U.S. Millionaires Drive Up Real Estate Prices on the French Riviera – finews.com

Since the pandemic, working from home has gained popularity. Despite the increasing number of employers requiring physical presence, countless people still work from home. On the French Riviera, this trend has led to a significant rise in real estate prices, driven by heightened buying activity from American millionaires.
Wealthy Americans who can work from home are increasingly settling in houses on the French Riviera, driving up prices in the region, reports «Bloomberg.»
Buy/sell, rent/lease residential &
commercials real estate properties.
Homes along the southeast coast of France valued at over 15 million euros have increased in value by 15 to 20 percent over the five years up to 2023. Adrien Willing-Lamy of Beauchamp Estates believes that even political turmoil in France will not affect the demand.
New York and London Face Setbacks
In contrast, some other luxury markets have seen a downturn. Higher credit costs and recession fears have impacted the high-end real estate market in the U.S. and Europe. Prime property prices fell by more than 2 percent in New York and London in the first quarter of 2024 compared to the previous year.
A Magnet for International Hybrid Workers
Resorts along the French Riviera – including Cap Ferrat, St. Tropez, and Cap d’Antibes – continue to attract foreign hybrid workers. More than 70,000 properties along the coast now belong to foreign second-home buyers. Americans favor homes in Cap Ferrat and St. Tropez, while wealthy buyers from the Middle East seek properties near the sea.
The demand for second homes is rising, especially in Cap d’Antibes, where the number of prime property transactions for homes valued over 5 million euros has doubled in the past two years.
Number of Millionaires in France Rises
The number of millionaires in France has increased by 14 percent over the past decade, while the UK has seen a decline of 8 percent. Despite political uncertainties, real estate agents on the Mediterranean coast remain confident that property prices on the French Riviera will continue to rise.
«Rich buyers have learned to work from anywhere in the world and operate their business interests from home,» says Gary Hersham, founding director of Beauchamp Estates.