The French Riviera is selling fast as demands are up and supply is down

Europe Uncategorized

The Research Luxury Property Index offers a unique and independent view of the French Riviera and Monaco’s luxury property market.

The monthly index reflects the evolving prime market, and for the first time provides authoritative data for the world’s most exclusive holiday home destination. It segments the upper end of the market for apartments and villas within the Alpes-Maritimes department and Monaco, in groups of €1million to €3million, €3million to €5million, €5million to €10million, €10million to €20million and €20million and up.

March 2011 Property Report

As the prices are adjusted to today’s market, buyers come flying in. Luxury properties on the French Riviera and in Monaco are seeing high demands as spring arrives to the Riviera. Sales are up 4.23% month-on-month, and are showing signs of further growth towards the summer.

As properties sell faster today than only a couple of months ago the market value has dropped by 9.2% to €24.4bn, as supply weakens. The average price for a luxury property adjusted down by 5.2% since February, but it has increased by 2.2% since December 2010, from €2,174,311 to €2,222,818.

* March showed a 4.23% increase in sales on the Riviera

* The average price for a luxury property is up by 2.2% since December 2010

* Demands are up and supply is down as the market turns towards steady growth and increased sales

Featured Area: MOUGINS

Mougins is a small exclusive village only a 15-minute drive from the Bay of Cannes and is perfect for those not wanting to be quite so close to the bright lights of its neighbours who take centre stage further along the Riviera. With today’s 726 properties offered for sale at over €1m, the Mougins’ high-end property market has a value of €1.6bn and a luxury property will costs an average of €2.2m. This Bastide is on the market for €1.980.000 (click here for details).

The luxury property market is considered in this monthly index to be any house or apartment priced to sell on the open market for a minimum of €1.000.000.