This Thursday, the Nice Côte d’Azur Chamber of Commerce and Industry (CCI) held a conference to present real estate market trends and the outlook for the coming year in light of the impact of the health crisis.
The year 2020 has been very peculiar, a period forever marked by the impacts of the health crisis related to the Coronavirus. Economically and in real estate, deficits have emerged, and prices have continuously evolved. Jean-Marie Ebel, president of the Côte d’Azur Housing Real Estate Observatory, and members of the Banque Populaire Méditerranée reviewed the state of the new and resale market in the first half of 2020.
During this period, the Observatory recorded a structural production deficit. The rate, estimated at 5,000, reached only 3,500. Among the housing units, 2,000 remain blocked or unfinished. By the end of September, this may further complicate matters in addition to all the deficits.
Some figures from the real estate market (2019-2020)
The numbers and statistics do not deny the impact of the health crisis on the real estate market. Over one year, the listing of housing units for sale decreased by 37%, along with sales and availability, which fell by 15% and 19% respectively.
In 2020, the observatory recorded the worst result in the housing market in 10 years, with 919 listings (2,560 in 2019) and 1,820 sales (2,740 in 2019).
Prices have also changed. In the open sector, there was a brief decrease in listing prices (-0.1%) and a slight increase in sales prices (+1.7%).
In response to the crisis and the deficit in the real estate market, the Observatory plans to launch a recovery plan starting April 2021. A plan focusing on resuming construction work and completing unfinished or refused housing projects.
