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Average house price on the French Riviera falls under €2 million

The figures for January 2012 show a big increase in properties for sale, up by almost 16% since December 2011 and over 12% up from January 2011.
Properties that were taken off the market and new listings that were put on hold due to the new tax regulation effective from tomorrow (Wednesday 01 February) are now back on the market and this explains the big increase of units for sale, said EstateNetFrance.

The index shows that the average price for a luxury home on the French Riviera is now €1.925.383. The high level of interest and investment activity should be driving prices up throughout 2012, but for now the sector has adapted to the buyers' market situation in Europe. It says that buyer's seems to be ready to act early this year and the high end market is as active as ever.

But the total market value is less today than a year ago at €23.16 billion, some 6.87% down on January 2011.
The index  offers an independent view of the French Riviera and Monaco’s luxury property market. The monthly index reflects the evolving prime market, and for the first time provides authoritative data for the world’s most exclusive holiday home destination.

It segments the upper end of the market for apartments and villas within the Alpes-Maritimes department and Monaco, in groups of €1million to €3million, €3million to €5million, €5million to €10million, €10million to €20million and €20million and over.