Nice was the last remaining city in France last year not to suffer a price drop, after Paris finally succumbed. In fact, prices in Nice went up nearly 6% in 2012 (see first image). The year up to summer 2013 Nice experienced its first slight drop, around 0.9%, though the drops were localised.
The Old Town and Mont Boron continued to rise this year, up 2.1% and 4.4% respectively. The former remains highly in demand due to its excellent rental. The prestigious Mont Boron remains ever impervious due to its appeal to the ultra wealthy.
The big loser is around the train station, with the immediate area Thiers down 3%, to the north Liberation down 5%, and above Thiers and west of Liberation is St Philippe down 8.2%. Though not good areas for foreign investors, the price drop is unusual in that the government has announced a multi-million pound refurbishment project in these areas. The main train station is undergoing a facelift and the old Gare de Sud train station next to Liberation is being turned into a massive cinema-plex with shopping and restaurants. Possibly the prospect of years of works could be off-putting.
The Promenade strip by the airport also received a boost, with Baumettes, St Augustin and Arenas up 6.5%, 3% and 7.2%. We are not exactly sure why. Perhaps due to the drought of properties on the prime part of the Promenade des Anglais, buyers are tempted west by the availability and far lower prices.