The charm of Nice
The top end of the market in Nice is nevertheless highly sought-after.
Less well-known than that of its prestigious neighbours, the top end of the market in Nice is nevertheless highly sought-after.
At the heart of an efficient motorway network and benefitting from France’s second busiest airport, Nice’s property market is double-facetted. While there’s something for all tastes and budgets, a top-notch market for a national and international clientele also exists. To analyze what’s on offer, one first has to divide the town into its various neighbourhoods. Giacomo Bergaglio of the Isit group (04 93 16 80 62) specializing in Italian clients says that decisions are based on quality. Mont-Boron, to the east of Nice, is the most highly-prized locality. This is the address considered the most chic. Access is easy, sea views almost inevitable, the environment is luxuriant and the charm 100 %. The new shopping centre should also provide extra appeal. An area where one finds “Belle Epoque” and Art Deco villas, but also apartments, the Mont-Boron property market is in perfect condition.
Then, apart from parking problems, the town centre suffers from very few defects. And while very close to the centre, the port area functions like a village with the stamp of real authenticity - though houses here don’t have many terraces. On the Promenade des Anglais with its view of the sea, refurbishment and the opening of the beaches in winter have led to rising values, even if parking is still a headache. In Cimiez, the parks and the proximity of amenities partly compensate for the lack of a sea view. Gairaut in the northern part of Nice has some luxurious properties but its access routes are not very classy. Fabron to the west is characterized by its modern apartment blocks, views of the Bay of Angels and buildings facing south and south-east. The only fly in the ointment here is the proximity to the airport.
Still quite affordable in the year 2000, prices in Nice have almost caught up with those in Cannes. Benjamin Mondou of the Century 21 Lafage agency says that the asking price for a villa of 200 m2 in grounds of 1,000 m2 with sea view in Mont-Boron is 1,200,000 €. Amongst outstanding residences, people often mention the “Château La Tour” and “Roc Fleuri”. For an apartment with terrace in a complex with swimming pool, such as the “Cap de Nice”, “Résidence Haussmann”, “La Cisterna” or “Le 51 Boulevard du Mont Boron”, one can expect to pay from 6,000 to 7,000 € per sq. metre. There’s only one new development : “Le Parc Blanche de Castille” (54 apartments scheduled for delivery in late 2007). 71 % of clients are foreign, often from northern Europe. A little further into town, facing the Med, Franck-Pilate sets a range of 6,000-7,000 € per sq. metre for “Le Parc Vigier” and “La Perle”. On the port, except for “Le Neptune”, one would pay 5,000 € per sq. metre. The distinction drawn between Quai Lunel and Quai Papacino is tending to disappear.
Frédéric Maignan of the Agerim Villefranche agency and President of Orpi offers a comparison between Nice’s three fashionable hillsides. Certainly the most accessible, Fabron offers houses with sea view from 500,000 € and apartments from 3,500 € per sq. metre. At Gairaut, a villa costs between 1,000,000 and 2,000,000 €. Getting more demand from the locals, houses in Cimiez with no sea view start from 750,000 €, while apartments range from 4,500 to 5,000 € per sq. metre, with the exception of certain institutions such as the “Régina”. He reserves special treatment for the downtown area. A high-floor flat on Avenue de Verdun with sea view and garden will fetch 6,000 € per sq. metre. From 3,000 to 5,000 € on Avenue Victor-Hugo, 4,000 to 4,500 € on Place Masséna, and up to 5,000 € on the first half of the pedestrian zone. A new development in the Golden Square is proposed by Promogim and a building has been renovated on Place Grimaldi. Top-notch apartments on the Cours Saleya and the stretch of the Quai des Etats-Unis between La Pérouse and the Albert-1er Gardens cost 7,000 € per sq. metre.
Like any dynamic market, the fifth biggest town in France is characterized by a penury of offers, which makes us wonder about future developments. Jo Simon of the Meyerbeer Group gives an indication. To his knowledge, at Mont-Boron, there’s only one plot of land for sale : surface area 1,000 m2, for a construction of 130 m2 with sea view, costing 400,000 €. The same situation at Cimiez. Gairaut and Fabron still offer a few possibilities. 1,500 m2 of land at Gairaut would be snapped up somewhere between 400,000 and 450,000 €. At Fabron, only roadside plots can be considered, from 2,500 m2 at a cost of 300,000 €. “The market has soared by over 40 % in the past four years… It’s getting harder for local people to find accommodation…”. This is what one hears, though there are certain nuances. Compared with its European counterparts, especially in Spain, Nice is still of interest with an annual rise in value of 7 to 10 %, better than any financial investment. Another way of speculating is to convert individual houses into co-owned residences, a pratice often found in Cimiez and Mont-Boron. An investment for quick profits, a personal acquisition or a gilt-edged security ? Apparently, all three at once.
By Laetitia Rossi - Photos Edith Andreotta
