Cote d’Azur is a buyers’ market, says Savills
Suppressed prices, a weak euro and recent changes to taxation policy have made property in the French Riviera more appealing to foreign purchasers says Savills in its recently released ‘Spotlight on the French Riviera’ report.
The French Riviera is one of the world’s most exclusive destinations for second home ownership.
The number of EUR 3m+ deals fell by 44% across the region between 2007 and 2013. Cap Ferrat and St Tropez saw the sharpest decline, down 69% and 54% respectively. Although transaction numbers are down, purchasers of the region’s best properties tend to hold for long periods so forced sales are rare with property in the Riviera viewed as a long-term asset and therefore a safe storage of wealth.
British buyers accounted for 34% of all buyers in the Riviera between 2011 and 2014. Although the market remains cautious, an improving tax environment for non-domestic buyers, coupled with a weak euro, presents buying opportunities.