Paradise between Nice and Monaco
Known as the “billionaires’ peninsula”, this cape blessed by the gods, graced with palms, olive-trees and Aleppo pines, has appealed to celebrities and other wealthy visitors from all over the world for over a century. Most of them want to live there, many are happy just to have it as part of their view.
Twenty minutes from Nice Côte d’Azur international airport, Cap Ferrat separates Villefranche-sur-Mer from Beaulieu. Forming a junction between the Passable beach and harbour of Saint-Jean, the coastal path skirts a rugged coastline 11 km long. This sublime cape consists of almost 700 acres of rich vegetation. The 500 villas to which it plays host blend perfectly into this natural decor. As witnessed by that of Baronness Ephrussi de Rothschild, set on a 17.3-acre hillside, or “La Leopolda”, one of the world’s most expensive properties according to the international press, built by Leopold II, King of Belgium. Cap Ferrat has welcomed many illustrious visitors : Edith Piaf, Charlie Chaplin, Elisabeth Taylor, Tony Curtis, Romy Schneider, General de Gaulle, Winston Churchill, Georges Bush, Bill Clinton, Boris Eltsine, and artists Henri Matisse, Marc Chagall and Jean Cocteau. Keen to maintain a certain discretion, captains of industry and magnates in the world of computers appreciate the closeness of the Principality of Monaco, a garden of Eden in shades of blue and green.
“We are definitely confronted by a buyer’s market,” says Christophe Lemieux of Michaël Zingraf Real Estate affiliated to Christie’s International Real Estate. “In the 10 to 30 M € bracket, activity is very lively. From 2 to 7 M €, demand is sluggish and there is consequently a plethora of properties worth around 5 M € available. Over and above 50 M €, the market has clearly been hit by the political crisis in Ukraine, the decline in the rouble and the Russian situation, all explaining hesitation on the part of the formerly euphoric star buyers on the cape. Among the agency’s most recent sales on Cap Ferrat, Christophe Lemieux mentions a property right at the water’s edge, in the process of being razed to the ground, and its grounds of 8,000 m2, which sold for 23 M €, on the west side, an area which no longer reigns supreme since the makeovers of a few fine estates on the eastern shoreline. One of them very recently found a new owner at a price somewhere between 25 and 30 M €, whereas another residence on the second row is under a provisional sales agreement at 30 M €. A house of 350 m2 in grounds of 2,200 m2 in a rocky setting near the Grand Hôtel, benefiting from private access to the sea, is changing hands at 18 M €. Proof that a view of the open sea to the south of the cape is less popular than that of the coast, which can be admired from both the eastern and western sides of this famous finger of land.
“The Russian clientele is more discreet, adopting a wait-and-see attitude, but nevertheless still present, whereas clients from the UK and USA benefiting from currency exchange rates are making a big comeback,” comments Sébastien Le Graverend of the John Taylor agency. He then mentions a first sale to a Chinese buyer, at around 4 M €, and a few other contacts from Asia. The core of demand is for living space of at least 300 m2 facing the Deep Blue Sea, with prices over 10 M €. Properties right at the water’s edge, starting at 20 M €, form the main focus of the clientele, whereas the most “modest” properties - ie. those of 200-250 m2 in poor condition, in grounds of 1500 m2, priced at around 4 M € - are apparently struggling. Cap Ferrat is an excellent safe haven, a blue-chip investment. A prime location, a panoramic sea view and generous grounds are all guarantees. Correctly estimated, a property finds a taker very quickly. Acquisitions based on love at first sight are tending to give way to a more reasonable and rational approach, despite the very high levels of prices. When international finance catches a chill, wealthy clients concentrate their field of investigation on premium addresses. Demand for Cap Ferrat often excludes any nearby solutions. Most buyers insist on this patch of natural greenery at the gateway to Monaco. But they still need to come up with the budget : for 7-8 M €, clients can acquire a property in perfect condition in Villefranche or Beaulieu, offering a magnificent view of the Mediterranean, a description which will cost at least 30 % more on the neighbouring peninsula.
“Another segment of the market, and not so negligible, is the apartment,” notes Benjamin Mondou of Century 21 Lafage Transactions. “Rare, for someone demanding generous living space, an outdoor and a sea view, in a residence with a pool.” He explains that apartments range from 15,000 to 20,000 € per sq. metre, a price scale lower than that on the Croisette in Cannes, but twice as expensive as prices posted on the neighbouring communes of Villefranche-sur-Mer and Beaulieu-sur-Mer. Villas are suffering from the departure of the Russians, a clientele which is, however, now being replaced by Anglo-Saxon, Chinese and Indian buyers. The current trend is clearly towards turnkey properties and conciergerie services like those provided by palatial hotels. “Some property dealers have taken it all on board,” says Benjamin Mondou. “They propose up-to-the-minute hi-tech homes with home automation, perfectly decorated and fully equipped, down to the tableware and house linen. If he is sure of his investment, the buyer wants to benefit from it immediately, rather than deal with the constraints and bother of refurbishment.”
