More than 200,000 euros per square meter, its the shocking price of the most beautiful homes of this peninsula of the French Riviera.
Cap Ferrat Real Estate
Venice, Monaco, Beverly Hills? No thank you, it is Saint Jean Cap Ferrat where the young billionaire Eduardo Saverin, one of the co founders of Facebook, chose as his wedding venue at the end of June 2015. A four day event, he privatized the local palace, the Grand Hotel du Cap Ferrat, to welcome his 350 guests from around the world. To avoid any problems, he obtained authorization from the local police to close all roads surrounding the hotel. Nobody protested, in this peace haven, the super rich caprices go unnoticed. Who would have thought that this tiny peninsula situated between Nice and Monaco would beat all records with a square meter price sometimes exceeding 200,000 euros?
After the King of Belgium – Léopold II lived here at the beginning of the 20th century with his young mistresses. After came the English aristocrats and the American magnets, finally it was the Russians who increased the Cap Ferrat real estate prices. They have been coming in ten fold since the beginning of the year 2000. Owning a beautiful villa in this amazing part of the world has become a must for the oligarchs, who find all the advantages of being so close to Monaco. Geographical beauty, with greenery, stunning views, quietness, far away from the nightclubs and fashion boutiques in Saint Tropez, and of course security, guaranteed by a unique access road and security cameras. Of course, since the sub prime crisis and the conflict in the Ukraine, the blaze has calmed. But the 50 most impressive villas (of approximately 600 on the peninsula) are still worth their weight in gold. Its true that there are few for sale, as their owners will grudgingly sell them.
Here is a selection of villas for rent in Saint Jean Cap Ferrat
They are not the only ones to gain from the windfall: the Cap Ferrat billionaires allow other local professionals to make a living. For example, one company based in Nice, specializing in luxury elevators build custom made panoramic cabins linking the property to the beaches below. Architects, interior designers, florists, wine cellar creators all flock around the peninsula. There is a lot to do, even in the absence of the owners…. Idem for property staff, butlers, maids, chefs or gardeners who are employed all year round. Certain houses employ up to 30 people, sometimes including security agents. These villas full of art works and cellars full of exceptional wines have to be protected 24 hours a day.
However, it is no longer possible to parade the streets armed with guns, as per orders from the town hall. In this small commune of less than 2000 people, the riches people in France reside (the annual budget reaches 24 million euros and the current treasury, 17 million euros), they don’t like upsetting the oligarchs but there are some limits.
- Translated from Le metre carré le plus cher du monde est au Cap Ferrat
- For further reading, featured in Bloomberg Camparis big deal comes with a chaser villa on French Riviera