It remains one of the most expensive areas in France, but the Cote d’Azur has pockets of affordability, says Amy Grace
Rumour has it there has never been a better time to buy property on Europe’s most fashionable stretch of coastline. It’s no secret why, for 150 years, the area has been a magnet for the rich and famous. Sheltered by the Alps, this exquisite Mediterranean destination enjoys hot, dry summers and mild winters, it plays host to the Cannes Film Festival and the Monaco Grand Prix, and it’s rich in culture – Picasso, Matisse, F Scott Fitzgerald and Edith Wharton were all fans. But don’t think a licence to buy here is restricted to royalty and A-list celebrities.
Serge Cowan, managing director of Unique Living, selling luxury, high-end property on the Riviera, says, “This is a region of established homes offering a high-calibre lifestyle whatever the price range. The stability of the market on this famous coastline makes buying a home a good investment as there is a fine re-sale market. It is always a good time to buy here – it’s not a boom and bust area; it is not an emerging market.”
This doesn’t mean you have to dig as far into your pockets as you would if you were buying a pad down the road from Harrods, though. You don’t have to buy in Cannes, where you’d probably pay a third more for the same property that you’d find in Nice.
Of course, Cannes offers the high life: the supersized catamarans, designer shops and a sense of exclusivity, but it isn’t the same all the way along the coast. Serge Cowan urges property hunters to consider towns and villages such as Le Cannet and Mougins, set back from the coast in nearby verdant hillsides.
Nice presents an area of particular interest for growing numbers of British buyers as it enjoys good low-cost flight links with many of the UK’s regional airports. Donal Warde, managing director of Chez Riviera, based in Nice, is also excited about the prospect of the TGV link from Paris to Nice. “It is planned to be in service from 2020 and it’ll cut the journey from Paris down to four hours or less, depending on the route. Of course, this is likely to have a very strong economic impact, including on the property market.”
Read the full article in our March 2009 edition.
