Buying Guide Details
Buying Property in Nice
Where to buy property in Nice
Nice is famous as a desirable holiday home destination that enjoys a great climate, stunning natural beauty and a glamorous clientele. But as well as being the main city along the Côte d’Azur, Nice has a role as a parallel life as a commercial centre and university town which means property investors have rental opportunities outside of the traditional holiday season.
As the major airport hub of the region, it is easy to travel there quickly and cheaply from the UK for weekend breaks too. The rest of the Riviera is easy to reach along the coastal roads, resorts such as St. Tropez and Cannes, as are the popular and equally classy resorts in Italy such as San Remo and Portofino.
The popular homes close to the sea or with sea views here do, as with the rest of the coast, command a premium in a region which is second only to Paris in the French property price league. For those on a budget, being prepared to compromise means that you should get more for your money by looking
There are new-build developments in and around the town, too, for those looking for brand new homes, and buying off-plan can be an excellent investment. A ‘leaseback’ scheme can offer guaranteed returns and provide exemption from VAT on the purchase price of a new-build property, making a home in Nice that much more affordable.
The Process of Buying Property in Nice
- Once the buyer has found a property in Nice 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 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 (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 buyer loses both the property and the money
- If the buyer is not able to visit the property in Nice 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 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, 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 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 a property in Nice 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 scheduled direct flights from the UK to Nice from many major and regional UK airports. Rail and road connections are excellent in the area.
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