Outstanding properties on the Côte d’Azur
Backed by the Southern Alps, with peaks soaring to altitudes of almost 3000 metres, the Côte d’Azur encompasses the “départements” of the Alpes-Maritimes and the Var, from Menton to Toulon. Its reputation extends far beyond the borders of France, attracting the wealthy from all four corners of the world in search of a haven of tranquillity.
While they all recognize the intrinsic qualities of this joyous alternation of seascapes and rural scenery, starting with a mild climate and a wealth of enchanting settings, some criticize the incessant urbanization experienced since the post-war period. A “concrete” aspect, but not really a deterrent, in the light of figures recorded in 2006 : over 14 million tourists, 52 % from abroad, 5 billion euros in financial spin-offs, 75,000 tourism-related jobs, 3 million entrances to museums and historic monuments*. The region is composed of very busy towns like Nice, Antibes and Cannes, famous seaside resorts - Juan-les-Pins and the essential Saint-Tropez -, a hinterland overlooking the Med - Mougins, Valbonne and Saint-Paul. Not forgetting Monaco, a principality of worldwide renown. The international airport is the second busiest in France after Paris.
“Over the past few years, the attitude of buyers on the prestige market has changed dramatically,” comments Philip Weiser, General Manager of Carlton International. “They arrive with very specific criteria, especially in terms of size, before allowing themselves to be guided with remarkable open-mindedness, towards real gems of properties on the Riviera.” Atmosphere and comfort, that’s to say a purely subjective analysis, naturally come into consideration. The so-called “exceptional” takes many diverse forms : extraordinary proportions, layout and equipment offering spearhead innovation, a location right at the water’s edge combined with privileged and virtually exclusive access to a beach, unique architecture or a past several centuries old. British clients have just parted with 12 million euros for a “Belle Epoque” villa offering highly contemporary interior decor, on Port Gallice in Antibes. Recently, a French couple acquired a holiday residence on the hills near Saint-Paul - 1,000 m2 in almost 2.5 acres of grounds - for 10 million euros. A budget of 14 million euros is required for a 16th-C. château and its annexes totalling 1,200 m2, tastefully restored, in a real botanical garden of 2.5 acres in La Colle-sur-Loup. Its superb appointments more than compensate for the lack of a sea view. Exceptional properties constitute not only a showcase for a handful of agencies, but also a stable niche market, hardly affected at all by the crisis. Wealthy international clients appreciate the political and economic stability of France and the guarantees offered by the Côte d’Azur in terms of climate, environment and configuration. The area’s potential for further construction has, in fact, reached a saturation point. Scarcity then underscores the investment’s sustainability.
Among truly outstanding sales orchestrated by Burger Sotheby’s International Realty, a group of six agencies scattered in strategic points in the Alpes-Maritimes and the Var, co-founder Maria-Anna Burger and manager Jean-François Favelier describe the only property on the Île Sainte-Marguerite, just off Cannes. Vijay Mallya, head of Kingfisher Airlines among others, the Formula 1 stable Force India and the United Breweries Group, disbursed around 40 million euros for the Saracen tower built in the 6th century and various buildings dating back to the Napoleonic conquests, giving total living space of about 2,000 m2 on almost 2.5 acres of land. Also within the past two years, Russian industrialists have paid from 50 to 100 million euros for villas on Cap Ferrat enjoying unimpeded views of the Mediterranean. The agency is rightly renowned for the quality of its portfolio of properties. As exemplified by a “Belle Epoque” residence of 850 m2, renovated to reflect its original style in 2.5 acres of grounds on Cap Martin. “One of the most exclusive and elitist peninsulas on the Côte d’Azur,” notes Maria-Anna Burger. Built by one of the founders of Black & White distilleries, not far from that of his partner, “La Villa del Mare”, also known under the name of “Maria Irina”, this illustrious estate is naturally worth over 50 million euros. Maria-Anna Burger mentions two more exclusive properties bearing price tags of 100 and 180 million euros respectively : beyond that, she will say no more, respecting the owners’ wishes for anonymity and privacy. This market is governed by strict rules, including discretion and prior identification of potential visitors. One can hardly broach the subject without mentioning East European clients : one buyer in two in this market segment, although one should not underestimate wealthy Americans, captured by the Sotheby’s network.
“Most so-called exceptional properties changed hands over the last decade and took the opportunity to benefit from embellishment. The highest transaction officially registered since the crisis began dates back to 2009, concerns the west side of Cap Ferrat and attained 150 million euros, a sum paid by a Russian,” says Sylvain Boichut of the John Taylor agency. Meanwhile, on the same commune, a Ukrainian buyer disbursed 100 million euros, while several buildings in need of minor refurbishment, giving living space of 3,000 m2 in almost 3.75 acres of grounds only separated from the sea by a road, were sold by the agency at over 70 million euros. The acquisition of historic villas and annexation of neighbouring houses, an exercise popular among this type of buyer, help towards the reconstitution of large estates, the opposite approach to that taken by the Château de la Garoupe, which was split up in the 1960’s to finance its maintenance. The Château de la Croë owned by a certain Abramovich remains a kind of flagship of its kind. If they were available for sale, these properties would certainly be highly coveted. Backed by 147 years of experience, the John Taylor group is a key player in the history of on-going evolution in prestige real estate on the Côte d'Azur. It is the only one to have orchestrated the sale of the famous “Leopolda”, a palace built for the King of Belgium, a monarch who treated himself to the luxury of never living in it. Moreover, the agency repeated the feat four times over : in 1950, when Giovanni Agnelli acquired it for 70,000 $, ten years later when the Canadian Miss Killam paid 3 million $, around 1970 with Colonel Paul, and in 1985 when it was bought by Edmond Safra.
*(Source Wikipedia)
By Laetitia Rossi
