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Luxury Property Index - French Riviera and Monaco July 2011

Richard Powell  2 min read
Illustration: greatreporter

French Riviera - A boost in holiday home sales as prices continue to drop.

The number of luxury holiday home sales along the French Riviera has experienced a boost in July as prices are still dropping and the properties give buyers more value for their money. With multi-million euro homes selling faster than before the property market’s total value has been reduced by close to 10% to under €24bn.

The number of properties available priced over €1m on the open market decreased by over 4.2% to 8.194 units in July, and the trend seems to be carrying through to August and is expected to peak by the end of September.

  • The average price for a luxury property is down by 5.27% since June
  • The price adjustment has boosted the sales which are up by 4.46%
  • The sale of multi-million euro properties are up and has reduced the market’s total value by 9.24% to just under €24bn
The EstateNetFrance.com 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.


Featured Area: CHATEAUNEUF DE GRASSE

The village of Châteauneuf-de-Grasse is listed as one of the historic sites in the Alpes-Maritimes. Resting to the slopes of a hill, Châteauneuf-de-Grasse looks over the surrounding countryside with the Bay of Cannes in the distance. Today there are 293 properties offered for sale in Chateauneuf over €1m which gives a total market value of €482m. A luxury villa here will cost an average of €2.0 million.

Here is a property close to the village of Chateauneuf de Grasse for sale:

                    
18th Century Monastery in Chateauneuf de Grasse

This stone built monastery dates back to the 18th century, originally occupied by monks and converted to private residence in 1907. This private domain rests on a large olive grove on the very top of Chateauneuf de Grasse with spectacular south-west views to the sea. The property offers a large entrance hall, TV room, study, master suite with terrace and bathroom, 3 double bedrooms all en-suite, tower room/gym, caretaker's accommodation, farmhouse style kitchen, dining room and a large living room with fireplace leading out to surrounding terraces. Landscaped olive growth with a large pool, pool-house and summer kitchen, several outdoor dining areas and terraces. Courtyard with original features, 3 carport, spacious drive and parking area, electric gates, alarm systems and irrigation systems.

Price €8.800.000

Comment: 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.

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