[Sponsored article] Overall real estate investment in the French Riviera totalled €2.1 billion in 2023. So is now the time to buy on the French Riviera? Savills French Riviera has just released their latest residential spotlight research, which focuses on property trends throughout the best areas of the Côte d’Azur. They apply the latest statistics from INSEE (French Institute of Statistics) and French Government databases, tracking sales to provide a comprehensive insight into the French Riviera property market, in addition to key data on each sought-after region or city.
An Unrivalled Destination for Second-Home Ownership
The French Riviera has been a top travel destination for almost two centuries. From the holidaying British aristocracy in the 1850s, to the global jet set of today, the Côte d’Azur remains the location to see and be seen. The region maintains a reputation of luxury for both primary and secondary residences by ticking all the boxes for leisure, lifestyle, connectivity, and international reputation.
“Even as new hot-spot second-home destinations enter the global consciousness, the Riviera will likely remain at the top over the longer term, as there are very few locations which can match the heritage, amenities, and caliber of the local prime residential property.” – Alex Balkin, Executive Director, Savills French Riviera.
Stable Pricing and Sought-After Appeal
The Côte d’Azur’s supply constraints, relative resilience, and continued popularity with international purchasers, have underpinned performance across the region. Property is a big business on the Côte d’Azur, and a key to the strength of the property market is the resilience of the market, pricing, and appeal.
“While transaction volumes have slowed, pricing has shown resilience,” says Kelcie Sellers, Associate Director, Savills World Research.
The research highlights that on a square meter basis, property prices on the French Riviera rebounded by 12.7% in 2021, and since then prices per square meter have reached a plateau, growing 1.3% and 1% in 2022 and 2023, respectively. Though it’s essential to note that prime residential prices vary greatly by location, and each area has to be treated individually to truly understand what makes it unique. Some area prices have increased more than 10% in 2023!
A Resilient Market
Despite global headwinds, the Côte d’Azur remains a key global destination. As with other global markets, recent economic headwinds have slowed residential sales volumes, as many would-be sellers began to adopt a ‘wait and see’ attitude. However, interest in the Côte d’Azur remains high, with the region’s prime markets truly supported by a global demand base. Between 2013 and 2023, the number of millionaires in the Nice to Èze region increased by 25%, according to the consultancy Henley & Partners, demonstrating the ongoing importance of the region to global high-net-worth individuals (HNWIs).
Where to Invest on the French Riviera
With accommodations as varied as the terrain across the Riviera, how do the area’s different locations compare? Pricing is a key factor to consider, but lifestyle, amenities, connectivity, and global reach shouldn’t be forgotten. The Savills French Riviera Research report compares the regions in an interesting ‘Joie de Vivre’ index.
Looking For More Data?
Register your interest and join the Savills French Riviera team on July 16th at 10am (GMT), for a free the webinar on the French Riviera market.
Looking for more advice and insight? Request a copy of the research, or speak with the team on [email protected]
