More realistically priced properties are coming onto the market in the usually pricey French Riviera as those wishing to sell realise that they need to drop their asking price.
Property investors are driving a hard bargain and want to see better value for their money and they are often wise and well informed before committing themselves, according to an analysis from Property Vision France.
It has found that sales in prime areas of the South of France have fallen significantly since the peak of the market. ‘This market is well known for its dichotomy between asking price and real market value. Vendors often chance their luck, putting properties on the market for long periods of time at massively inflated prices,’ explained director Stuart Baldock.
‘This is because most property owners in this part of the world are not feeling any real pain from the global recession and believe it’s best to leave their investment where it is. If they can’t get the price they want they will wait,’ he added.
Historically, therefore, sellers have not reduced their asking price and bargains were an unknown entity. But now there is a shift. ‘A handful of sellers are realizing that prices are not rising and are now prepared to sell at more realistic values,’ said Baldock.
‘These sellers are attracting interest from the many active buyers in the region who are wise and well informed and want to see good value,’ he added.
The sentiment is even having an impact on exclusive Monaco and changes in banking secrecy rules is perhaps putting people off paying a premium for property in the principality. Baldock said people are renting despite rental prices being very high as they are more cautious about making a long term property investment in Monaco.