Cap Ferrat, the world’s most prestigious cape
Almost 700 acres of lush vegetation lapped by the waves... At the gateway to Monaco and about 20 minutes from the Nice Côte d’Azur international airport, the “Millionaires’ Cape” plays host to some 500 villas. Homes which change hands at astronomical prices... by Laetitia Rossi
1908, the year when construction of the Grand Hôtel was completed, marked a turning-point in the history of the cape. Wealthy visitors and celebrities flocked to Cap Ferrat, which subsequently saw the appearance of sumptuous new properties. Starting with those of the Baroness Ephrussi de Rothschild, set on a17.5 acre hill overlooking the Mediterranean, and King Leopold II of Belgium, particularly fond of the west side of the cape. Edith Piaf, Charlie Chaplin, Elizabeth Taylor, Jean-Paul Belmondo, Roger Moore, Tony Curtis, Romy Schneider, General de Gaulle, Valéry Giscard d’Estaing, Winston Churchill, George Bush, Bill Clinton, Boris Eltsine, Henri Matisse, Marc Chagall and Jean Cocteau all followed in their path, charmed by this peninsula jutting out into the sea, covered with palms, olive-trees, Aleppo pines etc. Nowadays, while home-owners here may be more discreet, they are still deeply devoted to the address.
“The last quarter clearly showed an up-turn for the top end of the market,” says Jean-Claude Caputo of Savills French Riviera. “That’s to say, properties of over 400 m2 in excellent condition, offering a real sea view, worth over 10 million euros. This category of homes inspires visits, and completions are going through at a good pace.” Russians are not the only ones to treat themselves to a little chunk of the cape ; they are joined by a broad array of international buyers. Clients are less affected than last year by modifications to France’s tax regulations, probably widely emphasized at the time by the economic media. Jean-Claude Caputo has noticed that this fresh wave of enthusiasm for top-notch properties is also evident in Monaco, Saint-Tropez, Courchevel and on Cap d’Antibes, ie. for all prime locations. While buyers obviously intend to enjoy their homes in Saint-Jean-Cap-Ferrat, they never lose sight of combining this personal pleasure with a long-term investment which will be easy to re-sell. Given demand, the time it takes to sell a property is, in fact, quite reasonable. On the other hand, villas of 250 m2, in grounds of 1,000 m2 without any particular view, priced at around 5-6 million euros, are suffering more from the morose business climate. There are a good many properties on offer, though sellers are not necessarily inclined to lower their prices.
Beatrix Eikel of Engel & Völkers mentions a comeback being staged by German and especially British clients, encouraged by their strong currency. She is, in fact, orchestrating the acquisition of a villa priced at 12 million euros by an English client based between London and Monaco. From 20 million euros upwards, properties “right at the water’s edge” meet with great success. One of the assets offered by Cap Ferrat is its closeness to the Principality of Monaco. Residents of this micro-State frequently want to complement their apartment there by a detached house with a garden. Everyone appreciates this quiet, safe location and the short distance separating it from the Mediterranean and the village. Despite these undeniable advantages, buyers are familiar with the market and follow their heads more than their hearts. All properties sell, on condition that they are in line with market realities.
“The recovery is becoming clearer,” confirm Mark Abboud, Indira Lausevic and Elena Tkachuk, negotiators for Mark’s Real Estate. Serious and determined, clients are making more and more offers, still coming up against sellers who stubbornly hang on to their positions. Rusian speaking buyers used to form a large majority, though today’s market seems to be opening up to the rest of the world. The agency’s website, just translated into Chinese, gives an insight into new perspectives. Last year, Mark’s Real Estate handled the sale of two prestigious apartments priced respectively at 30,000 and 40,000 € per sqm. Recently, a house in flat grounds of 2,500 m2 at the heart of the cape, without any particular view, found a taker at 8.5 million euros. Drawn by the grounds, the new owners intend to demolish the house and build a new one, much more comfortable. Demanding with regard to appointments and finishing touches, buyers are ready to pay the price for perfection or anticipate devoting substantial budgets to renovation. Naturally, the middle of the range is seeing less activity. “The sluggishness here is due to the offerings available, certainly not to demand, which is steady : rarely in any need or urgency, sellers in the intermediate bracket adopt a wait-and-see attitude, convinced of an imminent tax review to their advantage. And hanging on to their home for a few more months on one of the world’s most enchanting capes certainly does not pose a problem.”
