2021 has had its share of ups and downs, but for the property market, sales have remained high. Find out which cities on the Côte d’Azur are the best to invest in.
After experiencing the health crisis, those browsing the property market now have very different criteria in mind. Whilst having some outdoor space has always been high on the list of priorities for the Côte d’Azur, for more than a year now, this has become a much more popular requirement. According to Jérôme Ugo, who works in the estate agency Laforêt Nice, "people want to enjoy the sunshine and don't think twice about asking for an extra room to use as an office." The bigger the better and properties with outdoor space do not stay on the market for long.
Throughout the course of the pandemic, people have still been keen to invest in the region, as he explains that "despite the absence of foreign buyers, demand has remained relatively high."
Nice is a pleasant and lively city all year round
Nice, potential for a profitable investment
Capital of the Côte d’Azur, Nice boasts a particularly profitable rental market. In fact, the average profit is 4.8%, meaning investing in a rented property here is a pretty reliable way of spending your money. According to a study carried out by RealAdvisor, between the first and fourth quarter of last year, property prices per square metre decreased by 1.9%. However, the annual price of rented apartments, per square metre, was reported as having increased by 6.7%.
In addition, Nice has the second highest property prices of all cities in France (excluding Paris) costing € 4,987 per square metre. It is also the most expensive city for rent, coming in at €247 per m2 per year. Thanks to seasonal rentals from May to October, this can be a very profitable place for investors to purchase properties.
During the hunt for a new place to live, other criteria must also be considered, and when quality of life is taken into consideration, Nice ticks a lot of boxes. For Alain Gentoli, who works for the estate agency Nice Vue Mer Immobilier, this is the perfect place to invest: "Nice is a pleasant and lively city all year round, unlike other seaside resorts." In his opinion, the location and international airport make this a great place to invest.
Medium-sized towns are most appealing
It appears that the main criteria for people today are bigger properties with outdoor space, cheaper prices for being closer to nature while having all the benefits of city life. "Medium-sized cities are particularly appealing to young people. The affordable property prices in these cities make them very good investments," explained Jonas Wiesel, founder of RealAdvisor. If the 2020 property satisfaction report (Baromètre territoires 2020), conducted by Villes de France, is also considered, then 63% of 35 year olds said they wanted to live in a mid-size city.
Going back to the RealAdvisor report, Cagnes-sur-Mer topped the list of the best areas to invest in after the property price per m2 increased by 4.1% in 2020. As for rentals, the price per m2 rose even higher, going up by 8.9%. Following closely behind was Menton with an 8.5% increase in rent. Just below were Antibes, Grasse and Saint-Laurent-du-Var with rent increasing by 4.7%, 3.4% and 3.2% respectively.
Now is the time to invest in the Côte d’Azur! As far as Alain Gentoli is concerned, "2021 has been a vintage year for property sales in the region." Whether buying or renting, here is everything you need to know before getting the keys to your very own Mediterranean home.
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