CANNES, FRANCE, April 12, 2014 /24-7PressRelease/
-- According to the Alpes Maritimes' branch, FNAIM 06, the number of French Riviera property sales fell by 10% in 2013; the figure is an improvement on 2012 when sales in the region were down nearly 15%.
Drops in real estate prices have been seen across the French Riviera, the average price per square metre in Nice in the last quarter of 2013 was 4,134 euros compared to 4,293 euros in 2012.
Cannes and Antibes saw similar reductions with the average price in 2013 at 4,634 euros and 4,460 euros respectively per square metre.
Of course in the fashionable French Riviera there are always exceptions and some of the fashionable resorts on the coast reported a slight rise.
Philip Weiser of luxury property brokers Carlton International
said that "the general economic situation in France together with the fiscal uncertainty, is responsible for the temporary decline in transactions and corresponding decline in prices."
The fall in demand for South of France property over recent years leading to lower prices is sure to give savvy investors untold opportunities, especially at the top end of the market. Weiser, who has over 30 years experience in luxury property investment said "these opportunities are rare in prime areas such as London, New York, Paris and the French Riviera. Historically, such opportunities occurred from 1982 to 1985, 1991 to 1994 and now, beginning in 2011."
He also urged investors to look at the market trends for these periods saying "historically, this period is not unlimited in time and the cycle will soon end. Now is the time to invest in the knowledge that values of properties bought at market value tend to double every ten years in normal times but inflate disproportionately after difficult times."
On the Cote d'Azur the limited capacity for additional construction has restricted the over-building seen in many parts of the world. Demand, both for primary and secondary residences has, more often than not, exceeded supply and this is a trend we are likely to see return.
Carlton International shared more good news for those seeking luxury property in the South of France
; "The result in a weak market is that an owner wishing to sell within a given period is obliged to be competitive in terms of price. Furthermore, it is evident that homes which sell in these circumstances are generally better prepared for the market and in better condition."
The reticence of the banking institutions to lend to the French primary home market during awkward times can make it difficult to obtain a loan for French citizens. For non French investors, the banks are more adaptable, given the secondary home nature of the investments made by foreign buyers, who often have no need for financing, other than to offset any French Wealth Tax liability.
Despite the downturn in prices, there will always be property owners who need to sell due to a variety of circumstances, be it for work, financial or family commitments. This is all good news for those buyers who are new to the market in the South of France and in particular for foreign investors.
ABOUT CARLTON INTERNATIONAL
is a prestigious real-estate agency based in the South of France. Our experienced consultants consistently negotiate French property transactions at the highest end of the market earning us a reputation as specialists in luxury French Riviera property sales and rentals. We offer a discreet service allowing our wealthy customers the privacy required for such transactions.
For those looking to purchase luxury property on the French Riviera, Carlton International can assist you in your search. Carlton International represents some of the most exclusive property for sale in the south of France. St. Tropez, Cap D'Antibes, Cap Ferrat and Cannes real estate are all available to be viewed through the website at www.carlton-international.com
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