In Nice, property prices are set to rise again by 3% in 2024

The volume of Nice transactions has fallen significantly over the last two years, mirroring the national trend. But as of November 1, 2024, the indicators are rather green. Over one year, the average price of apartments increased by 3%, reaching €5,175/m²when that of houses is up 0.8% and stands at €5,988/m². “Despite the decrease in sales, prices have generally held up, or even continued to increase, notes Serge Cajna, director of the Istra agency. However, in recent weeks we have seen a slight inflection, due to the drop in demand, particularly from rental investors, and the uncertain political climate. »

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The 3 things to remember about real estate prices in Nice

3 % : Evolution of the sale price of apartments over one year.

5 175 €/m2: average selling price of an apartment.

20,1 €/m2: average rent for an apartment.

At 5,100 euros per m², the price of old apartments increased by 5% in two years according to MeilleursAgents, but fell by 0.2% in September. Old houses, depending on their location, are sold between 4,000 and 8,000 euros per m². Among the first-time buyers, young executives are particularly active, with increasing personal contributions. Parisian and foreign buyers are also always seduced by the quality of life around the Baie des Anges.

The most popular neighborhoods are Les Baumettes, Les Fleurs, Les Musiciens, the one going from Boulevard Franck-Pilatte to the booming Basse Corniche, and the unmistakable Promenade des Anglais. On the Baumettes hill, a 4-room apartment of 94 m² from 1964, with cellar and terrace, has just been sold for 385,000 euros to a couple of first-time buyers. Quartier des Fleurs, a 27 m² studio from 1978 with balcony and sea view, recently found a buyer from a young saleswoman for whom it was the first purchase, at 155,000 euros.

The new home market has been slowing down since 2020, but seems to be recovering. “Programs have started to emerge, between 6,000 and 10,000 euros per m²”indicates Laurent Lasry, administrator at Fnaim Côte d’Azur. To the north, Saint-Sylvestre district, a 3-room apartment with a 55 m² loggia was sold for 340,000 euros, or 6,281 euros per m². But buyers still have difficulty financing themselves. To withstand the shock, many promoters preferred “sell their programs at low prices to institutions or social landlords in order to maintain their structures, continue Laurent Lasry. Today, the drop in credit rates is favoring a clear improvement, although the Pinel system has been abolished. » Construction projects are emerging in districts such as Nice Méridia, and areas such as the North and the East constitute land reserves with great potential.

© Copyright: Prices and Real Estate Price Index (IPI) Best Agents at 1^is November 2024