Magrey & Sons, time for optimism
With 24 team members and 26 years of activity on the Croisette in Cannes, Magrey & Sons now covers the entire Côte d’Azur, in the Festival City, but also on the capes, in Mougins and even Saint-Tropez. Michel Magrey describes the property market in these unsettling times of confinement/deconfinement.
Sales and seasonal rentals of exceptional properties, not forgetting a “business premises” department… Magrey & Sons seems to have the wind in its sails. Michel Magrey describes steady activity since May 2020, notably explained by clients from Paris and Lyon, but also Europeans from neighbouring countries such as Belgium, Germany and Switzerland, as well as residents of Monaco drawn by the villas and generous gardens of Cannes, Mougins, Le Var, Saint-Tropez, Cap Martin, Cap d’Ail, Cap Ferrat, Cap de Nice and Cap d’Antibes. 80 % of demand targets properties that are perfectly renovated, decorated and equipped, as if real estate on the Côte d’Azur had henceforth adopted the codes of turnkey references of Scandinavian countries. In this segment, there are more buyers than sellers, leverage sufficiently rare over the past 25 years to be clearly emphasized. The risk, of course, is higher prices. In fact, they have not yet materialized, though bargaining power has been reduced. An essential nuance, with the observation not only concerning properties in perfect condition, meeting today’s taste and with outdoor areas. If prices begin to rise overall, like interest rates, the market could well become tense. Generally speaking, it takes 18 to 20 months to clear this kind of blockage. In the medium term, the Nice Côte d’Azur international airport could well return to full operation and generate new inflows of clients for real estate. In parallel, an increase in withdrawals has been noted, all reasons combined, doubtless the result of impatient, impulsive buying, without this phenomenon having the slightest effect on sellers. In fact, buyers who “drop out” are soon replaced by more serious clients. So the only downside consists of apartments in need of renovation, with no outdoor areas.
Magrey & Sons, 56 boulevard Louis-Blanc, Saint-Tropez (+33 (0)4 94 49 13 86) www.magrey.fr