French Riviera property falls below 2 million euros for the first time

Friday, February 03, 2012

French Riviera property falls below 2 million euros for the first time

The price of property in the French Riviera has dropped below €2 million for the first time, according to the latest EstateNetFrance report.

The agent's Luxury Property Index reveals that while demand from buyers stayed strong in January, the average cost of prime real estate on the Riviera is now at an all-time low of €1,925.383.

These reductions in drove sales of luxury property in the Riveria up by 16.29 per cent last year, as investors seized the chance to own a second home in the most desirable area of France.
However, the news also points to a buyer's market in the rest of France, with property prices throughout the country falling rapidly.

According to OffshoreOnline.org, property in France is now 10 per cent cheaper due to currency fluctuation, the equivalent of saving £20,000 on a £200,000 home.

“The tide may be moving slowly in favour of the UK buyer with the weakening euro opening up some very attractive options for UK buyers," said Managing Director Tim Harvey. "With mortgage rates available from 3.45%, we have noticed a slow but steady increase in enquiries since before Christmas which has continued into the New Year."

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A Place In The Sun