Beaulieu-sur-Mer, a prime example of the Côte d’Azur’s heritage
7 km east of Nice and west of Monaco, this little town set on 227 acres accommodates 3,763 residents, approx. 8,000 in the high season. Now regarded as one of the Côte d’Azur’s essential tourist resorts, this fall-back market for Saint-Jean-Cap-Ferrat has definitely won its letters of nobility.
Beaulieu boasts a casino, two harbours providing mooring for 800 pleasure boats, and two beaches, the famous Petite Afrique and Baie des Fourmis. Connoisseurs appreciate its architectural heritage : the Villa Kérylos, a faithful reproduction of homes built in Ancient Greece, and magnificent examples of the “Belle Epoque” era : the Rotonde, Bristol, Palais des Anglais and the band-stand. Featuring lots of palms and century-old olive-trees, Beaulieu deserves its label as a “Ville Fleurie”. Two major events contributed to the town’s renown in the late 19th century : the building of the road in 1861 and the railway line, three years later. Crowned heads of Europe soon began to arrive, from the Queen of Italy to William II, Queen Victoria and Léopold II, King of Belgium. Théodore Reinach, Gordon Bennett, Count Tolstoy, Gustave Eiffel, Mistinguett and Chekhov also flocked to this fashionable address. Conveying to the world an image of tranquillity and elegance, Beaulieu deserves its motto of “Peacefulness and Beauty”.
“The market is doing well, thanks in particular to a clientele of wealthy seniors who appreciate the town’s flat layout making it easy to get around, and the array of amenities available on-site,” says Monika Cyrul of Nice Properties. Apartments priced between 500,000 and 1 million euros represent the most active segment, favoured by these retirees wanting to spend a good part of the year in the sun. In the centre, the sq. metre in good condition, but without any particular view, is close on 5,000 €. Outstanding properties on the seafront can attain, or exceed, 10,000 €/m2. Due to the lack of building land, Beaulieu proposes few new or rehabilitated properties. Over the past 12 months, Nice Properties has successfully commercialized 27 studios and 1-bedroom apartments (out of 28) comprising “L’Etoile Vega”, a luxury development behind the Place du Marché, ranging from 5,000 to 6,000 €/m2. 50 % of the buyers were focusing on long-term investment, the others, mostly Italians clearly making a comeback, were looking for second residences. Fans of villas are confronted by real scarcity. This very small site is in fact characterized by very limited, though diversified, offerings. A property of 350 m2 right at the water’s edge close to La Petite Afrique or the Baie des Fourmis is worth over 30 million euros. A house of 320 m2 to renovate on the heights of Boulevard Edouard-VII, a road enjoying magnificent views of the harbour, town and Baie des Fourmis, sells for under 3 million euros. The historic part of town also contains a few “Belle Epoque” villas currently on sale at prices ranging from 3 to 8 million euros. One house of 300 m2 in need of refurbishment, in grounds of 2,400 m2 overlooking the bay on the border between Beaulieu and Villefranche, is provisionally sold at 3,650,000 €. The real difficulty for estate-agents is the confidentiality traditionally demanded by owners in the “Golden Triangle”.
“Beaulieu is currently drawing the interest of a serious cosmopolitan clientele, ready to spend from 700,000 to 7 million euros,” says Paul Hosier of Burger Sotheby’s International Realty. A 2-bedroom apartment of 70 m2 in a “Belle Epoque” residence facing the Med is on offer at 650,000 € ; then one needs a budget of 900,000 € to acquire a top-floor apartment of 200 m2 in need of renovation, in a bourgeois building, with balconies. A tempting opportunity for anyone prepared to take on the challenge of the work invloved, especially as high-quality apartments revolve on average around 8,000 €/m2. 60 % of the agency’s most recent sales concern main residences, 40 % holiday homes. Aged at least 35, the buyers, French, Scandinavian, American, Italian and Russian, tend to be younger than in the past. Behind personal enjoyment, the motive openly admitted for acquisitions, one also finds the notion of long-term investment. The term “sound value” often crops up in conversations with East Europeans. Finally, Beaulieu seems to be seen as a good alternative to Cap Ferrat, traditionally more expensive. It is now easier to persuade clients targetting the cape blessed by the gods to visit properties in the two neighbouring communes, already looked upon as prestigious visiting cards all over the world.
“Among Russian clients, there are still a good number who are deeply attached to this legendary peninsula, the only enclave in the Alpes-Maritimes which is homogeneous in terms of offerings, frequentation and price, ahead of Cap d’Antibes and Cap Martin,” explains Alexandre Camellini of the Agence Dumas, an agency which first coined the term “Golden Triangle” designating Villefranche, Cap Ferrat and Beaulieu. At the turn of the century, this professional noticed the potential for progression offered by the area in the eastern part of the Alpes-Maritimes. Villefranche and Beaulieu compensate by proposing unique panoramic views. The busy international airport is also an essential contributor to the area’s popularity, together with its proximity to Monaco and Nice, a prefecture currently undergoing a transition with remarkable success. Beaulieu owes its head start over Villefranche to its practicality and shopping facilities, well-suited to the taste of older citizens. Rarity guarantees stable prices. The unchangeable character of the landscape, wedged between sea and mountains, leaves no-one in any doubt. The town in fact combines all the ingredients of a sustainable investment. “Finally, credit should be given to efforts undertaken by the municipality to promote the resort’s image,” concludes Alexandre Camellini. “Thanks to the recent granting of building permits for new developments, the Métropole and Résidence Eiffel may well give a further boost to the prestige ensured by the Réserve de Beaulieu.”
By Laetitia Rossi
