A Successful First Quarter of the Year for Tourism in Nice

The first quarter of 2024 has been remarkable for the city of Nice, recording unprecedented tourist figures and setting new benchmarks for the hospitality industry in the region. These impressive statistics highlight the city’s growing appeal and signal robust prospects for the local real estate market.

The Métropole Nice Côte d’Azur’s Tourism Office recently released an overview of tourist attendance for the first few months of 2024, showcasing unexpected results. The average occupancy rate increased by over 4 points compared to 2023, affirming Nice’s status as a year-round destination.

Considering the data, January witnessed a 48% occupancy rate, marking a 2.5-point rise from the previous year, and a 14.5% increase in revenue per available room (RevPAR). February followed suit with a 60.6% occupancy rate, up by 4.3 points, and an 11.8% RevPAR increase. The upward trend continued in March with a 69.2% occupancy rate, 4.4 points higher than in 2023, and a 4.4% boost in RevPAR. These statistics reflect a solid demand for accommodation and suggest a thriving tourism sector, a positive indicator for real estate investments, particularly in rental properties. But what factors can Nice’s success be attributed to? There are several possibilities.

The strategic marketing campaign “Nice Côte d’Azur in Winter” proved successful in attracting visitors during the off-peak season. This campaign, the region’s mild winter climate, and diverse tourist offerings solidified Nice as a desirable destination throughout the year.

One of the standout events contributing to the surge in tourism is doubtlessly the Nice Carnival.  This year’s edition, themed “King of Pop Culture,” attracted 230,000 spectators, a 15% increase compared to 2023. The economic impact of this flow of people was significant: the generated revenue was over €35 million. 

Nice Carnival. Image by Juanita Viale

The carnival also boosted hotel occupancy rates, an average of 67%, up by 4 points compared to 2023. Peak attendance rates were notable, hitting 87% on the opening day, a 15-point increase from the previous year, and maintaining high levels throughout the event. The success of such large-scale events underscores the importance of cultural and entertainment attractions in enhancing the city’s appeal.

The forecast for the second quarter of 2024 is equally promising. The average booking rate for April to June stands at 54%, 4 points higher than in 2023. Notably, these figures surpass the booking rates for the entire Alpes-Maritimes department by 6 points, indicating Nice’s leading position in the regional tourism market. The positive outlook for the summer season suggests a continued influx of tourists, which will likely drive demand for short-term rentals and boost the hospitality sector.

This year’s record-breaking tourism numbers are clear proof of the city’s growing appeal as a destination, driven by strategic marketing and high-profile events like the Nice Carnival, and as great potential from a real estate market point of view. As tourism continues to flourish, the demand for short-term and long-term rental properties is expected to rise, presenting lucrative opportunities for property values and rental potential.

The positive trend in tourism extends Real Estate benefits to a broader geographical area beyond the city of Nice. Investors and potential future property owners looking to seize this opportunity can gain significant and tangible advantages with the right market knowledge. This includes understanding property values, prices, and the legal and structural nuances that characterize the market. For these aspects, the expertise of the Property Expert is essential, particularly for assets of substantial economic value. To ensure that your investments are strategically and efficiently positioned to leverage the growing potential of this region, we invite you to contact us.