The diagnosis is simple: The slight decrease in real estate prices is not enough to unlock the market. In fact, between sellers who continue to believe that their property will sell at the dreamed price and only sell if they are forced to, and buyers who would like fairer prices, the volume of transactions is showing a red alert!
The quarterly data from FNAIM, the powerful union comprised of 680 affiliated firms in the department, confirm this, highlighting a reduction in average prices of -3.35% (2013/2014) and an increase in the transaction period (107 days versus 97) in the Nice region. The same trend, albeit reduced, is also present in other territories on the Côte d’Azur, except in Menton where prices remain equivalent.
According to Frédéric Pilou, its departmental President: “We are witnessing a renewed interest from buyers. It is a shame that the technical measures of the ALUR law* further hinder the process of selling condominiums, which represents the majority of transactions.”
However, this law, which reinforces market transparency by eliminating the possibility of abuses and scams at the cost of additional administrative and informational burden, will have the advantage of promoting the use of professional expertise, hence the forecast of a noticeable increase in transactions through an agency at the expense of direct sales between individuals.
It seems that not all evils come to harm… and the lobbying of this union with the Minister and Parliament has been effective.
As they say: from a problem arises an opportunity!
