary residence, where you do as it also maximises your capital gains over time.

Houses or apartments? I would say €1m apartments fly off the shelf here, if they are top floor with a terrace or a > 120m² bourgeois. I would say a lot of the buyers are Parisiens, followed by foreigners. In terms of houses, plenty of locals have no problem affording €1m plus. However they are quite snobbish as to area. So between Mont Boron and Villefranche is popular, as is Gairaut to the north of Nice.

As to your last question, I would say that it's shifted the opposite way, with both locals and foreigners cashing in on AirBnb at the moment. This is mainly the stretch between the Port and the Carre d'Or.  I have had some younger local clients prefer to live somewhere smaller and buy an investment property in the Old Town rather than live somewhere a little more luxurious. This is anecdotal and may not reflect the market as a whole.

Phillip.

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Basically you are telling me that everything is selling very well (in Nice). Exactly not what I wanted to hear LOL

AirBnb is a great way of experiencing any future acquisition. If it were not that I do plan to eventually live in Nice, then just using AirBnb for one's holidays is the way to go. The other way round I do not consider AirBnb as a profitable enough way to get some (extra) cash out of a property as a landlord. Not to mention the headaches. I predict that hype to disappear soon.

Any idea how the market in Cannes is doing?

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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, but if you don't want any headaches then there are property management companies that do all the AirBnb for you in exchange for about 25-30% of your revenue. A "hands off" net yield should be around 4-5% after management charges, taxes, property charges, etc. If you don't mind using your own apartment off-peak then you can use it frequently November-February without really touching your bottom line.

The government is trying to clamp down. For instance in Nice, from 2019 you can only have one AirBnb without having to go into a "compensation scheme". Before last year it was three and really only Paris was implementing it. The compensation scheme is that for every extra holiday rental apartment, you have to convert an office to an apartment of identical size. However the Nice municipality are not enforcing any of the rules and last time I checked less than 1/3 of holiday apartments had registered with the Town Hall as legally required. The amount of extra tourists being pulled into Nice by the cheaper available accommodation outweighs the small amount of tax dodging by AirBnb hosts. Governments are always generous in a bull market but if it turns expect that blind eye to suddenly open.

I wouldn't say anything is going to happen soon. Nice is undergoing mass expansion. They just closed down all the bus lanes in the city centre and are turning them into tree lined cycle lanes. It's happening outside my window so I can tell you they are moving *fast*.

Sorry, I don't really know about Cannes.

Phillip.

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  • 2 months later...
On 07/12/2019 at 00:50, Phillip in Nice said:

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. 

Make it a great way! The last 8 days I spent 4 nights in Mont Baron and 4 nights in Beausoleil. 

Mont Baron was never really on top of my list, but I can now confidently confirm that it is not a place where I would like to live. There are only two roads (Moyenne and Basse Corniche) leading to it from the city that both kind of close to each other bottleneck near Le Port. Traffic jams can be an unacceptable nightmare. And worst of all, even I cannot think of a solution to this problem, so for sure nothing will be done about it in the foreseeable future. 

Another funny problem:
https://www.facebook.com/watch/?v=10156103791855579
As soon as the A8 has been connected directly (without any traffic lights) to the Voie Mathis, I think property easy accessible via the Voie Mathis will sky rocket. How long will this take?

Beausoleil is a good place to live having Monaco nearby, but I like Nice better (discussed before) and in general Beausoleil is 25% more expensive than La Madeleine.

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I keep on watching the Nice market. Hardly anything interesting pops up. Good news: I am not in a hurry!

The other day I did see one semi interesting object on my wanted Route de Bellet. Within a week it was gone. I then did WhatsApp the agent asking him for how much it was sold. He did not reply, so I asked him again and still no reply. Is this typical behaviour of these guys?

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French estate agents are the pits.  Make ours seem like angels. French agents charge between 6 - 10%, do minimum possible.  They get away with it because their fee is loaded onto the buyer, not seller.

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  • 428 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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