The French Riviera is one of those places that never ceases to amaze and attract real estate investors. Its 300 days of sunshine, the endless beaches, the crystal clear waters, the cosmopolitan culture, the local cuisine, all that makes it one of the most lovable coastlines in the world. Both French and International investors are always looking for real estate investment opportunities in the French Riviera.
Current condition of the French Riviera real estate market
The real estate market in 2018 was exceptional and had impressive growth. However, in 2019 things bit cooled off and real estate agencies predicted a 5% growth. We can see that so far they are on point. However, luxury real estate in the Côte d’Azur defies that prediction and seems to be growing with a pace of its own. The demand for luxury real estate in Côte d’Azur remains high in 2019 as well. Therefore, anyone willing to invest in real estate in the French Riviera should first check what’s available at the Côte d’Azur region.
Real estate buying process in France
Buying a property in France is a relatively complex procedure with plenty of documents involved in the process. Probably more complex than in any other place in the world. Some of the steps in the process might look excessive and unnecessary, but that’s all part of their real estate law, and there is no way around it. Just stick to the steps and follow the procedure to the very end. Here’s how it goes:
Once you identify the real estate you want to buy, you make an offer in writing. The offer needs to have a clause saying “this offer is subject to the signing of an official compromis de vente”. Otherwise, you will be making a commitment to purchase, and you don’t want to do that so early. If the offer is accepted, the signing of the initial contracts comes next, after which follows a cooling off period. During this period the buyer can change his mind and withdraw from the deal without any fines or losing the deposit. After which comes paying the deposit, the conveyancing period (three month period), the final payment, and competition.
Things to remember before investing in French Riviera real estate
- Once you scout the property and see its potential act fast. The buying procedure is long and takes time. Therefore, it is important to get things rolling as soon as possible if you don’t want someone else to grab it.
- The Côte d’Azur region is perfect for a luxury real estate investment. But other areas that might yield decent returns include Nice, Menton, Antibes, and Cannes.
- French mortgage interest rates have never been lower than in 2019. French banks provide excellent terms for both domestic and foreign real estate investors.
- If you are a foreigner and don’t speak any French than you will need to hire a professional firm to translate documents target=”_blank”>translate documents from French to your own language and vice versa. That way you can avoid any confusions and misunderstandings. Also, make sure that all of your personal documents and files are translated when they are submitted to the French authorities. That is also an important aspect of the buying procedure. Keep in mind that the translations need to be perfect as the French notaries and authorities won’t tolerate mistakes and improvisation, especially in the case of legal documents.