Buying Guide Details

Buying Property in Provence-Alpes-Cote d’Azur

Where to buy property in Provence-Alpes-Côte d’Azur

The Côte d’Azur is one of France’s most expensive property hotspots, second only to Paris, but that does not prevent property buyers from dreaming of owning a property on the renowned French Riviera. However, property buyers do not necessarily need a fortune to purchase property in Provence-Alpes-Cote d’Azure and with so many tourists, rental potential is good. Capital appreciation is also high, making a home here a sound investment.

The coast is dotted with fashionable resorts – Nice, Antibes, Cannes and St. Tropez to name but three. While the most chic locations command prices well beyond the pocket of most property buyers, those prepared to compromise on location and convenience may find better value away from the coast or without a sea view. Nice has a student and professional population that increases its desirability beyond being simply a resort.

Further west, the city of Marseille is France’s second city and offers a large and diverse population and mix of cultures. It is becoming increasingly popular as a getaway destination for Parisians.

Inland, Haute-Provence and Vaucluse are already popular second property destinations for French and overseas property buyers, with prices that reflect this. Avignon is the departmental capital of Vaucluse and an expensive hotpot. There are pockets of the départements of the hinterland which are surprisingly affordable, though, and offer year-round natural beauty and outdoor activities, particularly in the northernmost areas in Hautes Alpes.

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The Process of Buying Property in Provence-Alpes-Cote d’Azur

Once the property buyer has found a property in Provence-Alpes-Cote d’Azur and made an offer, both parties must sign a compromis; a legally binding agreement setting out all terms involved
Financing will have to be sorted out by this stage as details regarding any loans must be clearly outlined in the compromis
There is then a seven-day cooling-off period, which gives the property buyer (but not the seller) the opportunity to back out of the deal without penalty. A 10% deposit is then required and the notaire then carries out all checks on the property in Provence-Alpes-Cote d’Azur (for clean title, wood rot, etc)
Before the signing takes place, all funds must be transferred to the notary’s account. Failure to do this on time could mean the property buyer loses both the property in Provence-Alpes-Cote d’Azur and the money
If the property buyer is not able to visit the property in Provence-Alpes-Cote d’Azur before signing the final contract, a representative should do so on their behalf to make sure that everything is in order. The contract clearly states that the property in Provence-Alpes-Cote d’Azur is accepted in its condition on the day of sale
Finally the acte de vente is signed in front of the notary, and the sale is complete.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Vary hugely depending on the region and type of property in Provence-Alpes-Cote d’Azur, but set aside 12 to 15% of the selling price
Allow around 6 to 8% per cent for notaire’s fees. This includes stamp duty, which varies from 0.6% for a new-build to 6% for any property in Provence-Alpes-Cote d’Azur over five years old
Agents’ fees vary greatly and can be anywhere from 4 to 15%. Around 7% is the most common amount, but check when looking in agent’s windows for the letters FAI after the price – this indicates that their fees are already included
IVA (VAT) of 19.6% is applicable on most fees and taxes, but is avoided on leasebacks. The price of new-build properties usually includes 19.6% IVA, but always verify this from the start
If property in Provence-Alpes-Cote d’Azur is sold on within two years, capital gains tax is likely to be in excess of 33%
Transfer tax varies greatly, but for properties over five years it tends to be around 7%.

Getting there

There are direct flights from the UK to Marseille, Toulon, Nice and Avignon. Hautes Alpes is best reached from Grenoble. Rail and road connections are excellent in the area.

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