The Var, “water’s edge” version
The most densely wooded “département” in France, just before Les Landes, the Var boasts a coastline 420 km long, including its islands. A joyful mix of creeks and fine sandy beaches, this shoreline is targetted by a well-heeled clientele. Ranging from 1 to 100 million euros, the very wide price bracket reflects the area’s diversity.
While the production of fruit, flowers and wine, industry - competitive over towards Toulon -, the service sector and high technology - actively pursued around Fréjus and St-Raphaël -, all represent signif-icant sources of income, tourism is still the main activity. Nature, the sea and sun attract both French and foreign visitors. The Maures and Estérel mountains to the east, the Massif de la Sainte-Baume to the west, overlook the sparkling Mediterranean. They all nourish the dream of a house at the water's edge.
“The micro-market comprised of properties right at the water's edge is a source of sound investments,” declare Sonia Kovac and Michel Chassagne of Waterfront Property. From Le Trayas to Saint-Raphaël, via Agay and Anthéor, the backcloth, composed of the famous red rocks, is certainly wild... to the taste of the British. Heading towards Sainte-Maxime, the coast becomes more built-up, while Saint-Tropez bears comparison with the select capes in the Alpes-Maritimes. Here, budgets top out around 100 million euros, even in times of crisis. The few captains of French industry capable of forking out such sums rub shoulders with North and East Europeans. Outside the legendary village, a picturesque fisherman’s house of
85 m2 with grounds of 1,000 m2 costs 1 million euros, a property of 200-250 m2 in grounds of 2,000-2,500 m2 around 3 million, and a similar surface area, fully renovated, in 1,400 m2 of grounds, 4 to 5 million, provided it is accompanied by a boathouse, a rare and highly-prized asset. Some examples boast a seawater pool or a landing-stage with authorization from the Préfecture for temporary occupation of the public maritime domain, which requires the user to pay an annual fee. A renovated villa of 400 m2 with grounds of 2,000 m2 in a quiet location is worth almost 6 million euros. Fifteen million euros is the current asking price for a “Belle Epoque” property of 600 m2 set in a park of 5,000 m2. The exceptional may take the form of a peninsula of almost 2.5 acres with a home of 700 m2, recently sold somewhere between 15 and 20 million euros. However, most transactions in this category range from 2 to 6 million euros. The idling economy does not seem to be hurting the luxury sector unduly, though the time it takes to sell is apparently longer.
“Buyers from Luxembourg and Belgium are still very active ; the French are making their reappearance, while the British are taking their time. At prices above 25 million euros, only the Russians show any interest,” says Pascal Demeyere of the Concerto agency. From Cannes to Sainte-Maxime, properties enjoying direct access to the Deep Blue Sea rarely exceed 15 million euros. Moreover, at the top end of the market, buyers expect an address in Saint-Tropez and a certain level of prestige. Within the town dear to Paul Signac and Brigitte Bardot, the smallest cottage on the beach commands at least 3 million euros. Right now, this estate agent is proposing a property at 30 million euros on the border with the Alpes-Maritimes. It attracts visits, but potential buyers soon realize that for this price they can live on Cap Ferrat or Cap d’Antibes. Initially seeking personal enjoyment, they never lose sight of a property’s long-term asset value. Particularly diverse, the “water’s edge” market has two distinct categories : the family home which, often preserved in its existing and charming state, serves for summer get-togethers, but does not attract buyers largely preferring turnkey homes ; and properties in perfect condition which change hands about every three years. Their owners enjoy them to the full before recovering their initial investment, immediately reinvested in another European destination. Our specialist admits that is hard to estimate the value of seafront properties. If the price depends on the environment, orientation or even the distance separating it from the noisy Route Nationale, the non-specialized estate-agent often lacks points of comparison. The “private estate” label - Santa Lucia and Beaurivage at Saint-Raphaël, Port-la-Galère near Théoule, Les Parcs and La Moutte in Saint-Tropez - justifies soaring prices observed on this highly confidential market.
Hans Huygens of the Agence Bird, based in Sainte-Maxime, offers two examples : a restored house of 160 m2 with a garden of 700 m2 facing Saint-Tropez, priced at 4,725,000 €, and a property of 250 m2 in grounds of 1,800 m2, in need of refurbishment, with pool, landing stage and boat hangar, at 4.1 million euros. “Too expensive given the peak of demand for homes in Sainte-Maxime, ie. between 1 and 2 million euros. Above 2.5 million, deals are hard to come by here.” “The west side of the Var is significantly cheaper than the east, as the seaside tradition is more deeply rooted on the stretch between Le Trayas and Le Lavandou. However, the scenery around Toulon and Hyères has nothing to envy of its neighbours. And means of communication have greatly improved. The TGV now arrives in the capital of the Var, directly from Paris,” points out Sylvie Blandel of Toulon Provence Immobilier. In Hyères, offerings start with holiday studios in seafront residences, from 135,000 €, climbing upwards to a villa of 250 m2 in need of a lick of paint in grounds of 2,500 m2 on a private estate on the Giens peninsula, at 2.3 million euros. Between the two, apartments on the harbour with mooring places are in steady demand. A 1-bedroom apartment, accompanied by a boat mooring to be renegotiated with the Chamber of Commerce and Industry in 2018, costs 180,000 €. At the heart of the Prefecture of the Var, one finds a similar choice for both houses and apartments. Living space of 118 m2, extended by 45 m2 of terraces on the top floor of an intimate residence in Le Mourillon, a neighbourhood boasting four beaches, a park, nautical base and a yacht club, is pegged at around 770,000 €. Towards Cap Brun, an early 20th-century property of 300 m2 in excellent condition, with 5,000 m2 of grounds, attains 3.2 million euros.
By Laetitia Rossi
