Tycoons are selling villas on Cote d’Azur

Big sale of elite property took place on Cote d’Azur this spring. Owing to the present market situation prices here have dropped considerably – up to 10-20%.

Surely, they still remain high: 3000-7000 Euro per square meter of a modest villa, 10 000-25 000 Euro per square meter of property de luxe in Cannes. It is interesting to notice the drop of villa purchases by Russian customers.

Those who bought them previously are trying to sell them, often with a big discount. Therefore, prices are not the same. Roman Abramovitch, for instance, from hearsay, has decided to sell his Antib villa, worth around 20 million Euro.

According to the experts, the further drop will reach 30%. In present situation the main buyers of French Riviera property may become customers from Saudi Arabia or China (instead of Russian buyers who took the leading position).

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