Saint-Tropez : luxury carries the day
Situated in the county with the highest number of tourists in France, this seaside resort is famous in all four corners of the world. In a tense international business context, buyers looking for “second investment” homes are focusing on blue-chip addresses. As our estate-agents confirm…
While construction of the Citadelle dates back to the 15th century, the popularity of this little fishing village began when Paul Signac fell in love with the town, followed by Matisse, Bonnard and Marquet, masters of Fauvist painting. At the end of the Second World War, artists of the “New Wave” then the “Yéyés” also became very fond of this holiday destination in the south of France. Provençal authenticity and a party atmosphere were on the programme in the village, which then attracted the favours of Colette and Françoise Sagan. Not forgetting Vadim, director of “And God created Woman” (1956), spotlighting the explosive swaying hips of Brigitte Bardot, ever since a symbol of Saint-Tropez. The 2,760 acres of land which comprise the commune are relatively well-preserved. Pleasantly spread out in the surrounding area, the housing is concentrated around the charming old centre, the old harbour and the famous Place des Lices. 4,900 people live here year-round.
“2012 will be seen as a year of transition, marked by the presidential elections and an economic climate characterized by uncertainty and a wait-and-see attitude. However, these two approaches, clearly visible on so-called “standard” markets, don’t seem to affect the upper end of the market in Saint-Tropez,” says Valérie Chandler of Valérie Chandler Properties. Prepared to pay 5 million euros or more, almost exclusively foreign, this clientele is very fond of France, its life-style, stable property market, reliable notarial system and the rising curve of real-estate prices over the long term. Saint-Tropez is looked upon as a label, and consequently a safe haven. English, Belgian, German and Scandinavian clients are lining up…, all north European, joined by members of the well-heeled Russian middle class and a few citizens of emerging countries such as Brazil or India. The pure Provençal style is no longer in favour. These buyers are looking for a blend of natural stone, ultra-contemporary design and appointments, all fitting harmoniously into the scenery. They all prefer turn-key homes rather than those requiring colossal renovation. The neighbourhood of La Moutte, less than 2 km from the centre, proposes villas of around 500 m2 in grounds of 5,000 m2, on offer, without a sea view and depending on the level of their appointments and living space, from 4 to 8 million euros. Benefitting from a prime location and panoramic view of the Mediterranean, a house of 250-300 m2 in good condition with grounds of 5,000 m2 starts at 12 million euros.
“Properties in the 4 to 8 million euro bracket are becoming hard to sell,” says Marie-Christine Cases of Immobilier à la Carte. “A gap in fact exists between the expectations of potential purchasers and the standards proposed by homes in this category. The result is a stock of available properties on the files.” Some buyers mistakenly think that the wait-and-see attitude will lead to lower prices. But owners stick to their guns as long as they are not obliged to sell. Other clients, French investors familiar with the Saint-Tropez market, look for properties to restore at prices under 3 million euros. Ready to raze existing houses to the ground, they give priority to the grounds and address. The scarcity of building land is both a strength and weakness for the village. Buyers ready to part with over 10 million euros inevitably insist on a view of the sea and a safe neighbourhood. The principle of the gated estate, exemplified by Les Parcs de Saint-Tropez, reassures and appeals to them, whether they are, in fact, looking to buy or rent. In such a context, the task of the estate-agent has necessarily become more professional. Each side of the equation is looking for a real partner, enlightened and objective advice, rather than just a go-between.
“Even with a budget ranging from 10 to 12 million euros, the potential buyer comes up against a limited choice of properties worthy of the name,” comments Françoise Eret of the Interfirst Agency. East Europeans, more demanding than in the past, insist on a panoramic view of the deep blue sea, proximity to the beaches or even a location right at the water’s edge, a commodity that starts at 20 million euros. They then turn their attention to security. The example set by Monaco is thus often cited. Le Capon is the most sought-after neighbourhood. At the tip of the peninsula, it offers generous parks and luxuriant vegetation to the taste of a wealthy elite in quest of privacy and discretion. This winter, a set of three houses giving total living space of 900 m2 on almost 5 acres of land apparently found a taker at 40 million euros. An eloquent sign that top-notch properties are in demand and that the trend is inevitably for a market focusing on prestige and top quality. Over the years, rival destinations have often been cited. Yet, instead of losing its popularity, Saint-Tropez is strengthening its foundations to become the most desirable visiting card of them all. The manageress of the Interfirst Agency has observed a growing number of Russian investors. One of them paid 3.5 million euros for a house of 250 m2 in grounds of 3,000 m2 over towards La Moutte, intending to renovate it, then re-sell. Another paid 8 million euros for a property of 300 m2 in need of partial restoration, in grounds of 2,800 m2 near Pampelonne. Once the work has been completed, it will be put on the market as a furnished rental for a good part of the year. Finally, since the change in legislation on capital gains, home-owners have frequently withdrawn their properties from agency files…
By Laetitia Rossi
