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The real estate market in cities such as Cannes and Nice continues to see rising sales prices, while in Paris prices for high-quality properties are stagnating.
Booming luxury real estate market on the Côte d’Azur
According to a report by the business newspaper “Les Échos”, sales prices for luxury properties on the Côte d’Azur continued to rise last year. Prices rose noticeably, particularly in Cannes and Nice. The price per square meter for luxury properties in Cannes increased by ten percent to 12,920 euros compared to the previous year, while in Nice there was an increase of 8.9 percent to 9,929 euros per square meter.
Impact on the real estate market
The luxury real estate market benefits from the general housing shortage, the interest of wealthy buyers and the fact that sellers are not necessarily forced to sell. Despite rising interest rates and concerns about purchasing power, the market continues to boom, which is due to the trust of international wealthy people in the value of luxury real estate in this region. According to a report from www.diepresse.com
Demand for poorly insulated properties
Contrary to the trend in the luxury segment, there is increasing demand in France for poorly insulated properties that are offered at a lower purchase price. This is partly because such properties are more attractive to buyers with limited budgets due to rising interest rates, especially young buyers. This development is supported by notary data and a report from the broadcaster BFMTV.