Top-notch apartments on the Côte d'Azur
The villa no longer reigns supreme on the Côte d’Azur. At a time when we are seeing a return to urban centres, the so-called “luxury” apartment seems to be much more fashionable. On condition that it offers generous living space, an unimpeded view and a terrace more like a garden than a balcony. By Laetitia Rossi
While one can expect to pay at least 1.5 million euros for an “exceptional” apartment in Cannes, Nice, Villefranche-sur-Mer or Beaulieu-sur-Mer, this type of home in the guise of a penthouse with a roof terrace and private pool can attain, or exceed, 20 million euros, depending on the location. Fans from all four corners of the world appreciate its practical aspects and prestigious addresses, which are often in the most highly sought-after neighbourhoods of towns on the Rivera.
“Prestige apartments comprise an ultra-select niche market, mainly consisting of penthouses,” says Michel Magrey of Magrey & Sons, an agency on the Croisette in Cannes. “The price per sq. metre is often way above that required for villas.” A distinction first has to be drawn between a real penthouse, ie. an apartment extended by an open-air area on the same level, and an apartment with a terrace reached by a staircase, which is much less popular. In one and the same residence, there will be a considerable difference between the price of upper-floor and top-floor apartments. This translates respectively into 30,000 versus 50,000 € per sqm. on the Croisette, 12,000-15,000 versus 20,000 € per sqm. in the lower part of La Californie, and 8,000-10,000 versus 13,000 € per sqm. on certain roads in the residential part of Le Cannet and La Croix-des-Gardes. Highly demanding, the clientele is clearly dead set on the exact type of property they require. They contact the agencies and wait patiently for these professionals to find the object of their desires. With a surface area of over 100 m2, the top-notch apartment enters into competition with the villa. Even so, the interested parties, ready to part with over 1.5 million euros, cannot be budged. It is not unusual for sellers, fully aware of the fact that they own a rare and highly-prized asset, to hitch up the price . Magrey & Sons are currently handling the sale of a 3-bedroomed apartment of 220 m2 on an upper floor in one of the most exclusive residences on the Croisette, bearing a price-tage of around 15 million euros. On the Avenue du Roi-Albert, in “87 Soligny”, a new gated residence with only nine units, another apartment of 244 m2 with 3 garages in the basement opens out to a terrace of 80 m2 : set due south towards the Mediterranean and Lérins Islands, it is priced at 5.4 million euros. This development also proposes one of the most beautiful penthouses in the Festival City : living space of 396 m2, a terrace of 323 m2 and a private pool, yours for 14.8 million euros. “A record for Lower Californie, largely justified by its appointments,” explains Michel Magrey.
“The concept of “exceptional” combines several criteria,” comments Julien Mendjisky of the John Taylor agency. “Substantial living space, an architect’s signature, the latest designer furnishings, a spectacular panoramic view and total privacy.” Some properties are sufficient unto themselves, borne along by a sought-after address. Most, however, are now proposed in turnkey condition, fitted and furnished, with all the accessories and spearhead home automation. Julien Mendjisky gives an example : the penthouse L’Impératrice in the middle of the Croisette : living space of 230 m2 with private elevator and a vast terrace of 100 m2 facing the Lérins Islands and Estérel hills, three suites, a staff bedroom and two garages, in the category of properties worth over 15 million euros. A few garden-level apartments hold their own with penthouses. Such as an apartment in “Le Mariposa” in La Californie, opening out to the park, pool, sea and islands - living space 180 m2, outdoor area 72 m2 - priced somewhere between 4 and 6 million euros.
The eastern end of the Alpes-Maritimes is also very highly sought-after. “Residences in Beaulieu-sur-Mer are beginning to date,” says Marianna Corsiarino of Blue Immobilier. “Initially, clients are sometimes disappointed, as the degree of luxury does not always attain the expected level. On the other hand, “Belle Epoque” buildings are far from lacking in charm. Their only regret : the almost systematic absence of a terrace. Certain residences are nevertheless in high demand. Starting with the “Blue Square” or “Villa Borghèse”. Some properties also offer luxury renovation and irreproachable intrinsic qualities.” Here, generous surface areas are also rare. Just like sea views, given the flat layout of Beaulieu. Depending on all these criteria, the price per sq. metre ranges here from 9,000 to 15,000 €, a threshold that many buyers accept, convinced that they are going to live in one of the most pleasant towns on the Côte d’Azur. Comparable in terms of prices, Villefranche, laid out like an amphitheatre around the bay, proposes more panoramic sea views and more recent residences. Currently, an apartment of 225 m2 with a terrace of 180 m2 and private pool is up for sale at over 4 million euros. “Russian and British clients are particularly fond of this type of property,” comments Marianna Corsiarino.
