Do you have a property for sale in Côte d'Azur, France? Côte d'Azur or the French Riviera as it is called is the hottest overseas property destination in Europe right now. There is a real clamour to buy property in Côte d'Azur, France today especially from the rich and the famous of the world.
Côte d'Azur is famous for its white beaches, cliff-top roads and relaxed and laid back lifestyle. It is also known for being the favourite holiday spot of many celebrities such as George Clooney, Brad Pitt, Angelina Jolie and so on. So what can you expect if you are trying to sell your property in Côte d'Azur, France in the current market environment?
The demand for properties in the French Riviera has really been on the rise since the election of Emmanuel Macron as the President of France. This recent wave of optimism follows years of widespread pessimism, especially after the 2008 crisis when property prices declined by as much as 30 to 40 percent in the French Riviera.
But as of today, the situation has completely turned on its head thanks to a strong US dollar, lower asking prices and low interest rates as Marie-Claire Sangouard of Engel & Völkers explains. “In the last 12 months, the market has been very active, like before the crisis,” Ms. Sangouard says.
There are two factors that have led to this change – the Brexit referendum in the UK last year and the result of the French Presidential elections. Let’s understand why this is so important.
Brexit has led to many rich investors in the overseas property market consider buying property in the French Riviera rather than in London, UK. A lot of people have lost confidence in the London property market because of the wave of uncertainty in that country.
The election of Emmanuel Macron as the President of France and more importantly, the defeat of far-right forces represented by Marine Le Pen who wanted a French version of Brexit called as “Frexit” has meant that France will continue to remain a valuable member of the European Union, for now and hopefully forever.
This has certainly calmed everyone and improved sentiments in the property market in France in general and the French Riviera in particular. As Jack Harris of Knight Frank says the Macron victory was really important: “In the months before, we had increased traffic and viewings, but there were a lot of people hedging their bets.”
Alex Balkin, executive director of Savills agrees with that: “Buyers were holding off because the advice from most financial advisers was to wait and see. But now that someone who seems sensible and moderate in his approach to business is in charge, people are relieved. We have seen buyers coming back with renewed interest.”
“What was lacking was visibility in tax and investment,” Mr. Balkin adds. “If [Macron] makes good on what he has said, there will be a certain level of stability for the next five years and we will know that the rules will not be changed.”