C?te d' Azur, The French Riviera
The French Riviera is one of the world's most expensive real estate markets. It enjoys both an exclusive standard of living and a wealth of high-end cultural and recreational attractions. Ever since the end of the 18th century, this stretch of coastline has had a reputation as a favourite retreat of ultra-high net worth individuals (UHNWIs), European aristocrats and international high society.
Elegant villas with sea views in Cap d'Ail
E&V C?te d'Azur brokered these two villas in the belle epoque style in May 2021. And this is not the first time! They had already been brokered back in 2014. The buyer at that time was so satisfied with the service they received that they assigned Engel & V?lkers with the brokerage again. The property consists of a main villa spanning 300 square metres and a guest villa of some 160 square metres in size. The location on the Cap d'Ail is one of the most sought-after locations on the C?te d'Azur. It affords beautiful sea views and is situated between Nice and Monaco. The sales price was over 10 million euros, which corresponds to more than 12 million US dollars.
Unique property on the Cap d'Antibes
The most expensive property currently on the market with E&V C?te d'Azur is this prestigious 1930s waterfront residence. Located on the west coast of the famous Cap d'Antibes, close to the legendary Hotel du Cap-Eden-Roc, it truly makes a dream come true. The magnificent 10-bedroom villa exudes style and elegance. It is set in the midst of 8,200 square metres of well-maintained Mediterranean grounds, which also feature a tennis court and heated swimming pool. Right by the sea, but out of sight, this villa is just perfect for hosting a large family and several guests, events and receptions. The asking price is 29 million euros, equivalent to approx. 34 million US dollars.
Which are the most sought-after towns and regions on the C?te d'Azur?
Menton Menton is a pretty town that has retained its quaint village character and Italian influences. It is highly sought after for its proximity to Italy as well as Monaco, and enjoys an international reputation thanks to its annual "Lemon Festival".
Saint-Jean-Cap-Ferrat One of the most expensive residential areas in the world, and often referred to as the "Cape of Billionaires", is the Saint-Jean-Cap-Ferrat peninsula. It is also often called the "Garden of Monaco", and this captures the advantages it offers: proximity to Monaco on the one hand and natural beauty on the other. In Saint-Jean-Cap-Ferrat there are beautiful properties, tranquillity and, above all, privacy to be found.
Nice The city of Nice enjoys a location that is remarkable and appealing for many reasons. Across the water from Corsica, which is visible on clear, sunny days, the city is set along the coast and extends up into the green hills behind. Its sheltered geographical setting makes Nice one of the warmest places on the French C?te d'Azur, even in winter. In terms of population, Nice is the fifth largest city in France. Those who live here not only cherish life on the waterfront, but also get to enjoy the city's rich architectural heritage and the diversity of its various museums.
Cap d'Antibes? Cap d'Antibes is a highly exclusive peninsula, internationally known for the famous "Hotel du Cap-Eden-Roc". This prestigious residential area is characterised by luxurious villas and magnificent apartments with breathtaking panoramic views of the sea and the surrounding hills. Lush parks guarantee homeowners plenty of peace and quiet. The peninsula is home to modern buildings in the Californian style as well as sophisticated villas dating from the 1930s or 1960s with traditional charm.
Mougins Not far from Cannes lies Mougins, a town that also has an abundance of greenery. Those who live in Mougins appreciate the natural and peaceful surroundings amidst beautiful villas and, at the same time, are only 10-15 minutes by car from the bustling life of Cannes. The town is also highly sought after for its cultural offerings and international schools.
Cannes In Cannes, it is often an address that you are buying: The "Croisette" boulevard, or the "Banana" or "California" districts with their magnificent villas in peaceful surroundings and incredible views from their raised plots. Cannes' assets include its international prestige, its luxury shops, and the numerous events that take place throughout the year. In addition, Cannes boasts sandy beaches – a fact that is by no means common on the French Riviera. Apartments in the centre yield a very good rental return.
