The French Riviera is perhaps Paris’ only true rival when it comes to real estate prices. But with a global pandemic casting a long shadow over the country, some property owners in Côte d’Azur are wondering if they should sell now or risk seeing the bottom fall out.
However, sellers will be relieved to know that there are many factors in their favor—factors that should dispel worries such as: “How do I sell my house fast?”
Why is the French Riviera so attractive for buyers?
Owning a property in the French Riviera remains a coveted status symbol. But beyond the glitz and glamour, there are crucial perks that draw buyers to the area, such as:
- World-class lifestyle
The French Riviera is the textbook definition of refined living. The Mediterranean weather is a balmy 30℃ during the summer and rarely dips below 10℃ in the winter. Its beaches are a masterpiece of nature. And award-winning restaurants are around every corner. It’s also home to some of the most prestigious events in the world, including the Monaco Grand Prix and the Cannes Film Festival. To live here is to belong to an elite group for whom luxury is a way of life.
- Ease of investing
Not everyone can afford the staggering property prices in Côte d’Azur, but for those who can, buying a home here is surprisingly easy. There are currently no restrictions on foreigners owning real estate in France. Buyers just need to open a French bank account and provide a valid I.D. If you’d like to sell your property to expatriates, work with an agent who works extensively with foreign buyers.
- Low interest rates
Even the wealthiest buyers require financing for their French Riviera home. The good news is that interest rates are highly favorable for buyers these days. The European Central Bank and the Bank of England’s interest rates are essentially zero and inching ever closer to negative territory. In the U.S., mortgage rates have fallen to a record low at 2.81%. In short, many buyers will be taking advantage of the rock-bottom interest rates to finally buy a home in the French Riviera.
Who is buying real estate in the French Riviera?
The French Riviera has long been the playground of the rich and famous. But it’s also an amalgamation of different nationalities and cultures. About 70% of premier properties here are owned by non-residents. If you’re a seller, you’d be wise to target these key markets:
The rich and famous
Is the French Riviera famous because of its famous residents? Or are famous people drawn by the French Riviera’s famously beautiful location? One thing is beyond debate, however: the pedigree of the people who call it home. Rock legend Bono, power couple David and Victoria Beckham, and Chelsea Football Club owner Roman Abramovich all own properties here. An experienced real estate agent can connect you to ultra-high-net-worth buyers around the world.
The young and upwardly mobile
The French Riviera’s world-class resort atmosphere and vibrant social scene have attracted a new market of younger but no less affluent investors. A 2018 report by property adviser Savills found an uptick in buyers aged 35-45, who are “globally mobile, time-sensitive, and demand the best, favoring high-specification, ready-to-move-into properties.” In other words, the French Riviera is becoming a multi-generational destination where anyone—no matter their life stage—will feel right at home.
The second-home crowd
While many luxury homes in the French Riviera are foreign-owned, their owners don’t necessarily live here full-time. Many buy vacation homes that they use a few weeks out of the year then rent out the rest of the time. This gives them the best of both worlds: a luxurious home to stay in during their trip and a passive income source while they’re back home.
The globally-minded millionaires
British buyers have always been one of the French Riviera’s biggest markets, and Brexit has caused a flurry of inquiries as investors worry about visa and ownership restrictions after the December 31 deadline.
China’s booming economy has created a new generation of millionaires and billionaires with distinctly international sensibilities. In an article for the South China Morning Post, Alex Balkin, an executive director with Savills, says: “The French Riviera and its hotspots are becoming household names with the Chinese cognoscenti, and we have received signs of interest, mainly for high-end, off-market properties.”
But before you ask “How do I sell my house for its market value,” there’s a crucial question you must answer first: “What is the value of my house?” Our team at Spark & Partners can help you answer both of these questions.
As one of the leading Monaco realtors, we have the experience and skills to help you with a smooth home sales process. From staging, to marketing, to closing, you can expect nothing but the highest level of service from us. Call us at +377.97.777.000 or email hello@spark-estate.com. You can also send a message here.