25th April 2013 - Buying and Selling Property in Cannes - Part 2
The price a property is worth, or at least the definition of fair value, seems to depend largely on the nationality of the buyer or seller. The french look very closely at the price per m2 in the area and apply that pretty much universally to the property in question. Of course some premium is given to properties that have been recently renovated (around €1000/m2) but things such as light, which floor it is on etc seem to have no influence on the price in the opinion of the French. Foreigners however are far more sensitive to the number of bedrooms a property has, the "authenticity" of the building and bonuses such as balconies, garages etc. This different approach makes for quite diverse opinions as to the value of properties and it can usually be fairly obvious as to whether the likely buyer will be french or not.
Probably the best thing about the french property market is the legal strength of the Compromis de Vente. Once the 7 day cooling of period has passed, the contract is pretty much water-tight unless it contains release clauses such as failure to obtain a mortgage or planning permission. This gives tremendous confidence to both buyers and sellers and means gazumping is extremely rare in France.
At time of writing, our 2 bedroom apartment at 32 Rue Perrissol is still for sale. For details of price or to arrange a visit, please contact us.