Some statistics. Nice has 3 theaters and 8 cinemas, 12 swimming pools, 21 sports halls, 22 stadiums, 6825 shops and 51 green areas for walking.
Housing prices, as elsewhere, depend on the quarter – districts differ in landscape, level of development, atmosphere, reputation. Within one block, there may also be a spread of prices depending on the style, condition of the house or apartment, floor, type and other criteria. In any case, in Nice, according to market experts, there are offers for almost any wallet.
Average real estate prices in the city are 5000-7000 euros per sq. m. m and only in the most prestigious locations reach 10 000-12 000 euros per sq. m. As of August 1, 2023, housing in Nice costs an average of 5,010 euros per sq. m, including villas 6726 euros per sq. m, and apartments 4875 euro per sq. m (Fnaim data).
Districts and Styles
The city is conditionally divided into two parts by the Payon River, which today is partially hidden underground. On the left bank, the Italian architectural influence is stronger, on the right - French. It is worth noting that Nice changed hands many times from the Kingdom of Provence to the House of Savoy, then briefly again to the French, then again to the state of Piedmont-Sardinia, and finally became part of France only in 1860. One of the symbols of the influence of the traditions of both countries can be considered the famous Massena Square (the military commander of the Napoleonic Wars), which was designed in 1834 by a native of Turin, Joseph Venier. Its architecture refers both to the French streets and to the Turin squares.
Houses built in the second half of the 19th century in the Nitian (niçois), or Italian historical, style are located mainly in the Old Town (Vieille Vill), in the Port Quarter (Port Lympia) and in the center of Nice. They attract mainly European clientele who appreciate the history, charm of antiquity and location. A common investment option is to divide a large apartment into several small ones, renovate and rent out.
In the Golden Square (Carré d’Or), the Cimiez quarter (Cimiez) and on the Promenade des Anglais, houses in the incredibly elegant Belle-Epoque style predominate - the French interpretation of Art Nouveau (late 19th – early 20th century), as well as in no less luxurious Art Deco (1920-1940 years). Apartments and villas with high ceilings, fireplaces, stucco are appreciated by buyers from all over the world who are looking for prestige and space.
Houses built in the period from the 60s of the last century to the early noughties of the current one are usually not distinguished by exquisite architecture, but are conveniently located throughout the city - Fleurs-Gambetta, Gorbella, Madeleine and others. Often residences of this period can boast of a large enclosed area with its own park, swimming pool, tennis court. Such houses are typical for the Fabron district, the upper part of the Mont Boron quarter, Cimiez.
Since the early 2000s, construction in Nice has not been so active. Due to the limited space, buildings are erected point-by-point. At the same time, new homes are highly valued and quickly find buyers. Customers are willing to pay dearly for modern comfort and compliance with all relevant building regulations, which are becoming more and more stringent every year.
We choose an apartment up to 500,000 euros
Offers within 500,000 euros can be found in any of the listed areas in buildings of different styles, but the options will vary. For this amount, you can purchase:
- studio in the area of the famous English Embankment;
- two-room apartment with a view of the park in a textured bourgeois house in the Golden Square (Carré d’Or);
- two-room apartment (2+1) in one of the central quarters of the city;
- a four-room apartment in remote areas with less convenient access to the center, for example, in the northern part of the quarter of Cimiez, Pessicart, Saint Sylvestre or in the still less prestigious eastern part of Nice (Nice Est).
Here are some examples.
Near Massena Square, 5 minutes from the Promenade des Anglais, in a house under construction a studio of 26 sq.m is offered for 314,000 euros. This is an ideal option for renting to tourists.
2-bedroom apartment in a gated residence under construction 200 m from the beach for sale for 425,000 euros.The complex is located in the Nice suburb of Saint-Laurent-du-Var.
We choose an apartment up to 250,000 euros
Cheap apartments in Nice (within 200 000-250 000 euros) are a coveted option for investors. In such a budget on the secondary market, you can buy a studio or a two-bedroom apartment (with 1 bedroom) for yourself or for rent. However, when choosing, it is necessary to pay attention to whether it is put in order, whether repairs have been made that reduce energy consumption.
