Mougins, a steady property market
A great place to live or stay in the chic, countrified hinterland behind Cannes, Mougins is renowned internationally for both its art-galleries and good restaurants. This garden village has in fact been evocatively dubbed by the magazine L’Express as the “Neuilly of the Côte d’Azur”.
In Le Font de l’Orme and La Valmasque, the science and technology park of Sophia-Antipolis spills over into the territory of Mougins, home to 18,515 residents. Only 6 km separate this luxuriant commune with pines, cypresses and green oaks from the Mediterranean shore. Cannes is 15 minutes away, the Nice Côte d’Azur International Airport 20 minutes. Over the years, living accommodation here has mainly been built “horizontally”. In fact, over 62 % of the residents live in houses. Provençal or even Tuscan architecture rubs shoulders with more modern buildings such as the Eco’Parc, IME Mirasol and a few detached villas. Mougins has four clinics and schools up to intermediate level.
“In 2013, characterized by a tense economic context at international level and heavy taxation in France, two sectors of the market kept their heads above water,” says Jean-Christophe Bourgeois of Lux Estate by Bourgeois, based in the area since 1953. Starting with apartments destined for rentals or personal use, priced up to 450,000 €. But Mougins has very few blocks of apartments. Built in 1981, the large complex of Tournamy with a swimming pool now posts prices of about 4,000 € per sq. metre, “a ratio which ultimately corresponds to the average price in the town”. The agency in Mougins chalks up 30-40 % of its sales in apartments. Logically so, given its extensive involvement with rental management. Secondly, the luxury sector still has its fans. Three sales completed in 2013 exceeded 10 million euros, a budget entitling the buyer to living space of 500-700 m2 plus annexes, on guarded and gated estates or in privileged neighbourhoods. Building land is becoming increasingly rare. Some buyers therefore set their sights on houses to restore in prime locations. Also specializing in building land and renovation, Jean-Christophe Bourgeois cites a property of 350 m2 in need of renovation, in grounds of 5,000 m2 without a pool, which first sold for 2.5 million euros, then, following renovation costing 1.2 M€, for 7.5 million euros. With its picture-postcard scenery, Mougins is much appreciated by families working in Cannes and foreigners looking for holiday homes. One can’t deny its potential, nor that of the Alpes-Maritimes in general. “The problem lies in the tax system, considered too discouraging by investors.”
“The Michaël Zingraf Christie’s group reported a buoyant year in Mougins, with sales ranging from 1.5 to 10 million euros, 90 % intended as second residences,” comments Anne-Marie Garcin. North Europeans are especially drawn by the address, the charm of the old village, its closeness to golf-courses, Cannes and the airport. The presence of an international school reassures businessmen wanting to move their families to the South of France while making professional trips back and forth. Although high, prices are more attractive here than in the Festival City. Last year alone, the Michaël Zingraf agency sold three villas within walking distance of the village, one of 350 m2 in grounds of 2,500 m2, snapped up even before it could be put on the market, at about 5.5 million euros, thanks to its location, high-quality renovation and panoramic sea view. Properties facing the Deep Blue Sea are rather rare, except for those on Boulevard Courteline, the Chemin des Colles and Pibonson. Otherwise, the building land department proposes a few desirable examples, ranging from 1,500 m2 to several acres. This agency focuses on premium addresses : Pibonson, Le Redon, L’Etang de Fontmerle and Les Parcs de Mougins. Prices for building land starts from 300,000 € and attains 4.3 million euros, the budget required for a plot of 4,525 m2, ideally oriented, with building rights obtained for a house of 425 m2.
“Over the past 12 months, all the activity of Label Properties, which has two agencies in Mougins, was concentrated on villas priced from 1.5 million euros - bringing living space of 200-250 m2 in 2,000 m2 of grounds - to 3.5 million - giving 300 m2 in grounds of 2,500 m2 in the neighbourhood of Les Colles,” says Michel Brévier. The trend is clearly in favour of turnkey properties. Buyers, who are mostly French looking for year-round homes, want a functional property ready to move in ; they baulk at the idea of embarking on renovation work. On the other hand, property dealers still place their bets on Mougins and, for their part, are keen to find houses needing full restoration in this village of international renown. Renown that comes with a price - high, and not always justified. Some sellers over-estimate their properties, distorting the reality of market values and disrupting a smooth flow of transactions, whereas nowadays no-one is prepared to pay over the odds.
