Cap d'Antibes an international aura
South of the town of Antibes and just east of the seaside resort of Juan-les-Pins, this cape blessed by the gods gives the French term “villégiature” (or holiday destination) all its meaning : radiant sunshine, lush vegetation, a charming coastline lapped by the Mediterranean, and prestigious villas which brought the area international renown.
The love story between Cap d’Antibes and wealthy Brits and White Russians unfurled in the mid-19th century, when they began to build very luxurious residences here. It is still, however, the coastal path that best conveys the spirit of Cap d’Antibes, winding its way over 2.7 km between the rocks and sturdy walls of the Château de la Croë and Château de la Garoupe. One’s field of vision takes in a dazzling view stretching from the Lérins Islands to the mountain peaks of the Mercantour. Almost 1,500 year-round residents share this largely wooded peninsula of 3.7 sq. km. Fans readily compare the density of Cap d’Antibes - around 394 inhabitants per sq. km, ie. one of the lowest on the Riviera shoreline -, to that of its great rival, Cap Ferrat, just as cosmopolitan, with about 850 inhabitants per sq. km. Numerous properties here deserve the status of botanical parks : the Villa Thuret, Château de la Croë, Château de la Garoupe, Villa sous Le Vent and Eilenroc. In the first decade of the 21st century, the Russians staged a comeback to the peninsula. Starting with Roman Abramovich, Rybolovlev, Prokhorov, Pougachev… Billionaires’ Bay then became dotted with lake-style swimming pools, access tunnels, tennis courts, private bowling alleys, snow cabins to complement traditional saunas. The oligarchs happily pursued all kinds of eccentricities, constantly pushing back the frontiers of luxury.
“Despite the dramatic fall of the rouble, East Europeans who are already owners on the cape continue to invest here, aware that they will benefit from sound long-term assets. While there have been no hasty or ill-advised sales, it is true that members of the middle class, present on the scene before the political crisis, have withdrawn while waiting for more auspicious times in their homeland,” explains Régis Ramette of the John Taylor agency. Real prices are holding steady, with sellers treating themselves to the luxury of declining even very acceptable offers. In fact, prime locations and top-quality properties - a rare combination of criteria - often find takers without any concessions being made by the sellers. Faced by the scarce availability of top-notch properties on Cap d’Antibes, estate-agents resort to deliveries proposed by the few developers here, which correspond more closely to the demands of foreign clients. If they insist upon a good location, some buyers are obliged to acquire properties in need of renovation : one French fan of Cap d’Antibes has just taken the plunge and spent around 2 million euros for a house of 220 m2 requiring total renovation, in grounds of 1,300 m2 within walking distance of the sea.
“The point of balance between supply and demand is far from evident at the moment,” comments Aurélien Monnier of the Agence du Cap d’Antibes. “We are confronted by sellers who turn a blind eye to developments in the market, are far from attracted by the prospect of investing cash at the bank, stalled by capital gains of close on 54 % for non-resident Europeans, and very quick to withdraw their properties from the market if they don’t obtain satisfaction.” Real estate is a barometer for world geopolitics, and the turnover of populations on a given site is a highly classical phenomenon. Easte-agents nevertheless have one sizable consolation : the reputation of Cap d’Antibes is already well-established, like that of the Côte d’Azur, which, despite attempts by neighbouring countries to propose alternatives to the essential French Riviera, has no real competition. Very few regions can still pride themselves on such a location, such diverse and regular air services, such real political and economic stability.
“Not forgetting the security and perennity of its property assets,” insists Steven van Wouwe of Cap West International, deeply attached to the concept of safe-haven investments. One in fact has to put tax concerns into perspective, giving them, as they deserve, an instructive approach among one’s clients, not reducing one’s analysis to the East European problem, and certainly not yielding to the general practise of scaremongering. Since 2008, the property market has hardly been euphoric ; on the other hand, for exclusive addresses, it has benefited from a certain constancy. In the four sales orchestrated in 2014 by the agency on Cap d’Antibes, there was not a single Russian among the buyers, but instead French, British and Scandinavian clients. Among the four properties was one of the three famous châteaux on Cap d’Antibes, offering living space of 1,600 m2 in 17,837 m2 of grounds : a building in need of rehabilitation which sold for around 30 million euros after four long years of negotiations. While the sector for villas requiring refurbishment, priced from 2 to 3 million euros, draws some interest, the complexity of the market results from the gap between the core of demand, between 5 and 8 million euros, and properties initially proposed from 8 to13 million euros. “Even so, over the medium and long term, one of the world’s most highly-prized destinations always manages to keep its head above water,” concludes our specialist.
