The Nice real estate market is progressing against the trend in France, with a slight increase in prices over the past year. Which necessarily affects profitability for buyers…
Due to its particular geographical location – a large city on the Côte d’Azur – the real estate market in Nice is incomparable with the rest of the country. As stated Best Agents in its latest barometer, the trend in the Baie des Anges is slightly upward over the last twelve months (+1%). Conversely, prices are trending downward elsewhere in France (-1.4%).
Just behind Paris, it is the most expensive large municipality, displaying an average amount of 5,207 euros as of October 1, 2024. The increasing demand can explain this dynamic in the capital of the Alpes-Maritimes, since the potential number of buyers has gained almost 4%!
The shift is radical when we specify that this point was in free fall (-23%) in the second half of 2023. Supply, on the other hand, continues to plummet (-14% in three years), even if it has recently stabilized , reaching a level lower than that of 2021. Here too, the change is notable since between November 2022 and January 2024, we were at inflation of 35%.
Older people keep the market alive
To remain active while the national market is generally sluggish, the Nice park can count on retirees and people aged over 60, second-buyers. Why do they find it easier to access property? Because they are less impacted by rising interest rates.
We also note that the amounts are extremely heterogeneous. In the North-East of the municipality, we find properties at 2,200 euros per square meter, while in the most upscale neighborhoods, we go beyond 6,300 euros. The most expensive areas are, unsurprisingly, the very chic Mont Boron (8,241 euros), rue de France (6,851 euros) and Vinaigrier (6,325 euros). Conversely, Ariane (2,219 euros), Roquebillière (2,975 euros) and Pasteur are the most affordable (3,643 euros).
Nice more accessible than Cannes and Antibes
In order to put the prices in Nice into perspective – a little – it is possible to compare with the Riviera neighbors of Cannes (6,188 euros on average per square meter) and Antibes (6,257 euros) which are also experiencing an increase (+2.2 % and +1.9% in one year).
Our city therefore remains a good compromise, with better real estate purchasing power. Buyers can expect 33 square meters with us, compared to 28 in Cannes and Antibes!
Now, you have to keep in mind that making your purchase of an apartment or house in Nice take time.
It will take you on average 21 years and 6 months for a home of 70 square meters. To give you another idea, the duration is 15 years and 11 months in Toulon, 18 years in Marseille, and still 27 years in Aix-en-Provence. The French average is 14 years and 8 months, for example.
