A desirable property on the Côte d’Azur
The region’s reputation is second to none. It encompasses the world’s most exclusive capes, a highly-prized coastline surveyed by the first Alpine peaks, colourful towns and villages frequented by a wealthy and demanding clientele. Despite the vagaries of the global economy, the French Riviera continues to ride on the crest of a prestigious wave !
Wedged between the Var and Alpes-Maritimes, the Côte d’Azur welcomes over 14 million visitors a year, half of them foreigners. In “département 06” alone, almost 20 % of all jobs are related to the tourist industry. According to statistics recorded in 2010, 3-, 4- and 5-star hotels chalked up better scores than more modest establishments. Is this trend towards giving priority to top-notch services, spaciousness and luxury likely to affect the real-estate market ? While some French regions and market categories are still dealing with a seemingly endless crisis, desirable properties on the Côte d’Azur Riviera apparently live in a world apart.
Jean-Christophe Hym of the Europa agency distinguishes three types of sought-after properties : those right at the water’s edge, those in elevated positions, and those with extensive grounds in the nearby hinterland. Residences with direct access to the sea are usually on the capes - Cap Martin, Cap d’Ail, Cap Ferrat, Cap d'Antibes -, between Golfe-Juan and Cannes, near La Napoule and Théoule-sur-Mer, or in the Var, a “département” much more prolific in this respect. Priced from 15 to 200 million euros, this type of home is way ahead of the field. Either “Belle Epoque” or ultra-contemporary, it is almost systematically targetted by buyers from Eastern Europe. Saint-Jean-Cap-Ferrat, designated in a 2007 study carried out by the firm Knight Frank as the “world’s most expensive holiday resort”, tops the bill followed by Cap d’Antibes and the gated and guarded estate Les Parcs de Saint-Tropez. On Cap d’Antibes, magnificent examples of the genre include the Château de la Garoupe and its park of over 32 acres, Médy Roc with its steps down to the water, and the Château de la Croë where, according to the local daily press, Roman Abramovich offered to invite Dmitri Medvedev on the occasion of the G20 summit. Just recently, Villa Pamplemousse, “almost with its feet in the water”, as specified by purists, offering living space of 1,000 m2 in grounds of 8000 m2, found a taker at 45 million euros.
As in this first category, the high prices of properties in elevated positions are justified by the quality of their locations. Villefranche, Beaulieu and Saint-Tropez have devoted fans for their plunging views. The same goes for the three hills offered by Cannes : La Californie, Le Pezou and La Croix des Gardes. Two years ago, a client from Kazakhstan paid 26 million euros for La Tropicale with its living space of 1,900 m2 and grounds of 6,700 m2. Even today, Khalifa’s 36-million euro acquisition of Bagatelle - 5,000 m2 in grounds of 17,000 m2 facing the bay of Cannes and the Lérins Islands - still constitutes the record, not even matched by Arab palaces - 1,300 m2 + 1,400 m2 in grounds of 16,000 m2 - acquired for 32 million euros. One property could, however, change the listings : 180 million euros are currently being asked for the 2,000 m2 residence and its grounds of 11,000 m2 owned by the late Gustave Leven of Perrier mineral water fame. It is indeed hard not to fall for the charm of the house featured in the movie “To Catch a Thief”… Nowadays, it is of course rare to find such generous grounds in urban areas. Fifteen minutes from the coast, Mougins and Saint-Paul reign unchallenged over the near hinterland. Though the address is less important here than a property’s intrinsic assets, its size and beauty. As evidenced by the former home of Martin Gray in Le Tanneron. The simple fact of moving further away from the Mediterranean gives rise to more “reasonable” prices, of around 8 to 30 million euros. Some examples cannot be classifed, such as the property of the Emir of Qatar in Le Redon. Little by little, its illustrious owner, who is preparing to commission the construction of a sports centre, is buying up the neighbouring properties. This year, his stronghold has already been extended by four additional villas.
“A few exceptions aside, such as in the case of the inevitable Schifanoia and Leopolda, land is more fragmented and uneven in Mont Boron, Villefranche and Beaulieu-sur-Mer,” says Benjamin Mondou of Century 21 Lafage Transactions. Under pressure from the Russians, British and Scandinavians, the market for generous surface areas, also in the eastern part of the Alpes-Maritimes, ranging from 5 to 40 million euros (except on the capes) is doing increasingly better, currently representing 20 to 30 % of the agency’s sales. Among its most recent transactions, Benjamin Mondou cites an Art Deco villa of 500 m2 close to Mont Boron, accompanied by a guardians’ apartment and a garden of 1,000 m2 facing the sea, sold for 6.5 million euros, and a contemporary house of 500 m2 with a guest cottage and six garages overlooking the bay of Villefranche, which changed hands for 7.5 million euros. Of the three, Beaulieu is the most regal choice, though Villefranche does not trail far behind. “Mont-Boron seems to be mistakenly hindered in its progress due to the fact that it is part of Nice, the largest city on the Côte d’Azur,” adds our specialist.
“A distinction should be drawn between luxurious and comfortable properties - offering living space of 200-500 m2 in grounds of 2,000-5,000 m2 - and the true “estate”,” points out Christian-Alexander Rosengart of Rosengart Luxury Real Estate. Parties interested in this more secluded type of property are in fact clear and unmovable in their choice. Some are set on spaciousness to accommodate family and friends, others use their properties rather like visiting cards, particularly to entertain guests on a lavish scale. They all insist on privacy and discretion, two criteria making a radical break with the effervescence of the Riviera shoreline. Sometimes, companies acquire estates for industrial magnates. Very often, the property has a particular vocation such as hunting, horse-breeding or wine production. A helipad is the icing on the cake. Compared to so-called prestige villas, estates account for a very minor share in the total number of transactions though, due to their prices, they are highly significant in terms of business volume.
By Laetitia Rossi
