Cap d’Antibes, undiluted charm
As early as the 19th century, White Russians and the British set their sights on this cape, then largely dedicated to the cultivation of flowers. Some 150 years later, it still acts like a magnet on a wealthy international clientele in search of peacefulness, lush vegetation and picture-postcard scenery.
Cap d’Antibes covers an area of about 9.14 acres shared between stretches of woodland and luxury villas, south of the town bearing the same name, and east of the seaside resort of Juan-les-Pins. 1,500 people have made it their year-round address. 2.7 km long, the coastal path winds its way between wild creeks and the perimeters of the famous Château de la Garoupe and Château de la Croë. With the Mediterranean, the Lérins Islands and the Mercantour hills in the background, this peninsula blessed by the gods can lay claim to several botanical parks. Starting with those of the Villas Thuret, Sous le Vent and Eilenroc. The years 2000 were a kind of consecration of the cape, notably due to the interest shown by the Russian oligarchs Rybolovlev, Abramovich, Pougatchev and Prokhorov. The turn of the century was thus marked by the appearance of all kinds of eccentricities. Swimming pools took on outsize dimensions and were increasingly accompanied by tennis courts and spas, while the properties themselves were treated to private bowling alleys, tunnels for easy access, snow cabins etc.
“While none of them have sold their properties, the Russians are now clients like all the rest, with slightly higher budgets,” says Aurélien Monnier of the Agence du Cap d’Antibes, adding that French, English, Dutch and Scandinavian buyers have been much in evidence over the past 12 months. The core of demand ranges from 2 to 5 M €. The lower end corresponds to a house of 160 m2 in grounds with a pool but no sea view, while the upper level allows a client to envisage a villa of 250 m2 in grounds of 1,500 m2 facing the Deep Blue Sea. “The real difficulty is finding a point of equilibrium between buyers, rational and well-informed, inclined to compare and analyze evaluations, and sellers who are still too greedy. Owners who acquired their homes in 2007 and 2008 are finding it hard to recover their initial investment. Others hesitate before the prospect of capital gains or depositing funds in the bank, which is hardly an enticing proposition.”
Among his most recent sales, Daniel Levant of Michaël Zingraf Real Estate Christie’s describes a property of 300 m2 in grounds of 2,000 m2 on the west side of the cape, acquired for under 10 M € by a French client as a holiday home. The difference between the two sides of the cape is no longer as clearly defined as it once was. Some prefer sunsets, others opt for sunrise. The real disparity lies in the properties on offer : the west side is known for its prestige residences, while the east has a wider and more varied array of properties. One American buyer (a nationality now less frequently seen due to the long distance between the cape and the USA), just acquired a house of 300 m2 in grounds of 1,500 m2 with a panoramic view of the Med for less than 4 M €. A Finnish client treated himself to a home of 200 m2 for under 3 M €, in need of modernization unless you appreciate the Provençal style, with a garden of 1,500 m2. Acquisitions based on a whim or love at first sight no longer exist, though personal enjoyment is still the main reason for buying. Enjoyment that clients combine with a highly rational approach. The choice of the Cape is often a pre-requisite. All these buyers have tested the address beforehand, and fallen for the charm of the friendly village within easy reach of shops and the beaches. Over the past six months, three sales have been completed at prices around 10 M €. There are far fewer apartments on the cape than villas, though sales in a high-quality development are currently underway. A generous 1-bedroom apartment of 80 m2 prolonged by a terrace of 100 m2 in a 1980’s residence is also up for sale at 1.5 M €. As long as the price of a property is correctly estimated, it finds a taker without delay.
“While visits have become rarer, they are based on a more serious approach. No more curiosity or clientelism, but on the contrary, genuine plans and real motivation,” says Patrick Kinsella of JJC International. The market is buoyant, but also competitive. Bargaining is henceforth an obligatory step in the proceedings. Properties which stay too long on the files - ie. three months or more - raise a question mark regarding their true value. All kinds of properties find takers as long as they represent coherent value for money. Acquisitions are frequently followed by renovation work or at least redecoration. Most buyers part with up to 5 M € for a holiday home. The 10-15 M € bracket concerns properties on the west side of Cap d’Antibes, a stone’s throw from the beaches or at the water’s edge. Scandinavians no longer hide their fondness for this “label-address” on the Côte d’Azur. Buyers are self-confessed francophiles, cherishing memories of family vacations spent on the cape. They appreciate the French art of living, its gastronomy and the Riviera sun. In fact, a property’s sunny outlook and the closeness of restaurants and other places of entertainment are recurrent criteria. Children adore Juan-les-Pins, while their parents spend time in Cannes and Saint-Tropez, often indulging a taste for motorboats or sailing.
