Beaulieu-sur-Mer, sheer enchantment
With Villefranche and Saint-Jean-Cap-Ferrat, this discreet little town forms the famous “Golden Triangle”, a name inspired by the price-tags attached to its real estate, among the highest on the Côte d'Azur. Its popularity is not new : it began with enthusiasm on the part of European aristocracy in the late 19th century for the Côte d’Azur. As evidenced by its rich “Belle Epoque” heritage.
Three bus-lines serve the town, which also has a train station. Home to Louis Cane, Beaulieu is wedged between the mountains and the sea. Palm-trees are dotted along the seafront, also admired for its lush vegetation. La Rotonde, Le Bristol, Le Palais des Anglais, the bandstand designed by Joseph Bovis, and the Villa Kérylos, a sublime souvenir of Ancient Greece, all recall the splendour of yesteryear. The yacht harbour plays host to 800 boats, the casino entertains tourists. La Petite Afrique and La Baie des Fourmis extend their invitations to relax and swim.
“The seafront stretches from the Hôtel Riviera to Africa Beach. Scattered around both ends, properties at the water’s edge start out at 15 to 25 million euros. La Petite Afrique, a name bearing reference to its many banana trees, is the most chic neighbourhood. Then Boulevard Edouard VII connects the Basse and Moyenne Corniches. Invariably enjoying an elevated position and panoramic views of the azure sea, villas here begin at 3.5 million euros. The neighbourhood is not lacking in charm, but residents are obliged to use a car. Those who prefer apartments opt for the town centre. Facing Cap Ferrat, “Le Bristol”, designed in 1898 by Hans-Georg Tersling, tops the bill,” says Sébastien Pisani of the agency of the same name. Oher prestigious addresses include the “Villa Borghese,” “Villa Farnesina”, “Le Beaulieu”, “Isola Bella”, “Stella Maris” and “Belle Etoile”.
“In the 40-50 year age-bracket, fans of Beaulieu appreciate its flat layout occupying some 92 acres and the compactness of its historic centre. No longer content with just a view of the Med, they focus on a property’s convenience and practicality. Composed 80 % of occasional residents, Beaulieu thus caters for a lot of vacationers. For apartments, budgets reach or exceed one million euros : as a result of the financial crisis, the middle-of-the-range is pretty much sold out. For houses, buyers are willing to pay from 1.5 to 5 million euros, a price-range that matches the properties actually on offer,” says Thierry Pétoin of the Bristol agency. He recently handled the sale of a new top-floor apartment of 110 m2 facing the sea, with terrace and garage, at 12,500 €/m2. A townhouse of 200 m2 in need of renovation has just left his files for 1,350,000 €. Currently, 3,950,000 € is being asked for a “Belle Epoque” mansion of 300 m2 opening out to the Mediterranean. Generally speaking, apartments are changing hands just below 8,000 €/m2 for resale, up to 12,000 €/m2 in the case of brand new developments, whereas individual homes start at 13,000 €/m2. The recent drop of around 10 % mainly concerns basic rather than high-end accommodation.
One out of every two buyers once came from Great Britain, but the English have largely repatriated their capital to their country of origin. “The same goes for Russians and Americans,” says Christian Bovis of the Agence Générale Bovis, founded in 1895 and now bearing ISO 9001-2000 Certification for the entirety of its activities. “On the subject of Russian clients, Forbes magazine recently published statistics worth thinking about : in the space of twelve months, the number of billionnaires shrank from 89 to 24. As for nationals of Uncle Sam, they are now forced to act in all transparency because of tax measures, including the W9 form. These considerations suggest a market likely to suffer in the 8 to 45 million euro bracket.” This estate agent, who chalks up 80 % of his sales abroad, has noticed the arrival of Polish clients on the market. The French and Italians are also keen to invest, sure of benefitting from a sound reserve asset with a yield of 4.5 %. They all recognize the fact that Beaulieu, the only shopping centre in the area, and just 8 km from both Nice and Monaco, boasts an advantageous geographical position. On the one hand, they have an international airport, hospitals and administrative services, on the other, a wide choice of entertainment facilities. This ultra-select address, traditionally just behind Saint-Jean-Cap Ferrat but ahead of Villefranche-sur-Mer, Cap d'Ail and Eze, is enough to guarantee the investment’s solidity. The “Plan d’Occupation des Sols” (urban development plan), which has now reached saturation level, is a second insurance. The drop in interest rates, currently 3.90 %, is stimulating activity, a trend likely to continue during the summer under the leadership of the European Bank. Despite the ability of buyers in this market to self-finance their acquisitions, they seek mortgages from the banks in order to escape wealth tax in the early stages of their loans.
By Laetitia Rossi
