This contemporary-style apartment is uniquely placed looking onto the Palais de Justice
. On the main strip of the bars and restaurants, rue Prefecture, it is a spot popular with holiday-makers and rents well. It currently rents at €1,200 per week during the summer, and at €1,200 per month to students during term-time, giving a solid 7% yield.
This is one of the only three bedroom apartments for sale in the Old Town at the moment, and the price point makes it very attractive. Having been rented out for so many years it is looking a little tired. The paint needs refreshing, the bedroom wardrobes require minor repairs, and both bathrooms touching up. We have had a quote of around €10,000 to redo the whole apartment.
Renovation of the communal areas has already started, and the building now has a digicode. There is no lift but it is only the second floor and the stairwell is expansive and well maintained. It is not for those looking for a quiet retreat, but for those looking to be in the heart of the action it is worth visiting.
Click here to learn about Old Town
Nice's Old Town, or Vieux Nice, is the historic heart of Nice dating back to the 16th century. The colourful narrow winding streets are full of galleries, markets, and boutiques selling everything from clothes to local produce. As evening falls the cafes, bars and restaurants are abuzz with people enjoying themselves or simply watching the world walk by. It is little wonder that this area is the hottest rental spot.
Advantages for a holiday home
- Stay where you will spend most of your time
- Great prices and good capital appreciation
- Easy to let out when not in use
- Very low taxes and monthly charges
Disdvantages for a holiday home
- Crowded streets during the summer
Advantages for investors
- Right in the heart of all the bars and restaurants
- Five minutes walk from the beach
- Most desirable spot for tourists, gives best yield
Disdvantages for investors
- Busy and can be noisy, not to all tastes
- No lift can cut down potential rental clients