Saint-Tropez, on the threshold of a recovery
The legend of Saint-Tropez is alive and kicking. Celebrities, sailing enthusiasts and foreigners looking for a good time all love this destination in France’s leading tourist region. In spite of the many festivities that fill the town’s agenda, the fishing village still manages to preserve its authenticity, recalling the days when members of the New Wave and the “Yéyés” first discovered it.
In this village with 5,275 residents, the colourful narrow streets and Provençal markets look up to the 16th-century Citadelle and the very essential Musée de l’Annonciade. While visitors jostle on the port and sit down thankfully at tables on Sénéquier’s terrace facing the luxury yachts, fans of open spaces and peacefulness head for vineyard estates on the peninsula or the hill-top villages of Ramatuelle and Gassin. The first town to be liberated when the Allies landed in Provence on August 15th, 1944, was soon to become a seaside resort of international renown. In the wake of Brigitte Bardot, who unleashed passions by dancing a frenzied mambo in the 1956 movie “And God Created Woman”, the international jet-set fell for the charm of this destination, even though it's not easy to reach. An address which, despite crises and the attractions of Ibiza, Marrakesh or, more recently, Porto Cervo, is never forgotten by its well-heeled clientele. “B.B.” acquired La Madrague on the Route des Canebiers in 1958. Fifty-three years later, Saint-Tropez, the summertime mecca of stars and captains of industry from all around the globe, hasn’t aged one bit.
“The first quarter of 2011 has been very promising,” says Valérie Chandler of Saint-Tropez Home Finders. Endorsing the principles of proximity, trust and mutual understanding between estate-agents and their clients, she completed three sales between January 1st and March 15th (one in Gassin, two in Ramatuelle), and pursued advanced negotiations concerning properties in Saint-Tropez of up to 20 million euros. Local urban planning authorities are tightening the screws on the right to build. More than ever, rarity, ie. a property’s location, dictates the price. A house in the old part of town - 200 m2 with a garden of less than 1,000 m2 - can fetch close on 5 million euros, while beautiful villas of 350 m2 in enviable locations with grounds of 3,000-4,000 m2 overlooking the sea start at 12 million euros. The immediate periphery of the Place des Lices and Boulevard Patch, which is within walking distance of the beaches, are now highly sought-after, even though Les Parcs de Saint-Tropez and Le Capon are still very sound values, provided you can come up with a budget of at least of 10 million euros. It is then a matter of choice between proximity and prestige on the one hand, spaciousness and a sea view on the other. Clients for these locations are mainly northern European, Scandinavian, German, Swiss or Belgian.
“On the market for houses, there are some examples, admittedly very rare, below 5 million euros,” says Alex Filippini of the Alex Agency. A Swedish buyer has, for instance, just treated himself to a restored property of 140 m2, opening out to a garden of 600 m2 on Avenue Foch, for 2,150,000 €. The agency also proposes a house of 220 m2 to renovate, with a garden of 800 m2, a 2-minute walk from the Place des Lices, at 2.7 million euros, and another of almost 300 m2 in need of modernization, on about 4.2 acres of land above Boulevard Patch, at 5.5 million euros. Activity since the beginning of the year has approached the cruising speed observed in 2005 and 2006, following two quiet years, an adjustment of prices and a general clean-out of the market. The market for apartments in general, and large surface areas in particular, have their fans, up to 1.5 million euros. A front-row example, on the very typical port of Saint-Tropez, can attain around 30,000 €/m2, thus matching the Croisette in Cannes. The majority of those looking for villas, preferably located near the centre, are willing to pay between 3 and 4 million euros. There are now even requests for hotels and properties at the water’s edge in the 10 to 25 million euro bracket. This desire to invest large sums of money, whether for commercial use or simply as a home in which to enjoy an idyllic few weeks a year, is a strong sign of the market’s recovery.
“During the financial crunch, the top end of the market suffered, like all the other categories, in fact. At the lowest ebb, it became clear that the segment from 1.5 to 2.5 million euros continued to draw the most interest. With this in mind, the Groupe Maison Blanche is launching the “Villa Maxima”, a luxury complex consisting of nine apartments, including two penthouses opening out to terraces of 300 m2 with private pools, and four houses with ultra-contemporary appointments, on the commune of Sainte-Maxime, 50 metres from the beach and facing Saint-Tropez,” says Philippe Blatgé, the group’s local representative. Apartments range from 1.4 to 2.6 million euros, while houses are priced at around 2.6 million euros. Potential puchasers, mostly north Europeans looking for holiday homes, should not be lacking. The development certainly offers an alternative to to prices in Saint-Tropez. As does “Roc Azur”, a development proposed by Ocean Properties Construction consisting of new villas of 330-450 m2 over towards Beauvallon, in grounds of 7,000-12,000 m2 overlooking the sea and capes, ranging from 4.5 to 5.5 million euros, exceptions aside. An equivalent property in the legendary fishing village is easily worth 8 million euros and beyond. Though it’s risky to make this type of comparison : unlike other municipalities around the Gulf, Saint-Tropez is, paradoxically, a market as volatile as it is sound, characterized by strong surges of enthusiasm. More than an address, it is a brand, a prestigious label.
By Laetitia Rossi
