By dint of biting, the crisis finally reached the Côte d'Azur too, which until now seemed, with its real estate sector, a safe bunker sheltered from the winds of the recession. Nothing dramatic, but within living memory, no one remembered a year like 2012 and this first glimpse of 2013 in which home sales had collapsed by 30%. A declining percentage certified by the Chambre des notaires des Alpes-Maritimes, where all the deeds that are signed in the region are promptly registered. A cut in business that puts at least 150 of the 700 real estate agencies registered with the Federation nationale de l'immobilier (Fnaim) at risk of closure. Those who want to sell, unless they are particularly urgent, wait for prices to rise again after the 4-5% decline in the last twelve months. Those who would like to buy by accessing mortgages are faced with banks that still offer very convenient rates but which are now asking for guarantees that many, especially young people under 30, cannot give. In Nice and its surroundings, the most anti-Hollande city in France, they see the fiscal policy of the new head of the Elysée as a further disincentive to relaunch the market. Confirmation of a 20% reduction in the value added tax in the event of a sale was expected, but the Conseil Constitutionnel blocked the measure. On the other hand, more than Hollande, it was the previous government under Nicolas Sarkozy, due to budgetary needs, that doubled from 15 to 30 years the term beyond which one is exempt from paying the tax on the increase in value, in practice a sort of our old Invim.
Even the Italians, who have always been among the non-residents the most loyal customers of the "azuréen" brick, today have to deal with the Ivie which, applied to properties in France, where there is no cadastral value, proves to be a drain especially on more recent purchases, having to pay 0,76% on the price reported in the deed which, unlike what happens in Italy, almost always reflects the real outlay. Price from which the taxe foncière can be deducted but not the taxe d'habitation which are paid to the French tax authorities. On average, an apartment of 75 square meters in Nice or Cannes – current market price between 300 and 400 thousand euros – ultimately has a tax burden close to 4 thousand euros per year (half of which is represented by our Ivie). Until today, more than others, Italians have fueled the flow of home sales among non-residents on the Côte d'Azur, which accounts for a good portion of the entire real estate business. The introduction of the Ivie is too fresh to understand the exact impact it will have. But it certainly isn't an incentive. “The Côte d'Azur always has a particular attraction for Italians. In the end, the brick is always a safe haven. In addition, it offers the pleasure of living in one of the most beautiful and lively areas of Europe. But realistically – this is the opinion of the local operators published by Nice-Matin – we cannot fail to foresee a slowdown on the Italian customer front”.
A decline that cannot be compensated for by the Russians who represent only 10% of non-resident business and just 91% of total business, mostly related to the highest luxury sector. A marginal but still important segment for the Côte d'Azur as a showcase in the world, with Monte Carlo as a great protagonist. And the principality, in order not to deny its reputation, is ready to put a penthouse up for sale at XNUMX euros per square metre. It will be at the top of the Odeon tours, the 170-metre skyscraper, which will be inaugurated next year and which will become the tallest building in the Principality.
The tower, designed by Alexandre Giraldi, will consist of 49 floors mainly intended for residential use which will be occupied by 259 apartments, of which 73 extra-luxury, 2 penthouses of approximately 1.000 mXNUMX each and the 5-storey super-penthouse of more than 3.000 square meters which will be close to 250 million dollars, making it the most expensive penthouse in the world, overtaking even that of the Hotel Pierre in New York which stops at only 84 thousand euros per square meter for a total of 120 million dollars. But in times of crisis even from Monaco they are keen to point out that the The tower will not only be an exclusive "shelter" for the planet's richest: some apartments will be granted for social housing and residents will be able to purchase them at more advantageous prices than those foreseen of approximately 50 euros per square metre.
