Buying a new build apartment on Cote d'Azur

[slf2012]

I am thinking about buying an apartment on the Cote d'Azur and wanted to get some advice.

The property should be complete in April 2016, and that's when I would need to pay the balance of the purchase price. Prior to that I would be required to put down 20% as a deposit.

This is the first time I've made a purchase like this, having only ever bought existing properties in the UK before. I am worried that if the developer goes bust, or doesn't sell enough of the apartments and cannot complete the development, do I stand to lose my deposit?

[Russwhitehouse]

Alas something that happens all too often, hence some of the giveaway deals available in certain other parts of Europe. Your deposit is I assume being held in escrow as opposed to being paid directly to the developer? If not, then you are at risk.

[smifffymoto]

Be cautious and ask questions,just remember, a French will sell his own mother if there is money in it.

[tonys]

Whereabouts on the Cote D'Azur? I can't say I've seen any uncompleted / completed-not-sold apartment blocks in France, but plenty in Spain (so many it's almost unreal) and some on the Algarve.

Although the market has slowed, I think there's still a demand in France, especially in the right locations, but certainly less so in other Med countries. If it's the sort of place / location where the French and other nationalities would buy as a second home, I think the demand would still be there, especially if it's actually near the coast.

[slf2012]

The location is Villefranche, just along the coast from Nice.

Just got an email from the agent yesterday stating that the developer has now lowered the price by 30k.