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Property prices drop on the Côte d'Azur: cheaper apartments and mortgage rates at historic lows

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Interest in property for sale in Cote d'Azur is reportedly waning. According to local news reports, sales of apartments in Cote d'Azur dipped by 9.5% in 2014. Meanwhile, sales of existing homes dropped by 2.3%, while sales of new-builds remained steady during the same period.

The secondary market is also going down, with median prices dropping 1.5% for a second year in a row, selling at €3,690 per square meter. Prices for new houses have declined by 0.1% to €4,740/sq.m while pre-owned housing has gone up by 2.9%, costing €430,000 in average. Residential allotments increased by 4.8%, reaching €220,000 in average. Amid rising home prices, apartments are getting cheaper as their supply surpasses the demand.

At the same time, price behavior varies geographically within the area. Prices in Nice and Antibes lost 1.4% with the median square meter selling at €3,570 and €3,950 respectively. Property with excellent transport links remains solid. For example, residences close to the A8 motorway went up by 8.8%. Menton, near the French-Italian border, lost 6.5%, bringing the square meter to €4,280 as the Italian buyers leave the market. The popular seaside city of Cannes has not been immune to this trend and prices have already fallen by 2.1% to €4,320/sq.m.

Although transaction activity has weakened and prices are dropping, it’s still a buyers market with mortgage rates hitting historic lows. Banks are offering 15-year mortgages with 2% interest and 2.3% and 2.6% for 20 and 25 years respectively. Real estate is a low risk investment and many realtors say that buying is going to be more profitable than renting for Côte d'Azur aficionados.

Yulia Kozhevnikova, Tranio.com

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