2023-11-11 21:16:52
Despite rising interest rates and purchasing power concerns, luxury real estate on the Côte d’Azur continues to boom. In cities such as Cannes and Nice, sales prices continued to rise noticeably last year, reported the business newspaper “Les Échos”, citing data from several real estate companies.
In Paris and sought-after suburbs, however, prices for high-quality properties priced at between one and five million euros remain flat. In cities on the Atlantic coast such as Biarritz and Bordeaux, prices are falling slightly.
Real estate in Cannes is seen by international wealthy people as a solid asset to protect their own money, wrote “Les Échos”. The price per square meter for luxury properties there increased by ten percent to 12,920 euros in 2023 compared to the previous year. In Nice, prices rose by 8.9 percent to 9,929 euros per square meter.
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The market for high-quality real estate is not left behind from the rest of the sector, the newspaper reported. However, he benefits from the shortage of suitable apartments and houses, the interest of wealthy buyers and the fact that sellers do not necessarily have to sell.
Meanwhile, there is increasing demand in France at the other end of the market for poorly insulated properties. One reason is that corresponding apartments are available at a significantly lower purchase price and are therefore interesting for buyers whose budget is shrinking due to rising interest rates, reported the broadcaster BFMTV based on notary data. Young buyers are particularly interested in such properties.
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