The town and gulf of Saint-Tropez
Passing fad or long-term investment ? After seven decades of topping the league of the favourite destinations of the world’s well-heeled, investing in Saint-Tropez, and around its gulf, still carries all the votes.
The secret of Saint-Tropez lies in its wide choice of offerings. While its overall territory of almost 2,760 acres of luxuriant nature only plays host to 4,600 year-round residents, it boasts 800 shops and welcomes 80,000 enthralled visitors per day in summer. Crowds of people, who invade the 16th-C. Citadelle, the picturesque harbour, the essential Place des Lices and the village’s authentic narrow streets. Holiday-makers languishing on the beaches of Les Salins, La Moutte, Le Capon and the bay of Pampelonne, or in charming or luxury hotels. Inveterate night-owls, sailing enthusiasts or captains of industry in search of tranquillity, they all adore the old fishing harbour, dear to members of the New Wave and the “Yéyés”. This enchanting address in the Var has become very cosmopolitan. Many of the 80 berths are occupied by sumptuous yachts up to 50 metres long, facing the quayside restaurants and cafés. The joys of yachting, shopping or simply living, Saint-Tropez certainly has more than one string to its bow. And its aura goes well beyond the frontiers of the commune to shine on the entire bay.
“Following a quiet winter and a decline in sales volume at the end of last year, Saint-Tropez and, more generally, the twelve communes comprising the gulf, have again begun to see glimmerings of interest since January, 2014,” says Delphine Blet of Showroom Immobilier in Saint-Tropez. Rational and demanding, the clientele, 90 % of whom are looking for holiday residences, have a strong preference for turnkey properties. Stocks of properties on offer have been largely replenished and prices have more or less settled down. One can now find a villa for less than 10 million euros in the very select “Parcs de Saint-Tropez”. There is good demand up to 3 million euros, the sum required for a house of 200 m2 with grounds of 1,000 m2 on a gated estate in Saint-Tropez, not necessarily within walking distance of the Place des Lices. For the same budget, one could acquire a home of 380 m2 in mint condition in grounds of 1,600 m2 offering a panoramic sea view and direct access to the beach, over towards La Croix-Valmer. While the French tend to get cold feet, bar exceptions, at prices above 2.5 million euros, northern and east Europeans, not forgetting a few ex-pats working in the United Arab Emirates, show interest in the Tropezian hot-spot. According to Delphine Blet : “Low mortgage rates combined with a 25 % reduction in the calculation of capital gains for second residences applicable until August 31st, 2014, give a glimpse of encouraging prospects. The main difficulty encountered by the estate-agent, from whom buyers expect a global solution and assistance at every level, lies in convincing sellers of the need to stick to market prices”.
“After seeing soaring prices, the market has seen something of a shake-out. Though prices certainly haven’t collapsed, as sellers here are rarely in any need or urgency,” confirms Pia Frei of Saint-Tropez Home Finders. She mentions the embellishment of urban areas, the successful flood-lighting of the Place des Lices and the top-quality services provided by Saint-Tropez’s shops and amenities. This winter, weekends saw lots of visitors, and holiday rentals, often regarded as a springboard to an acquisition, have gotten off to a very strong start. A house with three or four suites costs from 5,000 € per week in summer, while sumptuous properties post starting-prices of 200,000 € per month. “Buyers combine personal enjoyment with a secure investment. They expect from estate-agents real professional expertise, in-depth familairity with the legal, tax and urban-planning aspects, not forgetting an after-sales service,” says Pia Frei, whose agency proposes a truly multi-cultural reception.
Specializing since 1988 in the sale of properties right at the water’s edge, Sonia Kovac and Michel Chassagne say there are 1,957 houses benefiting from direct access to the Mediterranean, from Menton to Saint-Tropez : a highly coveted niche-market, only accessible to a few privileged buyers. A home at the water’s edge on the Saint-Tropez peninsula inevitably means astronomical prices. They start at 15 million euros, with a large majority ranging from 20 to 30 million, prices sometimes three times those posted around the rest of the gulf. Clients therefore do not hesitate to take a look at neighbouring communes around this legendary resort. Our estate-agents mention three recent sales, not far from the flagship address : a contemporary property of 250 m2 in grounds of 2,000 m2, priced at around 4 million euros, a 1930’s residence of 400 m2 in a park of 2,500 m2, at around 7 million, and a private mansion of almost 700 m2 set in gardens of 5,000 m2 completed by a boat hangar and landing-stage, at around 10 million euros. This market segment has many fans. But sellers, aware of the rarity of their properties and rarely in a hurry or obliged to raise cash, maintain their prices. North Europeans, Scandinavians and Russians are particularly fond of these seafront properties. The French look for bargains and make audacious offers. Currently on offer around the Gulf of Saint-Tropez : a renovated house of 400 m2 in grounds of 1,650 m2 with an infinity pool, priced under 4 million euros ; a 1960’s villa of 200 m2 in flat grounds of 2,000 m2 with a boat hangar, at over 3.5 million euros ; and an Art Deco residence of 800 m2 in grounds of 2,500 m2, for sale at over 15 million euros. The same in Saint-Tropez would be worth 40 million euros.
