The FNAIM Côte d’Azur organized its 6th International Convention, FORUM EURO MEDITERRANEE, in Nice with the presence of real estate professionals from over 30 countries, as well as, for the first time, the presidents of FNAIM departmental chambers. Networking among professionals from over 30 countries, real estate and new information technologies, the best tools for better internet sales.
In 2010, the market related to international clients on the Côte d’Azur experienced a significant decline (notably the Anglo-Saxon clientele), due to the economic situation. However, there is notable interest from citizens of emerging countries (Russia, Kazakhstan, China, India) and Gulf countries, the Middle East to invest on the Côte d’Azur, which offers all the securities for a safe real estate investment.
The goal of this 6th International Convention is to raise awareness among professionals on the Côte d’Azur about the importance of focusing on these new markets and to present them with all the tools available to expand their contacts abroad and increase the volume of their transactions.
It was also an opportunity for the national federation to introduce the International department of the FNAIM to all real estate professionals who are FNAIM members, represented by the presidents of the departmental chambers, created in 2010, whose mission is to open new horizons for FNAIM members who wish to promote their real estate to affluent clientele from high purchasing power countries.
Real estate federations from around the world were invited: USA, Russia, Portugal, Germany, United Kingdom, Ireland, Italy, Switzerland, Norway, Netherlands, Belgium, Ukraine, Kazakhstan, Bulgaria, Tunisia, etc. Each federation could highlight the specifics of its real estate market, and they were presented with the markets of the Côte d’Azur and Paris as well as the strengths of French real estate law (regulation of the real estate agent profession, transaction security, consumer protection).
THE CHALLENGES OF INTERNATIONAL REAL ESTATE FOR THE COTE D’AZUR
and the role of FNAIM Côte d’Azur
The Côte d’Azur is an essential step in an increasingly global real estate market, where international clientele is likely to invest anywhere in the world.
Advantages:
In the current delicate global economic situation, French real estate in general and that of the Côte d’Azur, in particular, has strong cards to play. Most acquisitions made by non-residents are for secondary residences, a domain in which France is a world leader.
– The French real estate purchase system is particularly protective of the consumer:
– Title origin guaranteed by the State (mortgage service), sheltering the buyer from any claims in this area;
– Possible cooling-off period or withdrawal for the buyer;
– Gradual extension of mandatory information and technical diagnostics to be provided to the buyer before commitment.
– The French real estate financing system also implements several protections:
– Law on individual overindebtedness, preventing the risk of “subprimes”
– Scrivener law instituting a reflection period for the borrower
– Regulation of variable-rate loans
All these elements contribute to making France particularly attractive for foreign real estate buyers, aside from the inherent assets of the Côte d’Azur in terms of climate and environment.
FNAIM Côte d’Azur and the international market
The market of the Côte d’Azur
Until 2009, the share of investments by non-residents in the Alpes Maritimes department represented 20%, in Cannes one sale out of 4 on average, in some cities, like Menton, this ratio is close to one sale out of 2, and for some specialized agencies, it is even higher.
IN 2010, ON THE CÔTE D’AZUR CHANGE OF CIRCUMSTANCES:
For new housing, the share of secondary residences in 2010 is estimated at about 10% of transactions only, including residents and non-residents. For non-residents, they represent about half, that is 5% of new sales. It is a real change of situation, obviously due to the financial crisis affecting Europe. The Anglo-Saxons have disappeared as buyers, Italians are less present…
FNAIM Côte d’Azur, a role of relay, facilitator, and information:
Firstly reminding foreign professionals, but also non-resident individuals, that by contacting FNAIM Côte d’Azur members, they have the guarantee of transparency, security, and professionalism: membership in the departmental chamber is subject to competency and solvency verification of the entrant, as well as a requirement for regular training, and above all, it is accompanied by a financial guarantee obligation that secures all transactions (FNAIM guarantees up to 260 Million Euros for real estate operations solely in the Alpes-Maritimes department).
