It is difficult to find bearings in an unknown city, especially when you are going to buy real estate in it. The portal ee24.com starts a series of reviews of European cities, the purpose of which is to help the novice buyer answer the main questions in a real estate market: what, where and how much?
With our first review visit, we go to Nice, the capital of the French Cote d'Azur. When you start to think seriously about where exactly to buy property in Nice, you realize that except for the promenade and the central square you really don’t know anything. But when it comes to the choice of new housing you naturally want it to be pleasant and comfortable, at the same time, it’s a good thing to know prices in different areas of Nice, as well as features of these areas. About all of that, we'll talk in this review.
Russians love Promenade
Perhaps the most popular destination among Russian buyers for many years has been the Promenade des Anglais. Built by the British (which is why it is called so) majestic promenade stretches along the whole city; from the airport and almost to the very beginning of the Old Nice (Vieux-Nice). It’s its great length that is the cause of difference in the prices of real estate. If you’re offered a house with a number over two hundred it means the high closeness to the airport, so be sure to “enjoy” all the sound effects.
The central part of the Promenade, which runs from the hotel "Le Meridien" and ends right after the boulevard Gambetta is in high demand, especially among Russian and former CIS buyers. The average price per square meter of housing in the Promenade exceeds €6,200. Speaking about apartments with sea views located in the central part, there the prices per square meter can range from €8,000 to €10,000.
So, for example on ee24.com portal you can look at 120 square meters apartment with a terrace overlooking the sea, located in the central part of the Promenade. It costs €890,000. And a 135 square meters luxury apartment with a rotunda and a terrace is €1.2 million.
"In recent years, the typical transaction on the Promenade is when the Russians are buying and Italians are selling. Soon only Russians will live there; now already there are houses, in which half of the apartments belongs to Russians", one of the local realtors explains without much enthusiasm.
In the Golden Square
The area of so-called "Golden Square" (Carre d'Or) is the very center of Nice. Property, located here, is almost always in close proximity to the sea (2-3 minutes), sometimes it has a side view of the sea. Day and night, it is full of activity: Restaurants and public transport operate 24/7; there are always a lot of tourists. That’s exactly what you should pay attention to when buying an apartment. For example, if the windows overlook the Rue de la Buffa then it is likely that you will have to keep the air conditioning on and windows shut, day and night. No one would want it, would they? If you’re going to buy an apartment in the Golden Square of Nice you should also pay attention to the neighbors: if there is a bar or a restaurant under the window, be sure to experience sleepless nights and eternal smell of kitchen.
However, you can find a nice apartment, located on small quiet streets or on the upper floors of the busy streets. It should be noted that the Golden Square is one of the most popular places with buyers in Nice; here the most sales of real estate had been recorded from July 2012 to July 2013. The average price per square meter in the area amounted to €5,320.
Real estate prices are very dependent on the location of an apartment. For example, a one bedroom apartment on the Rue Meyerbeer with area of approximately 40 sq. m is available for €180,000. Apartment windows overlook a busy street with dedicated public transport lanes, and the apartment needs serious repair. But it is also only three minutes from the beach and has an ideal location on the map.
Old Nice
I would agree with the majority of real estate agents of Cote d'Azur who characterize the Old Nice (Vieux-Nice) as an area not for everybody. For me, it's a pleasant place to walk around, dinner, go to a book market, and meet friends in a noisy restaurant. In all respects it is perfect but not for living. That is why the Russians not often buy property here.
The main disadvantages include noise, dampness, and old houses. These can be easily turned and into pluses by calling old age a touch of antiquity, and the noise - the atmosphere. Apparently, such positive thinking helps the British and Americans, who are the main buyers of real estate in this area of Nice. Although a few times I have seen excellent apartments located in the Old Nice. On average, a square meter is worth €4,119, while consumer demand is stable enough. This area can be safely attributed to the middle of the list of popularity.
There are a lot of apartments on sale in the Vieuix-Nice. A 32 square meters studio here you can buy for €121,500, and an apartment with two bedrooms and area of 83 sq. m near the famous Flower Market is worth €230,000. For €650,000 you can buy a 12-room apartment of 210 sq. m , although reworked as an office. It can be advantageous to lease or to get a luxury apartment in the heart of the city after repairs.
In any case, buying an apartment in the Vieuix-Nice requires serious analysis and involvement of professionals, especially architects, who will be able to assess the condition of the building and apartments.
Welcome to La Californie
Avenue de la Californie stretches along the sea almost from the very airport to the beginning of the Rue de France. This avenue runs parallel to the Promenade, which means that some of the houses have views of the sea, which, of course, immediately raises the cost of such real estate. The average price per sq. m of property in the La Californie area is €3,828; sea view may well increase the cost of a "square" up to €4,500-5,000. The disadvantages of this area include proximity of highway that was built later when the main development of the city had already been completed. Many apartment owners are not lucky and now they have a view of the highway with a bunch of constantly speed rushing cars. Such apartments are on sale, usually for years.
Apartment prices here, as elsewhere in Nice, are different. For example, a renovated one-bedroom apartment overlooking the sea with an area of 56 sq. m with a separate kitchen and balcony costs €235,000. A good "two-bedroom" overlooking a high-speed highway can be bought for €180,000.
Russian Gambetta
To meet a compatriot on this boulevard as easy as to sea front-door plates with Russian last names. It seems to be not a coincidence that one of the grocery stores with Russian food is on the Gambretta. The popular part of the Gambetta is bounded on one side by the sea and the Promenade des Anglais (avenue goes to the sea near the hotel "Negresco"), and by a speed motorway on the other side. The so-called “Upper Gambretta” starts after the motorway and is not considered a part of the city center.
We definitely recommend to buy real estate is in the lower part of the boulevard, and as close to the sea as possible. For example, a renovated apartment with an area of 94 sq. m near the sea in a bourgeois style building is €400,000, and a small "one-bedroom" can be purchased for €200,000.
Visiting musicians
Here you can meet with Rossini, Verdi, Gounod, Berlioz or Cosmas; park your car in the covered parking area on Mozart square. Musicians area (Musiciens) often has the best value-for-money in real estate.
Musicians area is located in close proximity to the city center. For example, the road from Verdi Street to the beach is 10 minutes with unhurried pace. It's not so noisy there; you have more chances to park the car; there are shops and buses. Perhaps that is why a lot more real estate is sold in this area that in the Vieuix-Nice. The actual sale price is, on average, €4,882 per sq. m, which does not differ from the price at which the properties were originally sold - €4,887 per sq. m.
I like this area. There are many beautiful houses in the bourgeoisie style, there are buildings in the Art Deco style and residences in the classic Mediterranean style.
A small studio here you can buy for €110,000 and up; a one bedroom apartment with balcony - for €200,000-250,000. There are very nice apartment in the bourgeois style as well. For example, a luxury apartment with an area of 105 sq. m with two balconies is worth €525,000.
Stay away
Another famous districts of the city, Liberation, shares borders with the Musicians area. Such a romantic name directly related to the French Revolution hides a haven of immigrants from various countries, including Africa. Despite its central location and proximity to the center and the sea it is not recommended to buy property here. Although the cost per square meter is much lower than in neighboring areas.
In any case, if you’ve decided to buy property in Nice visit each of the potentially interesting areas, try to feel where it is more comfortable for you. In no case try to buy something quickly. Well, and deal only with the professionals you trust.
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