Due to new restrictions on renting, buyers are more demanding of to the energy efficiency aspect, and the notorious rating "E" and below may make you refuse to buy. However, there is no mass sale of apartments with low rates in Nice yet.
Considering modern "green" trends, it is perhaps sometimes more expedient to consider buying real estate in a new building that meets all the latest requirements and norms. Prices for apartments in houses under construction start from 180,000 300,000 euros, depending on the location and characteristics of the object itself.
Example of a budget proposal – studio with an area of 32 sq. m in a house under construction in the Vernier area (in the center, but not near the shore). It costs 177 699 euros.
Today, the eastern and western parts of Nice are being actively built up. These until recently undervalued neighborhoods are now being rehabilitated, integrated into the new face of the city and have a high potential for value growth.
This happened, for example, with the Liberacien quarter (Libération), which, after the reconstruction of the infrastructure, which began in 2017 and was completed a few years later, showed a price increase of 30% over 5 years.
A studio with an area of 30 sq. m in a new building in Liberacien can be purchased for 240,000 euros.
Pleasant bonuses when buying housing in new buildings remain:
- installments during construction (sometimes the developer will ask the buyer to confirm the availability of the entire amount at the time of entry into the project);
- guarantee of complete completion of construction;
- 10-year guarantee of work quality;
- low registration costs.
Note that you can purchase real estate in France only by transferring funds through a bank account. Settlements with Russians are difficult, but possible if the person is not on the sanctions lists. Documents confirming the legal origin of the funds will be required.
Purchase objectives
Real estate in Nice is bought both for their own residence and as a second home. Many consider it as an investment (over the past three years housing prices have increased by 17.5%, over the past year by 3.6%) or are used to generate income from renting. The average yield is about 5% per annum.
I must say that the demand for rent in the city is increased today. Thousands of tourists and business people come heredaily (Nice Airport is the second busiest in the country after Paris).
In addition, numerous students need housing (there are about 30,000 of them). Young people study at the University of Nice - Sofia-Antipolis, as well as at other educational institutions that provide higher or secondary education.
Traditionally, young families are looking for apartments for rent (only 58% of the French are the owners of their homes), as well as visitors from different countries.
In Nice, you can combine the use of your real estate, renting it out in the summer months for seasonal rent to vacationers, and from September to June for medium-term rent to students or other visitors. This approach significantly increases profitability.
The apartment that you plan to rent out for short-term rent should be located in the central quarters of the city and in easy walking or transport accessibility from the sea. Due to the fact that Nice is built on hills, the way from the area on the hill to the coast and back is sometimes not as fast and easy as we would like.
Real estate for long-term rental is in demand regardless of which quarter it is located in.
There are no administrative restrictions on long-term (from one year) rentals. To rent an apartment or a house for a short-term – it is necessary to register with the city services and get a special landlord code. When buying, it is worth finding out whether the regulations of the house do not provide for restrictions on seasonal rental – recently, this is becoming more common.
In any case, the owner is obliged to inform the tax authorities about how his property is used (for himself or for rent, and which one), and to file a tax return on the income received from the lease.
A small nuance associated with long-term rental is that it is sometimes difficult to terminate a contract with an unscrupulous tenant, especially in winter, since, according to French law, the owner cannot evict the tenant in winter.
Summary
On the portal HomesOverseas.ru fifteen hundred ads for the sale of apartments and villas in Nice, while only 430 feature objects worth up to 500,000 euros. As can be seen from these figures, the elite and premium segment prevails, which is not surprising, given that Nice is a favorite place for foreigners with capital.
Nevertheless, offers of apartments from 175 000-200 000 euros are enough. Most of them are in high-quality modern new buildings at the construction stage, but you can also choose an option in an old building that is interesting from a historical point of view.
Russian-speaking buyers have been and remain active players in the investment segment in France in general and in Nice in particular. Today, these are most often clients who want to properly dispose of their free funds, as well as create a safety cushion and income for the coming years. Some are considering the purchase of real estate for reasons of subsequent obtaining a residence permit in France.
Thank you for your help in preparing the article:
Elena Shibeko, Managing Partner of the agency Immoconcept
Olga Timonye, director of the agency Premiumazur
Source: Capital
Photo and render provided by Immoconcept agency, as well as from the bank Deposiphotos.com
