Buying a property in Nice/Antibes area

[PMartyn]

Morning Everyone,

I am researching the possibility of buying a small property in the Nice/Antibes area. I was wondering if there is much room for negotiation on property prices there? I know its a desirable area so that limits the opportunity to haggle. But i would be very interested to hear from people with experience in buying in this area. Any guidance or advice would be much appreciated.

 

Thanks,

P

 

[Ian]

Hi P,

I own some (residential real estate) property in the area you are interested in and I would say that generally "yes" there is room for negotiation.  It is a desirable location, as is reflected in the prices, but expensive doesn't necessarily equal non-negotiable.

There are many factors of course:

• How long the property has been on the market
• The buyers options: if there are currently hundreds of similar properties on the market expect sellers to readily negotiate

• The "desperation" of the seller, i.e. their personal circumstances

• Other offers on the table - if they are getting masses of viewings and several offers expect sellers to hold firm

• It's asking price: if one is buying a flat in Nice say one can compare price per sq metre with similar properties nearby ... if next door flats sold for €5,000 per sq m and your "target property" is offered for €4,200, then I'd expect them to be less "negotiable" than another for sale at €5,800 per sq m.
• If they have just dropped their asking price: if they have just sliced 15% off their asking price they'll likely be reluctant to accept a very low offer straight away ... but that drop could suggest keeness, try a lowish offer. Or give it a couple of months.

• If you are dealing direct with the seller rather than through an estate agent - the seller can save a potential 6-9% by cutting out the agent: i.e. they can pass that saving (or some of it) on to you - thereby creating the perennial French myth that "the buyer pays the agent".

• et al

Ultimately it's worth, whatever you or someone else is prepared to pay.  Better to offer a little low and come up. If you are pleasant, polite, charming and courteous and explain your offer you are v unlikely to offend anyone with an initial offer in that typical 15-18% below asking price range.  Then creep up in ever smaller increments.

Like most western europeans the French respond well to fairness.

That said, really groovy property in the very choicest areas is largely unaffected by local or even French national economics and will sell fairly quickly and for close to a sensible asking price.

Good luck

[Sprogster]

The property market is defnitely softening on the Cote D'Azur, with the exception of the top end of the market. However, it takes time for sellers to adjust to the new reality and reduce their asking prices accordingly.

I would not be in any hurry, as prices are probably only at the beginning of a downward trend and therefore putting in an offer below the asking price would seem to be sensible in what is now a buyers market.

That said Antibes is a very expensive area and bargains are hard to find at the best of times.