The wishes for the year 2017 continue.
The FNAIM, National Federation of Real Estate, presented the report for the year 2016. Market profile transformation, price changes, impact of local current events.
Frédéric Pelou, president of the FNAIM Côte d’Azur, surely did not expect such an assembly. So much so that the room planned for the report announcement had to be changed at the last minute to accommodate the day’s audience. After presenting the analysis firm, Gest’Immo, he began presenting the profile of the year 2016.
Rising prices, a market that is changing profile
Supply and demand. The fluctuation of a price is always linked to the number of sellers and buyers. For the past year, prices have increased for apartments and tend to stabilize for houses.
The face of the Nice market is changing. The profile of the properties for sale is evolving.
The sales inventory is down 4%, mainly due to the sharp decline in the availability of studios and two-room apartments.
Percentage changes for what price? Announced in median price (to exclude extreme, misleading cases), the price per square meter of an apartment in Nice goes from €4,458 to €4,846 (+8.7%). That of a house goes from €5,313 to €5,328 (+0.3%).
Nice activity impacts real estate
The first point addressed is the attacks. A 25% decrease is reported in the Promenade area, with a gradual recovery in the last quarter.
On the positive side, Euro 2016 led to a 25% increase in seasonal volume (in number of overnight stays). Some media had reported at the time an accumulation of exorbitant rates for the occasion. Frédéric Pelou explains that these figures were the doing of private individuals. Among the professionals in the field, prices were slightly increased but very moderately to ensure rentals.
Another positive aspect for Nice concerns the tram and its new line. Across the entire route, whether built or under construction, there is a strong demand for rental investments.
The president of the FNAIM Côte d’Azur even advises investing in the terminus of tram line 2, as transportation and living amenities will be abundant there.
