A breath of optimism wafts over Saint-Jean-Cap-Ferrat
Back in 1908, the year when the Grand Hôtel was built, the world’s happy few began to eye the cape with understandable envy. Almost 700 acres of wooded land, surrounded by the Mediterranean. A luxuriant garden of Eden, now playing host to some 500 villas.
Some people explain its popularity to its location, between the Nice Côte d’Azur international airport and the fascinating Principality of Monaco. Others think that its natural setting and picture-postcard views suffice alone to justify all the admiration. Crowned heads, aristocrats, the greatest names in the worlds of art and the cinema have all fallen under the spell of Saint-Jean-Cap-Ferrat. Baroness Ephrussi de Rothschild acquired 17.3 acres of land overlooking the Mediterranean, while King Léopold II of Belgium treated himself to part of the west side of the cape. Henri Matisse, Marc Chagall, Charlie Chaplin, Jean Cocteau, Edith Piaf, Elisabeth Taylor, Jean-Paul Belmondo, Roger Moore, Tony Curtis, Romy Schneider, Winston Churchill, General de Gaulle, Valéry Giscard d’Estaing, George Bush and Bill Clinton have all linked their names to this peninsula with its dense array of palms, olive-trees and Aleppo pines.
“Traditionally a quiet period, the first quarter of this year has turned out to be particularly buoyant,” says Beatrix Eikel of Engel & Völkers. Demand for small villas or apartments in the village priced from 800,000 to 1.5 M € is very steady. Beatrix Eikel mentions one example of 67 m2 to renovate, facing the sea, which sold within a weekend for 800,000 €. “Here on the cape, the 10-13 M € bracket also has its fans. Beyond 20 M €, the market is quieter.” Sluggishness attributed to the lack of Russian buyers. Even so, properties right at the water’s edge and villas offering magnificent sea views are keeping their heads above water. As witnessed by a property of 650 m2 with a breathtaking view of the Mediterranean and a lovely pool area, a short walk to the beach and harbour, acquired by British clients living in Monaco for 20 M €. English and Swiss buyers are much in evidence, whereas Italians are especially fond of addresses in the village. The vast majority of buyers are looking for holiday residences for their personal enjoyment, though their priorities naturally include a sound long-term investment.
Alex Balkin of the Savills agency confirms the predominance of foreigners, especially those based in London. He also mentions their close focus on premium addresses, viewed as blue-chip assets. Saint-Jean-Cap-Ferrat falls into this category, along with Saint-Tropez, Courchevel and New York. Now rebuilt, the stocks of available properties range respectively, in the case of houses, from 2.5 M € in the village or 4 M € on the cape, to several tens of millions of euros. In October 2015, a north European buyer parted with 21 M € in exchange for a house of 350 m2 in need of total restoration, in grounds of 3,840 m2. Large apartments, ie. with living space of over 120 m2, are highly sought-after but very scarce : they compete directly with a wider choice of proposals in Villefranche-sur-Mer and Beaulieu-sur-Mer. The price per sq. metre is around 8,000 € without a terrace and sea view, and from 15,000 to 20,000 € or more for views of the sea and high-end appointments. Neighbouring communes offer the advantage of more competitive prices and very lively centres.
“Enquiries and visits are going through more quickly, with high pressure on the market for villas, a clear inclination for the cape, and a core target price-range from 5 to 15 M €,” say Elena Tkachuk and Indira Lausevic of Marks’ Real Estate. For 5 M €, one can expect a very pleasant villa of 200-300 m2 in need of a revamp, without a sea view, in grounds of 1,200-1,500 m2. For 15 M €, you can set your sights on living space of 350 m2, a panoramic view of the Med, and a generous park. Unless you prefer to be right at the water’s edge. Here, confidentiality and discretion are of top priority in commercial relationships. Clients are very often recommended, and are clearly determined about their choice of address. No more than a dozen per year, new owners appreciate the soundness of their investment, the quietness and natural beauty of the cape, a real label on the Côte d’Azur, whose reputation has long travelled all over the world.
