Luxury homes in Menton and Roquebrune-Cap-Martin
Fans of prestigious properties set their sights on Garavan, a neighbourhood in this tourist resort with 29,200 residents on the French-Italian border, or the cape if they opt for Roquebrune, a commune rubbing shoulders with Monaco. Our experts take us on a tour… By Laetitia Rossi
Nicknamed the “Pearl of France” by geographer Elisée Reclus, Menton can lay claim to seven centuries of history in an area of 3,705 acres known for its gardens. The charm of Garavan, a luxuriant enclave edged by the seafront and yacht harbour, is famous well beyond the borders of France. Everyone appreciates the high-quality life-style offered year-round by Menton, its well-groomed beaches and town centre, both typical and festive, with accents sometimes medieval, sometimes baroque. Proud of the Citrus Festival it has organized annually for more than eight decades, the town benefits from a “sub-tropical micro-climate”. At the foot of the pre-Alps, Roquebrune-Cap-Martin (13,515 residents) is laid out like an amphitheatre around the Mediterranean. With its five built-up areas, this famous cape is a good illustration of the opinion adopted by writer Louis Nucéra : “The world, we are told, was designed by God. When He created Roquebrune-Cap-Martin, the Almighty must have been in a good mood. Aware of this privilege, its inhabitants have apparently done their utmost not to spoil the harmony that marked its beginnings”.
“Garavan is Menton’s residential area,” explain Jessica Dellepiane and Philippe Portelli of European Villas International. “While it does have a few comfortable apartment buildings that rose from the ground after 1970, it owes its success to individual properties in “Belle Epoque” and Art Deco style, built from 1880 to 1940.” Most of them benefit from generous surface areas, often opening out to vast gardens. Recently, a Romanian client with a passion for sailing treated himself to a property of 500 m2 in need of renovation, in grounds of 4,000 m2, priced at 5,250,000 €. The starting-price here is 1.2 million euros, though the most sumptuous villas can reach or slightly exceed 10 million euros. 90 % of the buyers are foreigners, Anglo-Saxons, East or North Europeans, South Africans or Canadians. A few residences in Garavan also offer luxury apartments. Starting with the Hambury Palace, pegged at around 10,000 € per sq. metre and delivered in 2011 by Kaufman & Broad. Currently, the real problem resides in the unsettled tax situation. Having already had their fingers burnt, owners/sellers no longer re-invest automatically here in France. In every acquisition, the notion of investment is never far removed from that of personal enjoyment. Professionals must never neglect the tax aspect inherent to the decision-making process.
“While overall activity is having a hard time, the luxury sector seems to be keeping its head above water,” says Stéphane Antonucci of Sud Rivages. “And from this point of view, Cap Martin has a length in advance.” On the cape, a distinction should be drawn between the two sides : one facing Menton and Italy, where prices start from 2 million euros, the budget required for a house of 200 m2 in need of renovation, in grounds of 1,000 m2. Properties of 400-500 m2 ready to move in, ie. decorated and fully furnished, can soar to 23 million euros. Property dealers are quick to see the potential for capital gains following refurbishment. On the famous private estate on Cap Martin, prices range from ten to several hundred million euros. The records are held by about 15 properties right at the water’s edge, this time facing Monaco, to the taste of East Europeans. Shrouded in secrecy, this market niche often eludes local agencies.
“Other parts of Roquebrune-Cap-Martin also have their fans,” says Catherine Laroche of Côté Sun Cap Martin. In a commanding position, the private estate of La Torraca offers a peaceful environment and breathtaking views of the deep blue sea. Here again, prices depend on the property’s orientation and follow the principle that the picture-postcard view of Monaco is the most highly valued. For equivalent properties, one can expect to pay 15,000 € per sq. metre facing Menton, 20,000 € for a stunning view of the Principality. The clientele is comparable to that of Garavan, except that it is joined by a few Monaco residents in search of a detached house in a patch of natural greenery to complement their apartments in the micro-state. Le Parc Saint-Roman, home to the Monte-Carlo Country Club, offers the advantage of being within walking distance of Monaco and the beaches. The most modest villa here will cost 20,000 € per sq. metre. Finally, Cap Martin also offers select residences with parks, pools, even private beaches and restaurants, including Le Grand Hôtel du Cap Martin, where apartments fetch 8,000 to 15,000 € per sq. metre depending on the property’s condition and view.
