The Old Nice real estate market and its large apartments

In-depth analysis of old apartments over 80m2

The Vieux-Nice district, with its picturesque streets, colorful facades, and history, continues to attract a wide range of buyers and investors, both local and international. Known for its old-world charm, proximity to the sea, and lively atmosphere, it nevertheless presents a unique real estate market, where large apartments (over 80 m²) are rare. Here's an in-depth analysis of current selling prices and trends observed over the past 12 months.

1. Characteristics of the Old Nice market

Old Nice is mainly composed of old buildings dating from the 18th and 19th centuries. These buildings are often renovated to maintain their character while meeting modern standards of comfort. However, the historical configuration of the buildings means that spacious apartments (over 80 m²) are less common. Those that do exist generally have features such as high ceilings, exposed beams, an interior courtyard, or sometimes a balcony with views of the rooftops, the sea, or the hills, depending on the exposure.

2. Current selling prices (September 2024)

Currently, large apartments in Old Nice command a price per square meter higher than the Nice average. This is due to the scarcity of these properties and their high demand, particularly among international investors and buyers looking for a second home.

• Average price : Apartments larger than 80 m² sell for an average of €8,500 to €10,000/m². Properties in perfect condition or offering high-end amenities (such as a sea view or direct access to pedestrian streets) can exceed €12,000/m².

  
  

• Variation according to characteristics : A renovated apartment with modern amenities is in the upper range, while those requiring work or located in less well-maintained buildings range between 7,500 and 8,500 euros/m².

  
  

3. Price changes over the last 12 months

Over the period from September 2023 to September 2024, the market experienced a slight increase, despite an economic climate marked by a rise in interest rates. This increase, estimated at around 3 to 4% , is mainly due to the scarcity of spacious properties in this sought-after area, as well as the resilience of the Nice real estate market in the face of economic uncertainty.

• Recorded sales prices : Large apartments sold over the past 12 months were priced between €8,200 and €11,000/m² . Notable sales include an 85 m² apartment on Rue de la Préfecture, which sold for €9,500/m² , while a 120 m² property with a partial sea view fetched €11,200/m² .

  
  

4. Trends and perspectives

The real estate market in Old Nice appears to remain stable, with demand continuing to outstrip supply, particularly for large apartments. The growing popularity of remote working and the search for a pleasant living environment are encouraging more and more buyers to invest in this lively and historic neighborhood.

The outlook for the coming months indicates a possible stabilization of prices, but rare and quality properties will continue to attract buyers willing to pay a premium to enjoy the unique setting of Old Nice.

The market for large apartments in Old Nice remains one of the city's most limited. With prices ranging from €8,500 to €12,000/m², it primarily attracts clients seeking authenticity and charm. The upward trend observed over the past 12 months reflects the strong demand and scarcity of large spaces in this historic district. For potential sellers, this represents an opportunity to capitalize on a dynamic market that is relatively protected from major fluctuations.

This article provides an overview of the dynamics of the Vieux-Nice real estate market, and buyers and sellers are advised to consult local real estate experts to refine their buying or selling strategy based on the specific characteristics of their property.

Sources: Data based on recent statistics from local real estate databases, notarial transactions, and specialized real estate agencies in Nice.