BusinessMonday 10 July 2017

Garages are becoming great investing opportunities in Cote d'Azur

Parking fines should increase considerably in 2018 in many cities, as well as the hourly cost of parking in the street.

Credits: www.aurely.fr

In Cote d’Azur, investing in private parking spots or in garages is turning to be a lucrative business opportunity for several reasons:

- it is an affordable investment since the cost allows a cash payment or an easy bank loan;
- good profitability (between 2.5 and 6% of the purchase price);
- condominium charges are low (between 7€ and 20 € a month) partly paid by the tenant;
- depending on the neighborhood, demand is very high and it is easy to find a tenant even before the previous one ceases the renting contract;
- no maintenance intervention is required when the tenant changes;
- Lease management is very simplified and in case of non-payment of the rent the situation is simple and the owner can easily take possession of the garage or car spot and rent it to another person;
- taxe foncière at the owner's expense is approximately one month of rent per year;

Prices for a private car parking spot or garage in Nice range from € 10,000 to € 70,000 depending on the neighborhood and on the type of parking. With regard to rent, monthly rent starts at 60 € and can reach 180 €. The value of the parking lot depends mainly on its location.

Deborah Bellotti

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