The seafront in the Alpes-Maritimes
The Croisette in Cannes, the Promenade des Anglais in Nice, Garavan and the Golfe Bleu on the communes of Menton and Roquebrune-Cap Martin respectively, all sound investments, garanteed by a penury of offerings and steady demand, despite an unfavorable business climate.
Once known as the Chemin de la Petite Croix, the Croisette invites itself once a year onto the small screen, during the renowned International Film Festival. Work on one of the world’s most famous roads began in the late 1850’s. In 1863, it was finally ready to accommodate carriages. Less than a century later, the Palais des Festivals, the symbol of Cannes’ vocation, replaced the Cercle Nautique. Illustrious hotels, including the Majestic Barrière, Carlton and Martinez, are on a par with the Boulevard’s prestige, listed in the general inventory of the town’s heritage, along with luxury boutiques and jewellers. In Nice, capital of the Alpes-Maritimes, construction of the road linking the mouth of the River Paillon to the valley of Saint-Philippe, planned to be 5 metres above sea level, had commenced slightly earlier. Over the decades, the Promenade des Anglais was extended to reach Magnan, Carras and the Var River, gradually becoming lined with hotels, apartment buildings, a casino and even an airport marking its end. As early as 1920, traffic became a problem. Recognizable for its blue chairs, pergolas, joggers, roller fans and its 8 km of beaches, this famous Prom provides the backcloth for Nice’s Carnival and Battles of the Flowers. The eastern corner of the Alpes-Maritimes also has its seaside boulevards : as witnessed by Garavan, a tree-lined “corniche” in Menton just before the Italian border, and Golfe Bleu, a real corner of paradise.
“The middle of the Croisette, ie. the part between the Gray d’Albion and Martinez Hotels, wins all the votes. It is home to prestigious buildings such as Le Relais de la Reine, Le Palais d’Orsay and 67 Croisette, addresses just as coveted as Le Henry IV or 77 Croisette, a recent building all in glass, just a few yards from this perimeter blessed by the gods,” says Julian Mendjisky of the John Taylor agency. Sheltered from noise from the railway track, this address, near the Palais des Festivals and the beaches, bears price-tags ranging from 20,000 to 25,000 €/m2. Exceptional apartments can attain around 30,000 €/m2. In early summer, the company orchestrated the sale of a penthouse with living space of 220 m2 and a roof terrace of 150 m2, for 7 million euros. Last September, an apartment of 110 m2 found a buyer at 2.5 million euros. The lucky owners can expect a lucrative return from rentals during congress periods. For international companies, a showcase overlooking the beach in Cannes is, in fact, a sign of prosperity. Prices undergo a radical change between Le Suquet and the Gray d’Albion Hotel, Port Canto and the Palm Beach. Further away from the hustle and bustle, and less likely to suffer from streams of traffic, the two far ends of the Croisette post prices from 10,000-20,000 €/m2. Clients from the Middle East, Turkey, Eastern and Northern Europe treat themselves to holiday homes in these neighbourhoods.
“The Promenade des Anglais shows the same heterogeneity,” says Monika Cyrul of Nice Properties. “The Ponchettes-Gambetta stretch is still the most sought-after. The Old Town lies just behind and the centre is not far away. The starting-price is 7,000 €/m2, though magnificent appointments, a high floor and a terrace fetch close on 10,000 €/m2.” The section between Gambetta and Magnan ranges from 4,000 to 6,000 €/m2, the last stretch before the airport from 3,000 to 5,000 €/m2. German, English, Russian and Scandinavian buyers pay about 1 million euros for their “pieds-à-terre” of 100-150 m2. The limited choice of properties accounts for their excellent resistance throughout the crisis. Despite the presence of the Ruhl and Palais de la Méditerranée, the Prom could well learn a lesson from the beautiful seafront boulevard in Cannes. Its urban planning needs to be redesigned, traffic reduced, pedestrian areas built and prestigious names attracted in ready-to-wear and jewellery, with bars and trendy restaurants. In recent months, the hypothetical extension of the tramline has been the talk of the town : locals take a passionate interest in the destiny of the Riviera’s N°1 city.
“The Italians simply adore the seafront in Menton and especially the Victoria Palace, a Cogedim development built about 10 years ago. An apartment here in good condition costs about 10,000 €/m2,” says Catherine Laroche of the Agence Côté Sun. Beautifully landscaped, Garavan is less built-up, with buildings slightly set back from the seafront. The closeness of private beaches gives it a certain chic. Here, English and Italian clients pay from 7,000 €/m2 for an old apartment in need of renovation, to 10,000 €/m2, the price required for high prestige. At Roquebrune, the strip defined by the Solenzara swimming pool and Cap Martin easily bears comparison. Authentic and tranquil, Golfe Bleu also has its fans. A 2-minute walk from Monaco, the Chemin de la Vigie attracts Russian buyers ready to pay up to 15,000 €/m2. Unlike the others, this neighbourhood does not have to put up with either a road or the railway line. If asking prices are maintained, the volume of transactions has in fact dropped and negotiation accounts for a difference of about 10 % between sales finalized last year and more recent ones. “Clearly, the seafront in the Alpes-Maritimes can be seen as an impregnable bastion,” concludes our specialist. “The ultimate symbol of an enviable life-style on the Côte d’Azur.”
By Laetitia Rossi.
