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The courts in Paris have finally forced AirBnb (France) to disclose their accounts. What is clear is that it really is just a marketing branch. Last year they declared €7.7M in turnover and paid a total of €161,330 in tax.
All AirBnb booking revenue is routed via Ireland and London. AirBnb (France) is an independent French company, owned by AirBnb based in Delaware, USA. Pressure groups representing the hotel industry are crying foul but at this point it is not clear there is anything they can do.
Mis sous pression par des avocats parisiens, Airbnb publie ses comptes en France
lavieimmo.com
Assignée en référé, la filiale française du géant de la location saisonnière a finalement décidé de se plier à cette obligation légale.
Breakdown in Capital of the price increases in the different areas of Nice. It ranks the centre as going up 4% in the past year, and up 7% in the Port and the Liberation part of north Nice. I would take their price/m² with a pinch of salt.
It estimates that next year the arrival of the new tram line will boost prices by an extra 6%.
Another fact stated, which is borne out by what I have seen, is that a balcony adds 15-20% of the price. A general rule for a 1-bed holiday home in the centre is: a balcony, a second bedroom, or €40,000. Pick one.
Other items of interest are that house prices have remained static, and one area that has not increased in price is the Arenas which is the area around the airport. The latter is slightly surprising as it is due to be connected to the city centre by the new tram line and thousands of square metres of office space are being built as we speak.
Personally I find the article lightly researched and the evidence anecdotal, but an interesting read in the national press nonetheless.
Immobilier à Nice : la carte des prix 2018
capital.fr
Découvrez la carte des prix de l'immobilier à Nice., Si l’augmentation générale des prix atteint 4% depuis l’été dernier, l’évolution par secteur reste contrastée. Ainsi, le Port, quarti...
Nearly every council is raising the Taxe Fonciere this year to fill the coffers in anticipation of the removal of the Taxe Habitation. In total 300 French towns have raised this years rate, but Nice has raised it by far the most: 20%. This is twice the rate of the next biggest increase in Villeurbanne at 10.9%. The town hall claims this is a temporary increase, and there will be marked drops over the next two years. At roughly €800/year in the Old Town and €1,200/year in the city centre for a 1-2 bedroom typical holiday home, it is still very good value for money. Public services are excellent, as is public transport, and bins are emptied six days out of seven (Wednesday for recyclable).
Note: today is the deadline for paying your Taxe Fonciere. If you are paying by Internet you have a 10 day extension.
Nice est en tête des villes où la taxe foncière a le plus augmenté (et de loin)
nicematin.com
Nice est championne de France. Avec une augmentation de la taxe foncière de près de 20%, selon le Figaro (le quotidien s'est basé sur les données de l'Union nationale des propriétaires, UNPI), la...
If anybody is looking for some designer furniture, tomorrow the now-closed "Hi Hotel" on Avenue des Fleurs is auctioning off all its furniture. Nearly 300 items. The hotel will undergo a complete redesign and reopen Spring 2019.
Conceptualised and realised by matali crasset, a firm that has done contemporary design projects all over France and Italy, it was a very eye catching hotel with its bold colours and long organic juice bar in the lobby. Items might well would suit a trendy AirBnb style apartment.
The auction is at 2pm on premises, 3 avenue des Fleurs.
auction.fr
Enchérissez en ligne directement auprès de Boisgirard Antonini Nice pour la vente Vente du Mobilier de l'ancien Hi Hôtel à Nice décoré par Matali Crasset (2003) | Auction.fr
Interesting article in the Figaro about an apartment owner putting his apartment up for rent on AirBnb despite the fact it is banned in the building and he has not registered with the Town Hall. AirBnb simply refuses to take it down.
A Russian investor bought 35 apartments in a building in Cannes, and was renting them all out on AirBnb as a kind of virtual hotel. However the building rules include a clause of "habitation bourgeoise exclusive" which forbids short term rentals. He was forced to shut down by a court order in 2016.
