The charm of Cap d’Ail
Until 1908, this area was simply a part of the agricultural commune of La Turbie, although it was already becoming evident that the steep peninsula would probably see its destiny change in the 20th century. Now almost as famous as Cap Ferrat, this quiet, wooded and “well-built” cape, suspended above the Deep Blue Sea, benefits from its closeness to Monaco.
As early as 1879, the Baron de Pauville, financier and founder of “Le Petit Niçois”, was already aware of the potential offered by Cap d’Ail. A year later, the opening of the road connecting the capital of the Alpes-Maritimes to Monaco made the area more well-known. Camille Blanc, President of the SBM, was elected Mayor of La Turbie in 1900. He did all he could to encourage ties between the two localities. The committee fighting for Cap d’Ail’s independence won out in 1908. It soon obtained the “seaside resort” label, and lovely, luxurious villas began to rise from the earth. The Lumière brothers, Cécile Sorel, Colette, Sacha Guitry, even Greta Garbo and Winston Churchill, all helped to build its reputation. The village of 4,900 inhabitants is sandwiched between the hills stretching from La Tête de Chien to the coves of La Mala. A path 3.6 km long leads to the Marquet beach, with Cap d’Ail, 17 km from Nice and 7 km from Beaulieu-sur-Mer, finally joining the Fontvieille neighbourhood of Monaco. Renovated in 2007, the Château des Terrasses bears witness to the architectural quality of this little enclave. It now hosts exhibitions, concerts, theatre performances and conferences.
“Russian and English clients wanting to be close to Monaco, in a peaceful setting with plunging views of the sea, are interested in the stretch between the Lower Corniche and the Mediterranean, especially Cap Fleuri and La Pinède,” says Philip Klein of Haussmann International. Villas here, some showing the influence of the “Belle Epoque”, can cost as much as 30 million euros. That, in any case, is the sum required for a residence of 500 m2 right at the water’s edge, in grounds of 1,000 m2. The site offers beautiful buildings, but is lacking in extensive flat grounds, the prerogative of Cap Ferrat and the private domain of Cap Martin. A Russian client has just parted with 15 million euros in exchange for a home of 450 m2 in need of renovation but benefitting from direct access to the sea, while a new penthouse, priced at around 10,000 €/m2, is drawing the interest of potential buyers working in Monaco and occasional residents who appreciate the convenience of an apartment.
“The lower part of Cap d’Ail, a peaceful, luxuriant setting near the beach, ranges from 8,000 to 25,000 €/m2, all sectors combined,” explains Jean-Marc Troisi of Cap Real Estate.”The gated Eden residence, a “Belle Epoque” hotel built in 1892 and converted into apartments over half a century later, is worth a glance. Its listed park and the two buildings consisting of about 80 homes in all stand just above the Mala beach.” Over the past five years, Russian buyers have acquired a majority of the apartments available, including one of 71 m2 without a sea view, for 645,000 €, and another of 55 m2 with 2 main rooms for 450,000 €. Sea-sonal rentals are seen as a cost-effective solution, given the appeal of the destination in summer and events held all year round in Monaco, including the Formula 1 Grand Prix and Tennis Masters. An apartment of 70 m2 on the north side of the Eden residence brings in 18,000 € if its owner agrees to do without it in July and August. Not forgetting the area’s constantly rising value, and the very short completion times whenever anyone decides to sell. It’s hard to compare Cap d’Ail with Cap Ferrat : the first offers flat gardens of 2,000 m2 maximum, whereas the second can propose grounds of several acres. However, for similar properties, it appears that the price difference is not that huge. Above the famous road leading to the Principality, the market is governed by a very different approach : you’re still within the same locality, but you lose the advantage of pedestrian access ; the price is high, but day-to-day convenience lower. Under these conditions, buyers, often from within the region, readily compare Cap d’Ail with La Tur-bie, more attractive in terms of cost. Jean-Marc Troisi admits that very few sales go through, despite a considerable number of visits. On the other hand, a review of recent activity shows, once again, the continuing success of properties at the top end of the market.
“The existence of two branches, one based in Monaco and the other in Cap d’Ail, naturally encourages synergy,” comments Alexandre Mazzetti of Afim France, an agency which welcomes those working in the tiny state next door as well as holiday residents, ie. a clientele 60 % foreign. For the former, the choice of the address is a matter of comparing tax advantages derived from living in the Principality with the cost involved in doing so. Those for whom the calculation is not advantageous naturally retreat back across the border, especially since it has weighty arguments, starting with excellent quality. The French rarely overstep budgets of 800,000 €, the sum required for a 2- or 3-bedroom apartment in a luxury residence such as Le Bois Joli, or Le Parc. 95 % of properties costing over 1 million euros are acquired by Italian, British, north or east European clients, particularly fond of “Belle Epoque” architecture. In the case of equivalent locations, buyers are also faced by the dilemma of a distinguished building or the comfort of spacious terraces, typical of recent developments. The scarcity of available properties and the lack of building land guarantee stable prices, which eventually calm down as one begins to look at homes offering so-called basic amenities. Together with a view and generous sunlight, proximity to Monaco and the motorway is seen as the most important asset. If it now takes longer to complete a sale than in the past, and if the love-at-first-sight factor has given way to the very rational logic of comparison, activity is still underpinned by a protected market, inevitably affected by the idea of rarity. Unless existing housing is razed to the ground, it is impossible to extend the offerings of properties on Cap d’Ail, which would be the only way to introduce more flexible prices.
By Laetitia Rossi
