Following a difficult year or two, the French riviera property market strengthened throughout 2010. According to a report published recently by FNAIM who are the National Association of French Real Estate Agents, the price of Cannes property increased by more than 3% in 2010. Antibes property prices rose by 3.3% and reports say that Nice properties increased by 4% . This is excellent news for both property owners and buyers.
The report also pointed out the increase in the number of property sales last year which is a further indication that the Cote d`Azur property market is on the up. Riviera property sales were up 24% in 2010 comparing to the year before and the average time between a property coming on the market and the actual sale was down to 87 days which is a great improvement on the 2009 figure of 4 months.
Home Hunts, the luxury French property specialist who works throughout the South of France, Monaco, the Alps and Paris noticed the market stabilising in 2010 and predict a very busy year ahead. Tim Swannie, one of the directors said “France, in general, has a relatively stable housing market historically and because of its strict lending criteria, it did not really suffer the same sub-prime mortgage problems as many other countries”
Home Hunts has seen a sudden surge in property viewings at the beginning of this year, leading them to believe that the 2011 French property market will outshine this year. Swannie went on to say “The French Riviera and St. Tropez had a tough year in 2009 but we saw a real upturn in 2010 with clients mainly coming from the UK, the Benelux, Scandinavia, Switzerland and Russia with also some buyers from the Middle East and China. We have had a record start to this year in terms of enquiries, viewings and sales. There seems to be a lot more optimism in the market and we are expecting a great year this year”