Buying on the French Riviera is no holiday, says Isabel Morton
BACK ON the Côte d'Azur, with Irish weather and the country's atmosphere of doom and gloom a distant memory, I sip my coffee in the sun.
Whatever about a few weeks on holiday here, if you want to buy in France, you must accept that they do things differently.
Some time ago I began researching the French Riviera property market. I started with the internet, but gave up, as most agencies don't update their websites and I found myself lusting after properties long since sold.
The other irritant is that exact addresses are rarely used and websites give a minimum of detail and photos. Some even choose to use photos of the view from the property rather than the property itself (for security reasons, we're told). In addition, "For Sale" signs are rarely used, except the odd one on an apartment block, so there could be properties for sale in your favourite spot but you may be unaware of them unless you are lucky enough to come across them via one of the estate agencies.
Furthermore, the more expensive properties advertised on the websites have no prices listed. You are encouraged to consult the estate agent. When you do, make sure you are sitting down with a stiff drink in hand.
In the early days of my research I saw a villa that looked nice and phoned the agent to find out the price and arrange a viewing. She did not answer my questions directly, but queried me on my budget. When I told her, she informed me that the property was outside my budget. When I pushed her further, she politely told me that the property I had expressed an interest in cost €45 million. Be warned.
Once your budget has been established, the estate agents will show you a selection of properties which have been sitting on the market for years, generally because they are overpriced. They will show you the worst selection first, in the hope that you will fall in love with one of them and get them off their sales books.
The next round of properties will be better, but invariably you will end up rejecting them. Finally, you will either double your budget or accept that prices on the Côte d'Azure are so high that you may not be able to buy your dream holiday home. Most of the best sites with sea views were built on during the late 19th/early 20th century and many of these have been in the ownership of the same families for generations.
As property prices have doubled since 2000, many of these older houses are coming on the market for the first time but require full renovation. Think long and hard before taking on a project like that in France. It's bad enough in Ireland where you have a chance of keeping an eye on things and understanding the builder.
The same property will be advertised with many estate agents and, due to the fact that exact addresses are never used, you are regularly disappointed when one estate agent attempts to show you a property you have already viewed with another.
The asking price includes the agent's fees, which are considerable, usually around 7 per cent.
In addition, the legal fees, TVA (VAT) and other taxes will add another 10 per cent.
One notaire usually does the job for both parties, however advice on everything is essential, from both your solicitor and accountant, including whether to buy through a company or in your own name and whether you will be subject to wealth tax.
TALKING PROPERTY
