In the south of France, real estate prices per square meter continue to soar. According to a barometer issued by the real estate company Guy Hoquet, “the Mediterranean rim is an ultra-dynamic region and, obviously, the Côte d’Azur remains the region where prices have increased the most in recent months”.
And the city of Antibes is in the lead. According to this barometer, on the Côte d’Azur, prices have risen by 8% in one year and 5.6% over the last four months, against 4% in the rest of the country. And, in Antibes, the rise is dazzling with +20.8% on the price/m2 in one year and 3.6% in four months. By way of comparison, Cannes saw its price per m² increase by 12% in one year and Nice saw a 9.5% increase in prices over one year.
9,355 euros per m2 on average in Antibes
“Our analysis is based on the offer of the fifteen largest real estate portals, explains Delphine Herman, the director of external relations of Guy Hoquet l’Immobilier. We have thus scanned more than 870,000 offers published by professionals and individuals over the period. January-April 2023: our barometer remains the only comprehensive observatory of the old real estate market.”
According to figures recorded between January and April 2023, in Antibes, the average price per m2 is 9,355 euros. For comparison, Cannes is at 11,748 euros, Nice at 6,466 euros.
South of France, real estate prices per m2 continue to soar
Why has real estate in Antibes made such a big leap? For the Guy Hoquet agency, “the Antibes market has benefited from a carryover effect, particularly compared to Cannes. Between these two cities which have the same structure, the Antibes market is more accessible.”
Clearly, those who do not have the means to buy on the side of the Croisette therefore refer to the city of the ramparts. There are several reasons for this according to the Guy Hoquet agency: the prices, the surfaces and the structure of the properties on offer.
“The surface areas of properties for sale in Antibes, around 80m2 on average, are lower than those of Cannes which are above 90m2 on average. The entry ticket to buy a property in Antibes is therefore lower than that of Cannes .” Indeed, the average budget for a property in Antibes is around 800,000 euros, where it is 1.8 million euros in Cannes.
More house offers in Antibes than in Cannes
The other particularity of the Antibes market which also explains the sharp increase in prices: the fact that there are more individual houses for sale than in Cannes. “On the Antibes market, between January and April 2023, more than 300 houses were put up for sale. This is more than last year. In Cannes, there are fewer houses for sale and they are more expensive.”
On average, you have to pay 2.4 million for a house in Antibes and 3.8 million in Cannes. By way of comparison, a detached house of 143 square meters is on average sold for 407,000 euros in France in the first quarter of 2023.
The future in real estate Cote d’Azur
According to analyzes by real estate specialist Guy Hiccups, the rise may not stop there on the Côte d’Azur. And on Antibes. “In May, prices continued to climb compared to last year. And Antibes is one of the cities that is boosting this southern market. Today the price increase in Antibes exceeds 21% between May 2022 and May 2023. The latest figures recorded also give an average price per m2 which has increased further and stands at 9,648 euros.
Enough to maintain the problem for some time still very present for people looking to buy, while borrowing rates have risen significantly in recent months. In Grasse, prices are stabilizing before a probable drop.
Shortage of offers
The FNAIM notes a very slight decrease of 0.8% over the last three months, against an increase of 7% in one year. More than falling, the market is decelerating and stabilizing in Grasse according to professionals in the sector. While prices had increased by +14.5% over the past three years, they are holding up today. “Generalizing Grasse is complicated because we have the historic center at 2,300 e per m2 to the large luxury villa at 7,000 e per m2. The average price is between 3,000 and 3,500 e per m2″, estimates Thierry Cassarini real estate advisor at Nabaka, who opened an agency in Grasse.
“The prices are not falling yet”, according to this professional, who nevertheless calls for it, “to find more realistic prices. 2023.”
For the time being, some professionals are facing a shortage of offers but also of requests. In particular, the sudden rise in borrowing rates. From 1.7% in November 2022, they climb to 3.7% and could reach 4.5% by the end of the year.
Cannes: the most expensive price per m2 in the south of France
In Cannes, a house is now displayed on average at 3.818 million euros according to the latest surveys by the Guy Hoquet barometer. With an average price/m2 up by +15.6% for houses, and by +12.3% if we include apartments. “In the South region and that of Occitanie, after Antibes and Perpignan which is second, Cannes real estate ranks third among the cities with the highest increase over the period between May 2022 and May 2023. But it is in the very first rank of this ranking in value with 11,913 euros per square meter on average. On a national scale, we find just before the city of festivals the city of Paris, with an average price around 12,600 euros per m2.”
Source: Nice Matin
Is the South of France a real estate about to burst? Not really. In fact, the French Riviera real estate market is very stable because most luxury properties are bought by some of the wealthiest people in the world that just want to relax and enjoy the good life.
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