One of the current building co-owners has been renting out on AirBnb since 2015 and continues to do so. The other 15 owners have been trying to stop him out of principle for fear the other, now empty, 35 apartments will fill up with new AirBnb-renting owners. They are having little success.
His lawyer makes an eloquent case, but AirBnb's response has been "sort it out between yourselves". The Town Hall has written asking for it to be taken down, as it has not been registered with the Town Hall, but AirBnb has shown little interest in doing so.
The left-wing parties in France have been pushing for greater pressure on AirBnb, the charge led by the rather radical mayor of Paris, and now in theory starting 2019 the French tax authorities will be able to ask AirBnb how much an owner has made that year. However, as we mentioned in an earlier article, AirBnb has all but pulled out of France. You make your bookings via Ireland, payments go via London, and the French footprint is "simply a small advertising firm". From the way things have been heading, it would seem it might be a while before anybody's collar feels the fingers of the French tax authorities.
Une copropriété attaque Airbnb pour non-respect de son règlement
immobilier.lefigaro.fr
Quinze des seize copropriétaires d’une résidence à Cannes reprochent à la plateforme d’hébergement de ne pas avoir supprimé une annonce de location publiée sur son site alors que leur règl...
Major change today to traffic in Old Nice. The small road by the opera house used to get to the Promenade (rue Raoul Bosio) is now closed. The biggest change is that the roads Rue Alexandre Marie, rue Desboutins and rue Van Loo, as well as the one behind the fountain in Place Massena, have all reversed direction. See the map. The only way into the Old Town to access parking will be via Descent Crotti.
This change is intended to be permanent, though they will re-evaluate after 6 months, to be followed by the pedestrianisation of the rest of Rue Saint-Francois-de-Paule. The idea is to stop people cutting through the Old Town to get from the city centre to the Promenade.
The Airbnb effect: Second home buyers renting out properties double
Interesting article in the Dailymail about the "AirBnb effect". Whereas 20 years ago buying a second home was all about finding that "idyllic retreat", today a second home is as much a revenue generator as it is a pied-a-terre. Since then, the number of people buying only for their own use has halved from 83% down to 38%.
Last year a survey shows that 45% of second home buyers intended to both use and rent, and 34% would only rent. Of course chasing higher yields has changed buying habits, with the average price of a second home down 37% to €241,000. The average gross rental yield was 6.4% gross, 3.9% net.
France remains the number one destination for British holiday home buyers, with 19% of the market. Spain follows with 16% and third place languishes far behind with Italy at 6%.
Not in the article, but from personal observation I have noticed a small but growing trend of clients getting somewhat the best of both worlds by simply sealing off a bedroom for personal use. For example a two bedroom being rented out on AirBnb as a one bedroom, with the owners bedroom locked away as their "personal space".
With the number of visitors increasing to Nice every year, and limited number of apartments for sale, this will undoubtedly keep yields high so we expect to see the trend in this article apply here.
The percentage of second homes being bought with the aim of making them help pay for themselves has grown sharply in the past two decades, claims estate agent Savills.
The fish market is moving back to Place St Francois! One of the oldest markets, the fish market was forced to move to Place Garibaldi, next to the Monoprix, whilst the square Place St Francois was being renovated. The square was then kept empty whilst under "observation". The market has been given the green light to move back next Monday on 1st October. This will bring back a lot of the original ambiance and will be welcome back in the heart of the Old Town.
Le marché aux poissons va réintègrer la place Saint-François à Nice
nicematin.com
>> RELIRE. Neuve mais désertée: cette place historique de Nice a-t-elle perdu son âme lors de sa rénovation? Le 1er octobre, les trois poissonniers plieront leurs étals. Pour quitter la place Toj...
Phillip Temple - Real Estate in NiceI was walking past this morning and they are custom welding a new metallic structure together. So it will be a permanent structure unlike the old ramshackle tables.
4 weeks ago · 2Well done Nice on pulling off a full on open-air fashion show, free to the public, right in front of the Palais de Rois Sardes. Google Weather tells me it "feels like 31C" so well done to the models putting on such a professional performance.
