Property sector in the pink in PACA
Property prices soared in Cannes © Unsplash
The appeal of coastal areas is inflating property prices in PACA.
Property prices in the PACA region shot up between January and April 2024. Compared to last year, the average price per m² increased by 6.1% to record levels: €5,382/m². Almost as high as the prices in the Île de France (greater Paris region) which, on the contrary, have fallen (- 2.2%) to € 5,655 per m².
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According to the “Observatoire transactions Guy Hoquet” and its president Stéphane Fritz: “Provence and the Côte d’Azur are atypical sectors when it comes to real estate. The value of housing remains higher than in the other French territories, because demand isn’t tailing off at all. On the contrary, the boom in remote working has tended to exacerbate the phenomenon.”
The demand on the French Riviera naturally pushes up the averages. Cannes saw home prices increase by 10.6% and Nice by 10.1% compared to the same period in 2023. Prospective buyers now need a budget of about €875,000 to be able to afford a flat in Cannes.
The higher prices are encouraging homeowners to sell their property. Compared to last year, an extra 40.7% of houses were put on sale, and an extra 21.8% for apartments in Nice. A similar picture applies across the whole region. Cannes also registered an increase in sales of 42.5% for houses and 35.4% for flats.
