International buyers opt for the ‘Nice’ life

by Charlotte Ashton France

 

The Cote d’Azur has always been synonymous with international chic and glamour; today in Nice, not only can you find international icons, such as the likes of Jack Nicholson who is holidaying in Nice presently, but also a wave of hungry real estate buyers from all over the world looking for their own slice of the Riviera action.
For property agency Agence 107 Promenade situated in the heart of Nice city on the Promenade des Anglais, foreign visitors and property buyers are part of the rich and intricate tapestry that makes Nice the diverse and popular city that it is today.
The main attraction for buyers is the seafront coupled with the relaxed French lifestyle and climate, and owning an uninterrupted view of the Baie des Anges is an opportunity not to be missed, some buyers have called it “priceless”. Christensen, a former Director of Unicef, recently retired to Nice from Denmark. From his apartment he soaks up the French sunshine and the far stretching coastal views. “It’s quite reasonable to pay a high price to enjoy such an amazing view, I feel this is a real privilege and there is a certain freedom of not having buildings in front of your apartment.”
Christensen’s sentiments are shared by the Italians, English, Irish, Russians, Dutch, Swedish, Norwegian, American and Turkish buyers that all hope for this ‘privilege’. Kirkor Ajderhanyan, Founder and Owner of Agence 107 Promenade says, “approximately 75% of the purchasers here especially on the Prom are foreign buyers, out of these 8-10% are from the UK. This hasn’t even varied a great deal over the last 5 years or so, the seafront properties in particular have always been popular from both an investment and lifestyle point of view.”
Agence 107 Promenade has found that there is some variation on where different nationalities choose to buy however. Typically the west side of the Promenade from Magnan to Carras is the hunting ground for Italians and North Europeans all with varying budgets. It is also a favourite for Parisians and the French from the colder northern climes that seek the sunny weather and panoramic views of the French Riviera from the Cap d’Antibes to Cap Ferrat. There is a significant demand from all buyers on the east side of the Promenade from Old Nice to Magnan, however supply of properties is limited and prices here remain very high, a 1 bedroom apartment sold in this strip recently for just short of €700,000 compared to a similar sized property on the west side which sold for roughly a third of that price.
Of course, those with large budgets tend to buy villas to enjoy greater privacy and space, wherever the villas may lie along the coastline. Undoubtedly these buyers tend to be Russians with far reaching budgets of up to €30,000,000. It is those typically with budgets of between €400,000 and €1,500,000 that opt for the Prom apartments and penthouses giving them easy access to the city centre without the need for cars.
Despite the ongoing international financial crisis they are facing, as well as local real estate crisis, the USA remains a major source of tourists for the French Riviera and well-off Americans are still looking for a secure investment haven. After vacationing in Nice several times, Doc and Marion from the US, sold up and flew to Nice in search of their retirement home, Agence 107 Promenade were able to quickly find them exactly what they wanted. “In just a couple of days we found our dream home, we benefited from Agence’s experience and Kirkor was able to assist with the legal necessities, even offering ideas on renovation for the apartment.”
The value of real estate on the French Riviera is more stable than in many places, property prices have been affected but it has been seen as more of a shake up as opposed to a market crash. With the high demand in Nice from buyers all over the world, properties have maintained their values; the local Government continues to plough in money to infrastructural improvements including the new tramway from the city centre to the international airport, all of which keep the appeal and quality of living in Nice extremely high.
For more information on purchasing in Nice contact Agence 107 Promenade on 00 33 4 93 44 83 83 or visit www.107promenade.com to view a wide selection of properties today.

More than ‘Nice’ – the promise of the Promenade…

by Charlotte Ashton France

 

Since the nobility of Europe first visited to experience its winter sun and to take pleasure in its natural charms, Nice has established its position as the destination of choice for the privileged and wealthy. Situated on the south-eastern coast of France and forming part of the Côte d’Azur or the French Riviera, Nice is fortunate to boast long beaches bordering clear blue waters and breathtaking woodland-topped hills as well as the exclusive neighbours of Cannes and Monaco on its palatial doorstep.    
 