For those that missed it, there is a celebration tonight in Place St Francois. Live music, even a "Pain Bagnat competition". Free entry. Let the balmy summer nights continue.
Interesting fact about the hidden monastary in Place St Francois. Built in 1250, it was sold off in 1936 and since then has been a cinema, dance hall, hotel, offices, and since 1960 a local rubbish depot.
The city has spent nearly €1M restoring it, using 100 lorries to carry out 1,500 tons of rubble. And the original church floor is still 3m below the surface! They will be spending another €300,000 and by next year the original structure will be ready to restore to its original condition.
You will be able to visit the works done so far as part of the programme mentioned below, Saturday and Sunday between 10am and 5pm.
nicematin.com
"C'est un moment d'émotion. Il s'agit du seul lieu de cette époque que Nice ait conservé..." a rappelé le maire, Christian Estrosi, qui avait choisi ce symbole pour lancer les journées européenn...
If you are in Nice this weekend, 16-17th September, there is a special series of events celebrating the city. There are free concerts and shows, free access to museums and galleries, and tours of national monuments normally closed off to the public. Examples of the latter include the Town Hall, the Palais Sarde, and the currently hidden Franciscan monastary that is being restored in Place St Francois. Full programme is below (link in PDF).
nice.fr
AirBnb have decided not to post their revenues to the French tax authorities. Their last declaration was in 2016, posting a modest profit of €237,980 from their €136M of revenue and paying €92,944 of tax. Despite it being a legal obligation, they say that the information is too financially sensitive and could help competitors.
They are feeling similarly... fiscally protective... of their users. Starting 2019, the French government will be able to ask AirBnb how much each owner has made in revenue. However people renting AirBnb apartments in France now have their rental contracts with AirBnb Ireland, and payments are made from AirBnb London. The whole of AirBnb France is simply a "marketing office". This will make it impossible for the French tax authorities to check how much owners are making. To be seen what the French will do to try to get around that.
Airbnb ne publie plus ses comptes en France
lavieimmo.com
EXCLUSIF La filiale française du champion de la location saisonnière a décidé de ne pas déposer ses comptes pour l'année 2017. Pourtant, la loi l'y ob ...
When clients ask how much commission estate agents ask for in Nice, I tell them it is a standard 5%. In fact, I notice many other agencies around me are now charging 6%. A study now shows that the latter has become the norm down here.
The national average shows that at a 5.4% average, about half are charging 5% and the other half 6%. In Nice, at 5.8% average, it appears that 4 out of 5 agencies have now moved their commission rate to 6%. Sellers, check your Mandats before you sign!
Compared to commissions in the UK, some would expect estate agents down here to be sipping champagne every day. To show this is not the case, here is a simple example. An apartment is sold for €200,000 with a commission of 5%. That is €10,000. VAT at 20% must first be deducted leaving around €8,000. This is then split between buyer and seller agencies, so €4,000 each. The agency then splits this with the negotiator, who gets €2,000. They must then pay income tax, which for most is 30%, leaving around €1,400. This is the average rent for a two bedroom in the centre.
If anyone wants to get into the game here, it is very rewarding but be prepared to put in very long hours. If that does not put you off, feel free to ask me any questions. I will be happy to answer them.
Vente d’un bien immobilier : attention aux frais d’agence !
leparisien.fr
Une étude, que nous dévoilons en exclusivité, montre une incroyable disparité des honoraires facturés par les agences immobilières. Pire, 43 % ne respectent pas l’obligation d’afficher leurs...
The recent Loi Alur allows for a city to implement a "rental permit", where a landlord is required to register with the Town Hall and pass health and safety checks before being allowed to rent their apartment out long term. So far three towns have put it into effect, two by Paris and one by Lille.
The local government of Nice has confirmed that it has no intention of implementing it. They state that they do not have a landlord problem to that extent, and they have an ongoing programme that continually improves the condition of dilapidated buildings and apartments.