Saint-Tropez The legend of Brigitte Bardot and the 1960s await in Saint-Tropez, along with the famous sailing yacht event "Voiles de Saint-Tropez". It is a mythical village with a picturesque harbour, alive from spring through to autumn. The Gulf of Saint-Tropez is generally less urbanised than the Alpes-Maritimes and this is precisely what attracts buyers looking for authenticity. Outside Saint-Tropez, the neighbouring villages of Grimaud, Gassin, Ramatuelle, La Croix-Valmer and Cavalaire are also highly sought after. The properties for sale there usually boast beautiful sea views.?Sainte-Maxime, located between Saint Rapha?l and Saint-Tropez, is also a very lively place all year round. Its proximity to Saint-Tropez is a real advantage. Sainte-Maxime is sought after by both the French and a clientele from northern Europe.
Fayence? The area of Fayence and the Var region have certain attributes in common. They combine tranquillity and authenticity with abundant nature and more affordable prices. Charming villages like Lorgues, Callian, Mons and Fayence, each exuding the spirit of country life and Provence, have become the new fashionable destinations for the UHNWI clientele. They are also very popular with investors interested in wineries: The latest example is George Clooney, who acquired a vineyard in Brignoles this year, as well as celebrities like Brad Pitt, Angelina Jolie and George Lucas.
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What?are the various buyer groups?
Traditionally, international buyers have dominated the real estate market on the C?te d'Azur. During the pandemic, this group of buyers shrank. At the same time, demand from French, and often Parisian, clients increased, compensating for the decline in foreign interest.?The moment the restrictions in place started to be eased, buyers from neighbouring countries like Belgium, Switzerland and Germany began to return.
In the period from January to June 2021:
The profile of buyer groups often depends on the property location:
What?is the average price in the top segment?
?Taking the top segment on the C?te d'Azur into consideration, Saint-Jean-Cap-Ferrat is one of the most sought-after locations with prices ranging from 3 to 30 million euros. The most exceptional properties can even attain prices of 100 million euros or more.
In the Gulf of Saint-Tropez, apartments are negotiated between 600,000 and 2.5 million euros, while the price of a villa can reach as much as 70 million euros. In premium locations by the sea, prices can be even higher.
With comparatively moderate prices of 4,000 euros per square metre, the city of Nice is one of the most popular markets for investments by first-time buyers. In prime locations, however, prices per square metre can reach over 10,000 euros.
Are there any particular trends and developments on the market?
New clientele from North America and Eastern Europe North American buyers, whose level of interest had already declined prior to the coronavirus crisis, are now returning. Currently, 9.7 percent of buyers come from the USA and Canada.?In addition, a new clientele from Eastern Europe is now entering the market, in the search for a second home: Buyers from the Czech Republic and Poland represent 6.2 percent of all buyers.
Living in the south of France all year round The famous French "joie de vivre" can be experienced to the full on the C?te d'Azur. Prompted by the outbreak of the pandemic, many clients based in Paris relocated their homes to the south of France and now use their holiday properties both for recreation and as a remote place of work. This trend is also evident among property owners from neighbouring countries as Belgium, Italy and Switzerland who own a second home on the French Riviera. As a result, some of them are now looking for a more comfortable or larger property to stay in on a more frequent and longer-term basis.
Surplus demand is keeping high prices up The extremely limited number of properties in the region's absolute hotspots sets the C?te d'Azur apart from other luxury destinations. Interest in residential and rental properties remains high. As a result, prices remain high.
Interest shifting increasingly to the interior Interest in more inland regions is on the rise, as these areas offer much larger plots of land at more affordable prices. Inland regions with picturesque mountain villages and Proven?al countryside are becoming more and more attractive.
Marie-Claire Sangouard
Managing Director Engel & V?lkers C?te d'Azur
"We are seeing consistently high demand and a stable price development in the luxury segment. The attractiveness of the South of France has, in fact, increased among real estate clients as the region proves to be a safe haven for owners and investors. Over the last few months,?client enquiries have increased by 10 percent. Buyers with long-term investment plans are still well advised to invest in first-class villas and apartments on the C?te d'Azur. Due to the positive market trends, we have decided to expand our team and have just opened a new E&V Shop in Saint-Tropez with 15 multilingual real estate advisors."