Newspaper Article

All aboard: how Nice tram will affect prices

2007

Overview

\"Proximity to the beach has traditionally been the key concern for foreign buyers in Nice, which means that the so-called outskirts have largely been ignored,\" says Dennis Broadfield of buying agency Totally Riviera. \"But as of this month, the tree-lined Avenue Malaussena, for example, will be a mere six-minute tram ride from the coast.\" Although property sales have slowed since this summer, \"the effect of the tramway is being felt, especially in key areas such as around La Liberation, which has a fantastic food market\", says Stuart Baldock, director of buying agency Property Vision France. \"Since construction of the tram started, property prices have risen dramatically in those neighbourhoods, by around 14 per cent a year, especially in the [euro]250-[euro]450 per sq ft bracket. Before the tram line it was unheard of for overseas buyers to look at property north of Nice's main railway line but that's no longer the cut-off point.\" Traditionally, the most popular places to buy in Nice have been in or close to the old town, where space is tight and prices high. Some are also sceptical that the tram will eradicate the city's traffic problem. \"In the short term it means fewer people will be driving down from their flats and offices in the north to get to work but I'm not so sure how things will really change in the long term since Nice is stuck between the sea and the mountains, which makes things a squeeze,\" Broadfield says. And pedestrianisation could make \"parking . . . an issue\", says Jean-Claude Caputo, head of Savills' Nice office, \"so the apartments sold with parking spaces will sometimes be more expensive than the same ones without it\".

• Publisher: The Irish Times DAC
• Subject: Broadfield, Dennis