France: Engel & Völkers opens new shop in Nice

Engel & Völkers continues its course of expansion with the opening of another shop on the Côte d’Azur. Complementing its existing offices in Cannes, St. Tropez and Saint-Jean-Cap-Ferrat, the global real estate company now also has a shop up and running in the port city of Nice. With a population of almost 350,000, Nice is the largest city on the French Riviera and an important transport hub for the entire region. “Located in the heart of the Côte d’Azur, it is more than just a sunny holiday destination. This cosmopolitan city offers a business-friendly environment in a destination of choice for travellers from all over the world. The city is an ideal place of residence and investment location for both French and foreign buyers looking to get on the property ladder in the South of France at moderate entry prices,” says Alexis Caquet, President of Engel & Völkers France.

Year-round demand from international buyers keeps prices high

This coastal region of France has had a reputation as a retreat for the affluent elite since the end of the 18th century, and the clientele includes many Ultra High Net Worth Individuals (UHNWIs), as well as European aristocrats and famous personalities from the worlds of sport and showbusiness. Demand from these clients has always exceeded the extremely limited supply of properties, which has seen prices remain stable. Apartments in prime locations on the Promenade des Anglais command asking prices of up to 10,000 euros per square metre. Villas in secluded hillside locations with gardens and pools come onto the market for 900,000 euros.

The majority of foreign prospective buyers are from Northern Europe and the United States. In 2023, these clients are even more present in Saint-Tropez, Cannes and Saint-Jean-Cap-Ferrat. Buyers from nearby countries such as Italy, Belgium, Switzerland and Germany are also investing in real estate in Nice, drawn by the benefits of the French port city’s location and the quality of life on offer.

Superb service quality and personalised consultancy from local market experts

The 15 real estate agents already working at the new Engel & Völkers shop are in a position to manage their clients’ needs to an excellent standard, thanks to their strong presence and many years of experience on the local market. “Many of our clients are not from Nice, so they are therefore especially dependent on the local expertise of our agents. Once the buyer and seller have come to a commercial agreement, the brokerage process usually takes two to three months,” says Marie-Claire Sangouard, Managing Director of Engel & Völkers Côte d’Azur. She continues: “Nice is a dynamic market for real estate investments – whether it be for owner occupation or for rental. The potential for appreciation in property prices and the supply of real estate listings are still very good compared to many other locations in the South of France. The consistently high level of international interest throughout the year is a clear indicator of growth and the unique lifestyle is attracting expats in particular to the region.”