Luxury in Nice
An idyllic location, an exceptional climate and proximity to amenities.
The capital of the Côte d’Azur offers the ideal blend of an idyllic location, an exceptional climate and unique proximity to amenities. Spotlight on its property market.
Less expensive than the Principality of Monaco, not as elegant as the town of Cannes, Nice is France’s fifth largest city. With a surface area of nearly 18,000 acres, 7,500 metres of beaches, 75 acres of parks and gardens, 150 ponds and fountains, it nevertheless attracts the most people : 345,892 inhabitants, 4 million visitors per year and 2 billion euros in tourist-related income. Forward-looking and cosmopolitan, Nice offers residential areas alongside its older neighbourhoods.
It draws a national and international clientele with a good percentage of north Europeans wanting to acquire a holiday home or even live here all year round. Because in addition to its appreciable quality of life, the capital of the Côte d’Azur is home to France’s second busiest airport as well as its N°1 port for cruise lines. It’s now possible to live here while pursuing one’s professional activities elsewhere. To explain the reasons behind the enthusiasm for Nice, one only has to look at its geographic location - between Cannes and Monaco, the sea and the mountains, about 20 minutes from Italy -, the mildness of its Mediterranean climate, the quality of its services - 83 % of its companies belong to the service sector -, and finally, a culinary tradition recognized as top-notch. One can also, of course, point to disadvantages : some neighbourhoods suffer from noise, traffic jams and parking problems, and prices that are higher than in other towns of similar size.
One hears of “catastrophic” levels of insecurity, though when examined more closely, the situation is no worse in Nice than in any other large city. Yves Teboul of the Haussmann agency notes that the Mont Boron neighbourhood is the most expensive : almost 6,000 € per sq. metre for an apartment with quality appointments, an average price of 2,000,000 € for a villa and a record sale at 7,600,000 €. Wealthy foreign clients have made it a sought-after area. Its secret ? A natural setting with a view of the sea and town. Situated east of Nice, Mont-Boron stretches down to the Cap de Nice, itself prolonged by the highly-prized Boulevard Franck-Pilatte. Also popular amongst foreigners, the area around the Albert 1er Garden and Place Masséna (Avenues de Verdun, de Suède, Félix-Faure), close to luxury boutiques with views of the sea and park. More popular with the locals, Cimiez, in the northern part of town, offers a price-range from 4,000 to 4,500 € per sq. metre.
The “Niçois” appreciate its tranquillity and “Belle Epoque” heritage, superbly symbolized by the famous Régina, a palatial residence built by Sébastien-Marcel Biasini, once home to Queen Victoria and Henri Matisse. Then come the two hills of Gairault to the north and Fabron to the west, where villas cost from 650,000 to 1,500,000 €. They enjoy views of the sea and city, as well as natural greenery, but suffer from less prestigious access routes - a feature easily ignored by the locals. Then there’s the heart of the city with its bourgeois mansions (Boulevards Dubouchage and Victor-Hugo, the neighbourhood of Les Musiciens), and the port for its charm and authenticity (3,500 € per sq. metre in a good building with view of the port).
The only spokes in the wheel are the rarity of terraces and garages. The Old Town offers very few high-class products though some flats overlooking the Cours Saleya, so beloved by foreigners, come close to 5,000 € per sq. metre. Finally, the Promenade des Anglais enjoys a certain prestige. As compared with the rest of France, Nice and the Côte d’Azur are usually at the extreme ends of prevailing trends. A period of euphoria, caused by an improvement in the stock market and the introduction of the euro, was clear to see.
Likewise, the crisis in the international economic and political scene had a strong impact on the Riviera’s de-luxe sector. Jacques Agid of the Agerim Orpi agency points out, however, that most of the sales in Nice do not apply to the top end of the market : in his opinion, the average transaction is pegged at 205,000 €, prestige real estate only accounts for 5 % of sales and from 10 to 12 % of turnover. At present, there is a “blockage” in the market : owners over-value their properties while purchasers are adopting a wait-and-see attitude. Demand nevertheless exists, and a reasonably priced product sells immediately. Contrary to other markets suffering from a penury of products, Nice offers both variety and quality.
“As far as motivations are concerned, personal enjoyment and a quality lifestyle top the list,” explains Alain Cluchier of the AC Immo agency. With the rise in prices, speculation is becoming increasingly difficult, though real estate is still most definitely a safe refuge, a sound investment in more than one respect.
Photos Edith Andreotta.