Today, just 1 hour 30 minutes from the UK by air and accessible from 12 airports across the UK, Nice’s excellent location is just one of the reasons for its ongoing popularity with around 4 million tourists a year (according to the CRT Riviera Côte d´Azur – Observatoire du Tourisme). The world renowned Promenade des Anglais, or simply ‘Promenade’ as it is popularly known, is the premier attraction for this luxury location; boasting around 6km of beautiful sandy beaches, it is the place to see and be seen. And with many enthralling historic and cultural sights within a stone’s throw of the Promenade, including the Cathédrale de Sainte Réparate, Palais Lascaris and countless art galleries and museums, along with 300 days of sunshine a year, it is clear to see why Nice – the fifth largest city in France – is one of the world’s top tourist destinations.
 
The tourist industry of Nice is a thriving one, with those visiting the Côte d’Azur by air spending on average €111 per day (Data Sirius 2007), and the French Riviera Database noting that tourism forms 41% of the total employment for the region, some 66,000 jobs. It is not just those looking for an exclusive break that visit Nice, however, ample business tourists also form a large proportion of the region’s visitors, with 1,500 companies said to be financed by foreign capital and half of all stays in the region for business purposes, according to French Riviera Database figures.
 
Latest research by Lloyds TSB International could show that this trend is set to continue into the future. 1,500 employed British people were surveyed by the bank to find out about their working habits and the likelihood of their working outside of the UK. It was found that 32% of those asked had worked outside of the UK during their working life, with Europe the most likely destination for 56% of those employees working overseas. Stephanie Cousin, Head of Operations for Lloyds TSB International highlights the idea that this is a growing phenomenon,
 
“We’re certainly a nation of intrepid travellers and whether it’s to gain international work experience or simply escape the weather, it’s clear that many of us may be working overseas for part of our career.”
 
France, and Nice in particular, may well be one of the destinations that benefits from this trend due to its short distance from the UK, ease of access via a wide range of carriers, excellent climate and fantastic all-round reputation.
 
It is due to this sustained and increasing future popularity with both business and pleasure visitors that the property market of Nice is stable even within these difficult times. Well-located property in the city has always been, and remains, in high demand and those that are situated on the seafront or Promenade can command very healthy prices. It is for this reason that growing numbers of buyers from outside of France are investing in the city, with British and Americans as well as Asian buyers showing increasing interest in the property market. These buyers are not only purchasing property as a medium-term buy-to-let income stream, to cash in on the outstanding popularity of the place, but also moreover as a location to set up home and take advantage of the year-round benefits of life on the French Riviera.
 
It is not simply the popularity of Nice that has resulted in the city faring well during the credit crisis – with only a moderate reduction in actual selling prices – the City Hall and the Urban Community’s planning for the future is also one key reason for the relatively healthy property market even during these difficult times. These governing bodies have put urban improvement plans in place to reduce traffic in the centre of Nice and especially along the Promenade, plans starting in 2013 and being achieved by the improvement of the city’s tram lines. A second line is being built to run from the eastern side of the city to the west which will take in terminals 1 and 2 of the city’s airport as well as the administrative district and the beachfront. This project is set to benefit not only visitors to the city but also those buying property in Nice, as Kirkor Ajderhanyan, Director and Owner of Agence 107 Promenade who market a range of property on the Promenade explains,
 
“In 2009, the Promenade remains a very attractive and accessible property market with a wide range of price levels and real opportunities for capital growth. This is also due to the numerous efforts the City Hall and the Urban Community are making to re-model Nice as a ‘green city’ by diverting and reducing vehicle traffic.
 
The quality of living on the Promenade will be the first to benefit from this policy and so will the value of the properties on one of the most iconic stretches of real estate in the world. With such assets, the Promenade des Anglais, more than ever, becomes the leading property spot of the French Riviera.”
 
To take advantage of the promise of the Promenade, Agence 107 Promenade are currently marketing a spacious 3 bedroom apartment situated on the sought after Promenade des Anglais, set within a spectacular "Bourgeois" building on the seafront. The 120m² apartment has a large living room, kitchen, 3 bedrooms, 2 bathrooms and shower room and is well presented throughout.
 
On the market for €583,000, to find out more about this highly desirable property or other investment opportunities in Nice contact Agence 107 Promenade on 00 33 4 93 44 83 83, email contact@107promenade.com or visit www.107promenade.com.