THE PROPERTY MARKET IN NICE, COTE D’AZUR

Nice is a commercially strategic and important city within the Cote D’Azur region with its buoyant Services, Hi-Tech and Administrative business sectors. Nice is the fifth largest city in France with it’s own population of 346,000
(SOURCE:INSEE, 2004). The city serves a regional population of 1.2 million in the Cote D’Azur and is the capital of the Alpes Maritime Department. This region is one of the most visited tourist destinations in the world with 10 million visitors recorded in 2004.(SOURCE: NICE CHAMBER OF COMMERCE & INDUSTRY / CHAMBRE DE COMMERCE et INDUSTRIE NICE COTE D’AZUR)
Nice and the region enjoy a strong variety of infrastructure with a very modern public transport system – Bus, Air and Rail. As is the case in Dublin, Nice has also chosen to build a new tramway system designed to move 300 people every three minutes (SOURCE: NICE LOCAL AUTHORITY). It is against this background that the local property market has consistently flourished over decades. This has been helped further by the region’s international reputation as a much sought after destination for investment, tourism and retirement with its climate and exclusive reputation.

YIELDS

In long term renting, typically a tenant will sign a lease for three years under current landlord/tenant regulations, thus providing security for both parties. The apartment does not have to be furnished. Gross Yields in Nice & Cannes will typically be 5% for a one bedroom apartment: 4.5%-5% for 2-bedroom apartment. The ideal investments are in Studio, one & two bedroom apartments as they are most in demand across Nice & Cannes. Capital appreciation in this region has always been consistently strong in common with Paris and a number of other areas with similar strong
economic fundamentals. Up to the late ‘90s, capital appreciation averaged 8%-10%. Since 2000, the average appreciation level has risen steadily with economic growth and confidence. Year on Year, 2003 – 2004, capital appreciation on new properties has averaged between 19% and 22%.
(SOURCE: Nice Observatoire Immobilier De La Cote D’Azur) (“Marche Du
Logement Neuf”)




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