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Altitalia The Real Estate Market of the French Riviera

Purchasing an apartment on the French Riviera not only means making a sound investment, but also opens the door to a most fascinating world.

The sea, magic scenery, the climate, the beauty of the sites, the glamour of the Croisette, the most famous Casinos in the world, fashionable Art galleries, fine restaurants, charming hotels, the most renowned golf courses, Formula 1 car races… an incredible kaleidoscope of characters, emotions, lights and colours. The pleasure of living on the French Riviera encourages more and more people to settle here.

THE GUARANTEES OF A PROFESSIONAL

Buying or selling a property is a significant decision which requires particular precautions.

For the purchaser it is important that the estate agent:

1) Hold a professional card
2) Be knowledgeable in tax and legal matters
3) Be capable of helping the client make the right choice

ALTITALIA being subject both to French and Italian legislation, it is an extra guarantee for its customers.

CHOOSING A PROPERTY

To choose a property which meets your needs you must take into account the following factors:

- Geographical
- Situation (seafront, town center….)
- Type of property
- Size
- Price
- Purpose of purchase (investment or holiday home)

If you are not quite sure about what you are really looking for, or if you are not well informed about the real estate market of the French Riviera, it is best not to rush towards an offer made by friends or agents who are not established on the French territory. On the contrary, it is important to seek the advice of serious professionals who can be a reference point for you during your transaction as well as after you have completed the deal.

THE PRICE

The price of a property remains unchanged whether you deal with an estate agent or directly with the building firm.

CLIENT PROTECTION

In France it is common to buy a property before or while under construction. This is called “Vente en l’état futur d’achèvement” (sale before completion). In order to protect the customer, building firms are bound by law to guarantee completion in due time. In the event of bankruptcy, the bank which guaranteed the operation must bring it to completion. For this type of property, the purchaser can choose between several modes of payment: cash, by taking a loan or according to the progress of work:

-  5 % at the reservation (preliminary contract)
- 10 % beginning of work
- 15 % foundations
- 20 % completion of first floor
- 25 % inside walls
- 20 % roof
-  5 % handing over of keys

THE PRELIMINARY CONTRACT

The "compromis de vente" or preliminary contract, is an agreement between the seller and the buyer. At its signature the purchaser usually pays a down-payment of 10 %.