There is an interesting read on the Nice web site about Boulevard Dubouchage and the new tram stop at the square Durandy. It talks about the history of the area and the square, and what the new tram stop is going to bring. Link in PDF format.
nice.fr
Auctions rarely bring up any gems in Nice, but the government is selling off some of its real estate to those that can afford it. This year they have made €18M in real estate sales, including a villa in Cimiez for nearly €3M. Actually the city no longer does traditional style auctions. They do sealed envelope bids, followed by a standard Compromis for the highest bidder.
nicematin.com
"Le montant de 18 millions de ventes de biens immobiliers a été validé pour l'année 2018 et les dernières ventes seront conclues au courant du premier semestre 2019", fait savoir Philippe Pradal,...
Tourism up in Nice yet again, and despite their grumbling about the growth in AirBnb bookings it is hotels that are one of the main beneficiaries. Hotel revenues are up 20% on last year, with July having 85% occupancy compared to 81% last year. June has 75% occupancy, a record in recent years, and August and September are also shaping up to give hotels a bumper year. It does undermine any arguments they may have against the burgeoning AirBnb business.
One travel booking site reports that Japanese tourists are up 40% this year, Americans up 28% and South Americans 24%.
Tourisme sur la Côte d'Azur: "bon début de saison estivale"
nicematin.com
Sur la Côte d’Azur, l’été a très bien débuté pour les professionnels du tourisme.La fréquentation touristique est en hausse, une bonne nouvelle pour le comité régional du tourisme Côte d...
Update on Taxe Habitation. As we know, Mr Macron has pledged to remove this tax. The first phase is a gradual reduction over the next 3 years. This year by €3bn, then €6bn, and in 2020 by €10bn.
By 2020, it was announced that over 80% of people will no longer pay this tax. In the Alpes-Maritimes, it has just been revealed that it will only be 75%, far below the national average. You can be sure that holiday homes will be one of the last to go. So despite the headlines, you can expect the bill to arrive for a few more years yet.
On sait combien de foyers seront exonérés de la taxe d'habitation dans les Alpes-Maritimes
nicematin.com
Promesse de campagne d'Emmanuel Macron, la réforme de la taxe d'habitation représentera un coût de 3 milliards d'euros l'an prochain, puis 6,6 milliards d'euros, et 10,1 milliards en 2020.Sur les 4...
The city in France it takes the longest to sell a property is... Nice. It takes an average of 84 days, compared to 41-42 days in Paris and Lyon.
Of course there is always a story behind the statistics. What is skewing the number of days? There are a number of factors. Bear in mind the way this is measured is taking the dates from when an advert was put up to when it was taken down, and they assume when they took it down that implies a sale.
If we start with low-end property in the prime areas, it's currently a seller's market with very little stock. Sellers have cottoned onto this and are asking for a premium and are happy to sit on it until they get near their inflated price. This is now both private individuals as well as property developers. This is compounded by the fact there are very few exclusivities so one property may have half a dozen or more agencies advertising it. This multiplier is quite a significant factor.
It's a similar story at the top end. A number of properties on the Promenade are over-priced and the sellers are quite happy to leave them empty for a year or two, though this is statistically a small number.
Well priced properties in either of these categories sell very quickly.
The market is softer in the mid-range. Here the average sale time sounds about right. On the supply side, people are not pressed. Those that live in Nice generally are not keen to leave. When looking to upgrade within the same city there is not the same pressure to sell.
I suspect on the demand side, though I only have anecdotal evidence to this, that rather than people upgrading to a larger apartment they are holding on and using the extra equity to invest in a small rental apartment. Perhaps owning a small property empire has become more of a status symbol than owning a very large apartment? We do not seem to have dinner parties as much as we used to.
I cannot comment on the factors in the outskirts of Nice, this is outside my domain of expertise.
As they say down here, "Tout se vend à Nice". The only thing holding back your sale is the price.
À Nice, les délais pour vendre son bien immobilier sont les plus longs de France
nicematin.com
Selon une étude publiée par le site spécialisé en immobilier Meilleurs Agents.com la capitale azuréenne est, parmi les 10 plus grandes villes de France, celle où les délais sont les plus longs ...
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