Villefranche and Beaulieu
The first, as picturesque as could be, plunges into the Mediterranean. The second, an undisputed temple to the “Belle Epoque”, lies at a junction between the foothills of the Alps and the sea. 15 minutes from Nice, the international airport and Monaco, they are both guarantors of sound long-term investments.
The first, as picturesque as could be, plunges into the Mediterranean. The second, an undisputed temple to the “Belle Epoque”, lies at a junction between the foothills of the Alps and the sea. 15 minutes from Nice, the international airport and Monaco, they are both guarantors of sound long-term investments.
Charles II of Anjou founded Villefranche in 1295. Centuries later, the town, now home to less than 7,000 inhabitants, has retained its charm consisting of colourful façades, a waterfront lined with restaurants, a typical Old Town and a citadel displaying works by Cocteau, Volti and Goetz. Reached via all three of the famous “corniches”, the world’s loveliest quayside benefits from exceptional sunshine and spectacular views over the Deep Blue Sea. Benefitting from two ports, La Santé and La Darse, this town so close to Nice offers top-notch moorings. Beaulieu won its independence in 1891. Smaller than its neighbour, it plays host to 4,000 residents. Its buildings have preserved traces of a day and age when Beaulieu welcomed the European elite. Its elegant architecture is only equalled by the genteel life-style which still reigns today.
Together with Cap Ferrat, Villefranche and Beaulieu-sur-Mer form the Golden Triangle, a micro-market hardly affected by crises and slowdowns, safely ensconced in a prime location close to the airport and the lively Principality of Monaco. In fact, Dominique André of Aylesford International - L’Immobilière Bellevue says that prices are still rising at a rate of about 15 % a year, under-pegged by foreign demand which accounts for 90 % of acquisitions. The English and Irish have lots of buying power and know this area very well. A good location seems to be their main criteria ; a sea view represents 40 % of the price. There is, however a certain disparity in terms of preferences. Clients bent on Villefranche are family-oriented, active and younger : its geography and steep variations in altitude make the use of a car or a healthy constitution essential. Older buyers prefer Beaulieu, its antique-dealers’ village, its shops within easy walking distance, its flat and compact layout.
Paul-Henri André distinguishes between the “normal” sector, notably marked by a difference between asking prices and the ultimate sales price, and the “abnormal” sector, governed by whims and fantasy. Apart-ments in Villefranche cost 6,000 €/m2 if they’re in the Old Town, with no view of the Mediteranean and in need of a lick of paint, 7,500-8,000 €/m2 with panoramic sea view, 10,000 €/m2 when enhanced by high-class appointments, 12,000-13,000 €/m2 when on the seafront. Everyone dreams of a home beneath the Lower Corniche, though most of what’s available stands between the Lower and Middle Corniches.
Up on the High Corniche, prices are 40 % cheaper. In Beaulieu, Boulevard Edouard VII and La Petite Afrique top the list, posting prices between 6,000 and 10,000 €/m2. Alexandre Camellini of the Dumas Agency notes a cruel lack of houses for sale here. “Three-quarters of the mandates for villas have been put under contract in Villefranche,” he says. Detached properties start at 1.5 million € ; the average transaction ranges from 2 to 2.5 million € ; and the top end of the market attains 8 million €. As for exceptions, they could consist of a property of 600 m2 overlooking the seafront and the Bay of Angels, priced at 12 million € and situated in the upper part of Le Castelet, the only gated estate in the area. La Schiffanoia, a Florentine palace of 2,800 m2 with 700 m2 of terraces and grounds of about 3.75 acres is worth 60 million €. According to our expert, the Villa Saint-Second on Avenue Léopold-II, offering virtually the same living space and a larger park, is one of the finest examples of luxury, Villefranche-style. Though one can hardly forget La Léopolda, the former home of the King of Belgium, and its magnificent gardens.
At Beaulieu, which boasts some equally exorbitant prices, the starting-level is close on 2 million €. David Darmon of Arenson Real Estate points to the scenery’s wild and unchanging aspect. Foreign buyers, who own residences in all four corners of the world, applaud the drastic urban regulations, the Risk Prevention Plan and the many open spaces. Fond of France and the French, they like to blend in with the locals and soon find themselves spending six months of the year on the Côte d’Azur. They sometimes sell to buy something better, without wanting to change their neighbourhood. Some treat themselves to as many as four apartments, looking upon them as really safe investments. After the Russians, representing 20 % of purchasers, a certain interest, certainly still timid, has been noticed on the part of Americans. As for sellers, 50 % of them are French. “18 months ago, the number of transactions had more or less stalled, but it picked up again last June. Uncertainties weighing on financial markets lead to a rise in bricks and mortar,” explains Dominique André. Private buyers in search of a property in the Golden Triangle now come up against French and British property dealers, motivated by costs much lower compared with those of London or Dublin. “Complementing rather than competing with each other, these two towns, drawn upwards by Cap Ferrat, the world’s most expensive peninsula, have no equivalent in the Alpes-Maritimes,” concludes David Darmon.
