Saint-Trop' escapes the crisis
For more than a century, artists, celebrities and industrialists from around the world have gathered together in Saint-Tropez. If it has affected all markets, the collapse of the international finance in the last quarter of 2008 has certainly not shaken this festive fishing port, looked upon more than ever before as a rock-solid investment.
Each year, the ink of the tabloid press in Saint-Tropez keeps flowing. Some journalists describe trendy establishments and evenings, others keep track of stars languishing beneath the Riviera sun. All pay lip service to the authentic village once frequented by Signac, Bonnard, Marquet, Picabia and Matisse. Picasso created his “Odalisque” here, a major work of the “tender” period. The first town in Provence to be liberated by Allied troops in 1944 soon attracted Brigitte Bardot, then a 16 year-old model, then representatives of the New Wave and the “Yé-Yé” generation followed in her wake. Built in the 16th century, the Citadelle is a powerful symbol, like the “Annonciade”, the first French museum of modern art, inaugurated in 1957. The coastal path, the vineyards on the peninsula and the perched villages of Ramatuelle and Gassin attract fans of walking. Jet-setters and other wealthy visitors can now choose from two “palaces” and eight 4-star hotels, but more especially from a selection of top-notch properties.
“The crisis isn’t affecting Saint-Tropez that much,” confirms Sonia Crulli of the John Taylor agency. Of course, Russians and Britons are not showing the same enthusiasm as in the past, but are replaced by north Europeans. The average budget nevertheless ranges from 10 to 20 million euros, while availabilities range, apart from a few exceptions, from 5 to 30 million euros. For 5 million euros, you can buy a village house of 200 m2 opening onto a small garden in the old part of town. With 15 million euros, you can acquire a fabulous contemporary house of 300 m2 with a beautiful sea view, not far from the Place des Lices, at Saint-Anne for example. Properties at the water’s edge start at around 30 million euros. An example of over 500 m2 in about 6.25 acres of grounds, boasting a heliport, tennis court or pool area and facing the sea bears a price-tag of 50 million euros. By disbursing an even higher amount, you can take possession of an estate with living space of 1,200 m2 at the heart of a century-old pine forest enjoying direct access to the Med, a family home Scandinavian-style. “The only slowdown felt on the peninsula lasted just long enough to reajust prices by 10 to 20 %,” comments the manager of John Taylor. Holiday rentals have been more affected by the tense economic climate. Reservations got off to a late start : occupancy has dropped from the traditional month to 15 days, and negotiations now concern additional services to make holiday packages even more enticing. The French, Americans and Middle Easterners are still very fond of Saint-Tropez, where the summer rate of occupancy attained 70 to 80 % for the previous three seasons. “In terms of neighbourhoods, there is nothing to beat the winning quartet,” says Jean-François Favelier of Burger Sotheby's International Realty. Les Parcs de Saint-Tropez, a gated and guarded estate, offer a guarantee of top-quality neighbours. Le Capon and Les Salins combine central locations and plunging views of the sea. As for Saint-Anne, it has the advantage, for the most energetic visitors, of being within walking distance of the centre. They are also a few examples of prestigious apartments in the old town and around the port, negotiated between 8,000 to 40,000 €/m2, depending on their location, views and appointments. The Italians and north Europeans like this varied but highly restricted market. Any general analysis in fact comes up against a shortage of products and the lack of points of comparison in this sector, much less buoyant than the market for individual houses. Our specialist admits to a slight decrease in activity compared to 2008, an excellent vintage.
François Michel of the Emile Garcin agency has, for his part, many reasons to rejoice : despite the reduction of fortunes established by Forbes magazine, he is doing better than last year. “Last year, we faced prices that were too high and a clear lack of balance between supply and demand.With a return to more reasonable demands, owners who seriously want to sell conclude transactions thanks to buyers determined to take advantage of the downward trend. The effort is especially important in the intermediate range, currently in turmoil.” Just like Portofino or Barbados, Saint-Tropez is one of the world’s must addresses. It is a kind of club for summer get-togethers, where the “crème de la crème” meet up and sometimes conduct business deals. The charming properties, sandy beaches, lush vegetation and incredible sense of partying are sufficient to justify 90 % of holiday residents among buyers and a strong return of a French clientele. Long-forgotten is the rumour of losing out to Morocco or Croatia. These competitors are no longer feared. Estate-agents worthy of the name have become much more professional, accept collaborations and intend to reinforce their success after the last euphoric period, synonymous with the worst excesses.
By Laetitia Rossi.
