August 18, 2007
France: South-east regions sitting pretty
The south-east of France - including Roussillon, Provence and the Côte d’Azur - is the only place where French property prices in 2006 have risen at similar rates to 2005, writes Hanna Lindon.
According to FNAIM (Federation Nationale de l’Immobilier), prices in the area have risen 10.3 per cent in the first quarter of 2006, as compared to 9.3 per cent of 2005.
A report released by Credit Foncier bank also confirms that prices in the south-east have increased steadily over the past few years. It also added that the rental market in the Côte d’Azur and surrounding areas is booming due to an rise in demand.
Property investors attracted by these market conditions might be interested to note that Chesterton International is offering apartments in Le Central Plaza, a development situated on the shores of Cagnes sur Mer bay, Côte d’Azur. The development is located in the town centre, ten minutes walk from the sea and close to all local amenities. It offers 84 apartments ranging from studios to three bedrooms. With the buoyant property and rental market in this area, there is room for capital appreciation at Le Central Plaza. Prices start at £135,000 (200,000 euros).
If one has a little more money to spend, French Alpine property also offers investment potential. The area is popular with tourists. Both rental rates and property prices are high in consequence, but there are a number of resorts where buyers can enter the market without breaking the bank. Property prices in places like Combloux and Les Houches begin at around 4,000 euros per square metre, as compared to 14,000 euros per square metre for apartments in exclusive resorts like Megéve and Chamonix. Even in the less popular resorts, rentals are always in demand in the French Alps. FNAIM reports that rental prices are steadily increasing, rising by 3 per cent during 2006 alone.
For budget conscious property investors, another development that might be of interest is L’Hotel des Deux Domaines. This is available through VEF. The hotel is located in Le Belle Plagne and comprises a number of balconied apartments selling at a starting price of £163,000 (241,000 euros). The on-site management company offers full restaurant facilities and childcare. All suites are fully furnished to a four-star standard. Future development in this region has been strictly limited and buyers can therefore expect significant capital appreciation. Capital growth in the area in 2004-05 was estimated at 23.8 per cent.
Property buyers with a larger budget and a penchant for glamour may prefer to look at the famous resort of Chamonix. It is a favourite destination for foreign tourists due to excellent skiing, walking, cycling and restaurants. It also has a reputation for class unsurpassed anywhere in the Alps. Chesterton is offering apartments in their new Les Chalets de la Tannerie development at a starting price of £638,000. The apartments have two, three or four bedrooms, and each boasts its own terrace with views of the Mont Blanc and Aiguille du Midi.
Posted on: France
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