Cap d’Ail, at the gateway to Monaco
The destiny of this little-known cape, once a high temple of the “Belle Epoque”, is closely linked to the saga of the famous Principality of Monaco. As an active pool of employment or an internationally recognized entertainment centre, the neighbouring micro-state brings a wealthy clientele in search of old stone and panoramic sea views…
Beaches languishing at the end of natural coves, a shoreline path brimming with lush Mediterranean vegetation, steep rugged cliffs… This town with 4,700 residents, which won its independence from La Turbie in 1908, is crossed by the Lower and Middle Corniches. The north-eastern quayside of the harbour of Cap d’Ail marks its boundary with Monaco. Its illustrious guests include Winston Churchill, the Lumière brothers, the coach of the French football team, Didier Deschamps, and authors Sacha Guitry and André Malraux.
“Cap d’Ail unfailingly draws the interest of an international clientele, looking for holidays homes or working in Monaco. In addition to its location, many of them appreciate its “Belle Epoque” architecture and numerous listed villas”, explains Chuck McKee of Haussmann International. Steady demand and a limited array of properties for sale… This exclusive address between the Mediterranean and Lower Corniche hasn’t even heard of the crisis. As evidenced in particular by three transactions orchestrated since the beginning of this year at around 20 million euros : the former property of Greta Garbo, 350 m2 in pure 1900’s style, an ultra-contemporary villa of 450 m2, and another of the same surface area, on the border with Eze, reached by funicular. Houses here usually have small or no grounds. Except for one, known as “le château”, boasting living space of 2,000 m2 on approx. 12.5 acres of land, at the entrance to Monaco. Apartments have nothing to envy of houses, posting a very wide price range, still on the coastal strip, of 12,000 to 20,000 € per sq. metre. While contacts between buyers and sellers are currently being made, the prices proposed always come up against bargaining. Both sellers and buyers insist on confidentiality. As for Cap Martin, discretion is an absolute muust.
“Cap d’Ail owes its recent successful sales to a specific state of affairs. The site has managed to come up with properties of quality and undeniable prestige, whereas there has been a real scarcity in the “golden triangle” formed by Villefranche, Saint-Jean-Cap-Ferrat and Beaulieu,” adds Alex Balkin of the Savills agency. “We are currently proposing a property of 900 m2 in need of a revamp in grounds of 1,000 m2 on the front row, enjoying direct access to the Med, priced at 26 million euros. An equivalent residence on Cap Ferrat would be worth 30 to 35 M €.” Two markets co-exist in the luxury sector : that around 5-7 M €, above the Lower Corniche, and that above 20 M €, underpinned by interest from Asians, Europeans, Americans and Russians. Apartment blocks with pools are also extremely sought-after, though “Eden” wins all the votes, despite its lack of a pool. In this former seafront hotel transformed into a co-owned residence, apartments find takers as soon as they come on the market. It is hard to compare Cap d’Ail to Villefranche or Beaulieu, characterized by their peaceful village life. Charm offset by the neighbouring cape by its closeness to Monaco.
“Cap d’Ail benefits from easy access to the motorway and public transport amenities such as the train station and airport,” points out Peter Illovsky of Sotheby’s International Realty. Residents may well go to Monaco several times a day, whether they work there, appreciate its shops, pursue well-being activities, lunch or dine there. “Clearly focusing on luxury, our clients are looking for sea views, immediate proximity to bathing spots, and living space of at least 450 m2 in the case of houses, with budgets of 20 million euros.” While Russian and Ukrainian buyers are now more hesitant, those from neighbouring countries continue to invest on the Côte d’Azur. They are in no doubt about the long-term value of their investments, though they are also, and above all, motivated by their emotional reactions to a property and the sheer enjoyment of owning a holiday home on the Côte d’Azur. Particularly secure in terms of its degree of accessibility, the cape is much appreciated. As witnessed by the market’s low turnover, constant demand and very stable prices.
