South of France is a buyer’s market for residential properties
Prime properties in the Cote d'Azur, or French Rivera region, remain popular with French expats and overseas buyers. There are significant numbers of prime properties available, making this a true buyer's market with discounts of between 10% and 30% on request.
The Riviera
The buyer profile in the region is changing to become more reflective of younger, wealthy consumers looking for high-quality properties to meet their demands for a main residence or second home. Many of these buyers are opting for top quality new build apartment homes, offering essential space but with no requirement for ongoing maintenance. St Tropez is a property hotspot for many buyers attracted to this area of southern France.
Reasons to buy property on the French Riviera
With its picturesque mountainous surrounds and easy access to some of the best beaches and holiday locations in the world, it’s not difficult to understand why the French Riviera is gaining popularity with property buyers.
France has achieved greater international standing since President Macron assumed office and this is fuelling greater interest in purchasing prime real estate, alongside renewed interest in owning euro-denominated property assets. Demand for property in the South of France slowed from 2011 onwards and has only really picked up since 2017.
The average sales price achieved in the prime property sector for 2017 was around €18mn and price per square averaged around €37,000.
Who is buying property in the South of France?
International buyers are dominating the real estate market when it comes to properties with price tags over €10mn. Although Russian buyers in this area had dropped off, they are returning to the market in increased numbers, along with other Eastern European purchasers. They are also a big factor in the property rentals sector in the Cote d’Azur.
Other overseas nationals playing a large part in the real estate purchase sector include Scandinavians and Belgians. UK nationals have always shown a lot of interest in buying property in the South of France, and Middle Eastern buyers are also dominating the market.
If you’re looking for high net worth mortgages in France and French mortgages for expats get in touch with HB Mortgages today to discuss all the ways we can help smooth the real estate purchase process for you.
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