Real Estate Along The French Riviera – Episode #110
Welcome to Nice, France…where people enjoy the Mediterranean climate and mild temperatures throughout most of the year. Nice is the seat of the Chambre de commerce et d’industrie Nice Cote d’Azur. It manages the Nice – Cote d’Azur Airport and the Cannes – Mandelieu Airport, as well as the Port of Nice. Investors from France and abroad can benefit from the assistance of the Cote d’Azur Economic Development Agency Team Cote d’Azur…especially if you plan on investing in the real estate market here.
There are many Real Estate Brokerages in the downtown core of Nice. There was a brokerage office at every major intersection. Real Estate prices start around 250,000 Euro for an apartment size of 40-50 square meters. Rents start around 700 Euro per month. Surprisingly, furnished apartments do not bring higher rents as you would generally expect. It is more ideal to have an investment property with a long term lease versus an investment property that is furnished with a short term lease.
It is very interesting to see how property values and rentals compare across cities…especially when you compare furnished versus unfurnished rentals. In all cities, I’ve noticed Property Management plays an important role with regards to providing investors with local knowledge and the rules and regulations. In Nice, if you’re looking to get a better Sea view or a parking spot with your apartment, then you can definitely expect to pay a premium…sounds very similar to the Toronto Beaches.