The following article discusses the market for prestigious apartments on the French Riviera.
Luxury tourism has been a part of Nice for at least the last 100 years. It remains the source of much of its wealth today, thanks to an impressive selection of high-end villas to rent.
The British own almost a third of properties along the French Riviera. Irish, Scandinavians, Lebanese, Italians, Germans and Middle Easterners follow close behind. This is a stretch of coastline with a truly international flavour.
Ticking all the Boxes
Reasonably priced properties, coupled with inexpensive airline travel from Europe has also added to the area’s draw.
“In the 90s, investors were wary of real estate on the French Riviera because of the Gulf War.” According to a representative from the Alpes-Maritimes National Real Estate Federation. These fears proved empty and prices have continued to follow an upward trend over the last few years.
Since 1996, the demand has consistently been greater than the supply, keeping the French Riviera real estate market healthy.
Deluxe apartments remain sought after for investment. But there is a strict criterion to meet the deluxe standard. Each property must feature a sea view, for example, have high quality furnishings, a spacious interior and expansive grounds.
Despite these stringent rules, many potential buyers are “not prepared to buy at any price.” This according to one real estate agent in Beaulieu-sur-Mer. He went on to say that certain villages along the coast attracted higher prices, including Saint Jean Cap Ferrat.
Overseas investors often look for added value to their potential property including, private ports and moorings.
Nice and Mont Boron
Further west along the coast is Nice. Once popular with Russian aristocracy, this town is a haven for European visitors. Some might argue this has resulted in the area losing its exclusivity but there’s still plenty of luxury to be found. Neighbouring Cimiez is home to high end, deluxe residences such as the Regina, Mont Boron found behind the Nice port.
With views across Nice and into the bay, it’s a much sort after area.
Along with Nice, popular Cannes is another famous Mecca for international clients. This town of film and celebrity features festivals and conferences all year. Active Cannes is just as alive in winter as it is in summer, giving it a year-round buzz.
La Croisette, an ultra-chic neighbourhood, has a buoyant real estate market. It features regularly along with the likes of Californie, Croix des Gardes and Cannet. With sea views a must, expect to pay a premium in these classy residential suburbs. But, with extras such as private shuttles to town, tennis courts, pools and parks they’re certainly worth the investment.
The world’s richest families look likely to invest in the French Riviera for some time to come.
Monaco, Safe and Sound
With its mythical past and exciting reputation, the principality of Monaco is another city with a hugely international flavour. Thanks to its reputation for security and safety, investors flock to snap up real estate.
The beautiful surroundings and mild climate also go a long way in making this a high-end, much sought after destination.
Supply and Demand
Discussing prestigious apartments on the French Riviera “Three and four-room apartments are the most sought-after”, explains the President of Monaco’s FNAIM real estate chamber.
But supply and demand is very finely-balanced and demand often tips over, leaving a long waiting list for luxury properties.
One of the more popular areas is the le Carré d’Or, right next to the popular casino district. Monaco has a legendary status and that shows no signs of changing any time soon.
Article taken from the magazine “Properties Côte d’Azur” Janvier 2004.