After the imposition of the first lockdown in France, people search for peaceful and quiet areas instead of glamorous hotspots. The travel restrictions in France are slowly lifted. This means citizens will be able to move around the country for the next few weeks freely. Like any other industry, the property market also experienced a major setback after strict lockdowns. French Riviera property market was no exception.
Now that the lockdown is being lifted, the property market is expected to do better. Let’s discuss what the future holds for the French Riviera property market.
What Next For The French Riviera Real Estate Market?
French Rivera property market has been closed for several weeks now. However, it is springing back into action with restrictions being lifted. In fact, the market has been busier than it had been in several years.
The French Rivera market was very busy before the lockdown was imposed, and it has picked up the pace soon after the restrictions have been partially lifted. Various properties have been sold within a few days. Most of them sold out before they even made it to the open market.
Which Areas Buyers Are The Most Interested In?
Buyers are taking more interest in rural properties. However, most of them are wealthy buyers who need an escape from the closed life in their city apartments during the lockdown. Nice, Cannes, Villefranche, and Antibes are the most in-demand sites since they are popular coastal locations. However, the rise of demand in rural locations may take over the popularity of coastal areas.
Which Rural Locations Are The Most In-Demand?
Buyers are taking more interest in Parisian and Monaco based properties. Most of them are looking for a residence in the French Riviera backcountry. More buyers are inquiring about inland properties. The reason is plentiful space and privacy. The low pricing serves as the cherry on the top for them.
Wealthy buyers are looking for large estates in the French backcountry. The properties in Grasse, Mougins, and Valbonne are being sold for €2m to €8m.
The Reason Behind The High Demand For French Riviera Properties
Since the lockdown has been imposed, most families have been cooped up in their two to three-bedroom apartments. Most of these families belong to the sovereign city-state in the French Riviera, Monaco. Living in an apartment can get quite tense, especially when you are not allowed to leave. People are searching for more spacious properties to live in after being locked in their apartment for almost 10 months.
Villas in the small villages of Southern France cost a fraction of an apartment in Monaco. These properties are more spacious, luxurious and include a garden and a pool. These houses are ideal for those who don’t want to be holed up in their apartments while working from home.
Wrapping up!
The property market of the French Riviera is improving with restrictions being lifted. People are tired of being stuck in their apartment for over 10 months. They are looking for spacious properties to buy their permanent or secondary home.
French Riviera is the first option for those who want to keep their primary residence in Monaco. This way, they wouldn’t have to surrender the tax advantages they enjoy while living in a city-state. French Riviera property will serve as another home for them to spend their weekends.