Prestigious apartments on the French Riviera

At the end of the 19h and the beginning of the 20th centuries, Nice developed in particular through luxury tourism that remains the source of its properties today. Since then, other cities on the Mediterranean coast have attracted an international population which has massively invested in property; the British first and foremost, followed by the Irish, Scandinavians, some Lebanese, Italians, Germans, not to mention Middle Eastern populations...
"According to Abbey National, 28% of the real estate purchases in 2002 on the French Riviera were made by the British and the trend is continuing", confirm a real estate consultant for foreigners.
What are the reasons behind such enthusiasm? " London real estate prices of an apartment in London, it is possible to buy a very nice property on the French Riviera". The recent opening of airline routes at low prices has amplified the trend. Not to mention the pleasant lifestyle on the Mediterranean coast, an eternal attraction.
The international clientele represent 8 - 10 % of the French Rivera’s global real estate market, according to a representative of the Alpes-Maritimes National Real Estate Federation. "In the 90's, investors were wary of real estate on the French Riviera because of the Gulf War", recalls one real estate professional. "We were even concerned that the war in Iraq would have the same impact, but that didn't happen. There was a 12% increase in 2000, 9% in 2001 and 10% in 2002" in the Alpes-Maritime market, report a real estate agent. Since 1996, the demand has consistently been greater that the supply which keeps the French Riviera real estate market healthy.

The French Riviera symbolizes luxury. To be considered a deluxe apartment, each property must comply with certain criteria: sea view, upper floor location, terrace, high quality residence, spacious interior, and common areas, orientation, garage, pool, tranquillity, etc. The association of all these elements motivates some foreigners to invest fortunes in top-of-the-range apartments along the coast. "However buyers have become more reasonable and are no longer ready ti buy at any price", notes a owner of one agency at Beaulieu-sur-Mer.
In this town, situated between Nice and Monaco, the proximity of shops and the town centre is a real asset. "In the town centre, a deluxe apartment cost between 3,500€ and 5,500€ per m², because something that size is very hard to find in Beaulieu, he explains, adding that Belle Époque apartment are still 10% more that the others. According to him, the prices in Beaulieu-sur-Mer are identical to those in Villefranche-sur-mer, however real estate in Saint Jean Cap Ferrat, a nearby town that has retained its "village" atmosphere is 10 to 15% higher. "Top of the range apartments are rare in this town so prices can reach from 9,100€ to 10,700€ per m² states an agent from Nice.
Among the unusual properties, a residence in a waterfront property with a unique characteristic: it includes the private port with harbour masters office and a mooring is sold with each apartment. An extremely rare configuration at a price of 7,000€ per m². There is, however, one drawback: with an eastern orientation, the property does not enjoy maximum sunlight.

Nice and Mont Boron

Further to the West is Nice, formally a holiday resort for the Russian aristocracy. Last century, the English also flocked there to the winter. But Nice has lost some of its class. Even though there are still some deluxe residences in Cimiez, like the Regina, Mont Boron, on the Nice heights, has become the area that is most favoured by the top of the range clientele.
Most of the apartments in Mont Boron enjoy a super view of Nice chateau hill and the Baie des Anges. "In a private mansion, you have to count 6,300€ per m² for a well appointed apartment. Apartments in the newest building, due for completion in the first quarter of 2005, with a pretty sea view, southern orientation, terrace, quiet surroundings, air conditioning, alarm, etc are being sold for between 4,500€ and 6,800€ per m². However rooftop villas are hard to find. We recently sold one for 10,600€ per m².

Cannes

Cannes Croisette While la Promenade des Anglais in Nice has become rather noisy, Cannes famous la Croisette has retained a certain tranquility. The international film town is without doubt, along with Monaco, the French Riviera town most favoured by an international clientele who sings its praises. " Cannes has become more commercial with the multiplication of festivals and congresses that are held here". For example, on la Croisette, an apartment with only a small sea view is worth 9,100€ per m². Known throughout the world as a film town, " Cannes is active, even in the winter" and, in addition to several lexuary hotels which had to its reputation, it has several ultra-chic neighbourhoods-particularly Croisette and Californie-as well as residential sectors like Croix des Gardes and Cannet.
"Prestigious apartments on the central part of la Croisette are sold between 12,000€ and 15,000€ per m² "in comparison, apartments in Cannes working class neighbourhoods range between 2,500€ and 3,000€ per m². "You can even pay over 15,000€ per m² for an exceptional property" explains one agent. For example, on la Croisette a 150m² apartment in a deluxe building, on the seven floor, with the sea view and requiring renovation, sold for 2,000,000€ i.e. 19,000€ per m².
Apartment buildings on la Croisette do not have pools or parks of luxuriant vegetation but they are well placed, near the beaches and luxury boutiques. Penthouses are rare but buyers pay for the location. And, as a result of the small number of properties for sale, "the value of an apartment is in fact the price of the buyer is ready to pay for it. Sometimes it is completely out of proportion. And although supply and demand has started to balance out over the past few month, prices have nonetheless increased by 20% to 30% in the last 3 years."
La Californie is just as prestigious as la Croisette, it includes residences providing multiple services (caretakers and video surveillance, private shuttles to town, tennis court, pools, parks, beautiful panoramic viewsof the sea, Cannes bay and the Esterel hills, etc.) and, located on the city's eastern hill, has the added attractions of tranquillity and greenery; a quality lifestyle just five minutes from la Croisette.
"Residences here generally dates from the 60's and the 70's", explains one agent "a dozen of them are very luxurious and people who buy in la Californie won't loose any money on the medium or long term. Apartments in this neighbourhood all have terraces and are worth around 9,000€ per m². We have even made some sales for 11,000€ per m²".
On the western hill is La Bocca, and the Croix des Gardes. "His neighbourhoods are much less familiar to international clients", the broker continues. Prices vary between 5,000€ and 7,000€ per m² for apartments in residences that are, at most, 30 years old, with parks, pools, etc. Exceptional properties can reach up to 9,1000€ per m².
As for Le Cannet residential sector, the heights of the town near la Californie, the prices are the same as in Croix des Gardes.
Real estate professional are unanimous: prices will probably remain stable in 2004 but they are unlikely to drop. Some truly beautiful properties may even increase in value. The world's "big families" will continue to invest on the French Riviera; with the warmth of its Mediterranean balconies, these are magical and timeless locations...

Monaco, safe and sound

Monte Carlo Casino With its mythical past and present, Monaco principality has an international population (Northern Europe, Italy, Hong Kong, ...etc), attracted by the history, financial advantages, mild climate,... According to one agent, security and the quality of the principality’s environment are important criteria for investors. "Three and four room apartments are the most sought-after", explains the President of Monaco's FNAIM real estate chamber. Supply is very limited or practically non-existent for new apartments. Ultra-deluxe apartments make up 50% of Monaco’s real estate market. "le Carré d'Or", near the casino, is the most popular sector. In this area, apartments sell for between 20 000€ and 25000€ per m². "Over the last five years, market prices have increased by over 30% and, with the limited number of properties available, the trend is unlikely to change".
Some exceptional apartments even sell for as much as 30 000€ per m². Could this mean that security and the quality lifestyle are priceless?

Article taken from the magazine "Properties Côte d'Azur" Janvier 2004.