We have visited Nice 3 times since May, partly to research apartments in the city and villas outside the city (up in the hills north of the city and east and west toward Monaco and Cannes). Even in May real estate agents - absolutely the worst souce for honest answers on NEGATIVE price trends in the market - admitted that the market had flattened out beginning in March, 2004.
We noticed that since May some of the same listings in the 300,000 - 500,000-euro range had dropped between 40,000 to 70,000 + euros as of August or later. But there is no real consistency. There seems to be downward price pressure in the city, even at very good addresses, but no change or even price inflation of the villas in the "suburbs." Mortgage bankers admit general price depreciation in the city but are reluctant to share their experience in detail since a normal buyer-reaction in a falling market is to wait - and they sell mortgages.
If this difference is real, it might be part of a demographic shift already under way in Nice for several years now. Not clear.
I have read rumors of leveling or falling prices in other regions of France - a result of negative economic pressures in France and Germany. Two years of a falling dollar also seems to be a factor, certainly in the southeast.
If anyone has any insight into market trends especially in the Nice area (city versus suburbs especially), then please let us know.
Thanks, Maxwell
We noticed that since May some of the same listings in the 300,000 - 500,000-euro range had dropped between 40,000 to 70,000 + euros as of August or later. But there is no real consistency. There seems to be downward price pressure in the city, even at very good addresses, but no change or even price inflation of the villas in the "suburbs." Mortgage bankers admit general price depreciation in the city but are reluctant to share their experience in detail since a normal buyer-reaction in a falling market is to wait - and they sell mortgages.
If this difference is real, it might be part of a demographic shift already under way in Nice for several years now. Not clear.
I have read rumors of leveling or falling prices in other regions of France - a result of negative economic pressures in France and Germany. Two years of a falling dollar also seems to be a factor, certainly in the southeast.
If anyone has any insight into market trends especially in the Nice area (city versus suburbs especially), then please let us know.
Thanks, Maxwell
