French Riviera “Golden Triangle”
This area formed by Villefranche, Beaulieu-sur-Mer and Saint-Jean-Cap-Ferrat benefits from a natural setting as idyllic as its geographical position between the international Nice Côte d’Azur airport and the very select Principality of Monaco.
Just next door to Nice’s Mont-Boron neighbourhood, Villefranche-sur-Mer forms a real amphitheatre around the Mediterranean, one of the bays said to be among the loveliest in the world, shared by 6,870 residents. A port-of-call well-known to visitors arriving on cruise ships, this charming commune stretches from the Mediterranean shore to Mount Leuze, rising to an altitude of 500 metres.Just 7 km from Monaco, Beaulieu gives priority to “Belle Epoque” architecture. Its seafront lined with palm trees plays host to two harbours, one with 800 berths. Its population is close on 3,760 in winter, rising to 8,000 in summer. A peninsula of 696 acres with lush vegetation, the famous Cap Ferrat separates the two towns. Quite rightly nicknamed the “Billionaires’ Cape”, it hosts some 500 villas, whose sale prices regularly chalk up world records.
“Since the end of 2014, the British have pursued their comeback, and Americans have been making more and more enquiries,” says Adrien Camellini of the Agence Dumas. The choice between Villefranche and Beaulieu is a matter of preference, between spectacular plunging views and a very pleasant flat centre enriched by highly-prized architecture, a legacy from the “Belle Epoque”. Finally, the mere mention of Cap Ferrat suffices to justify “the most expensive price per sq. metre in the world”, an expression often repeated in the media. The villa is just as popular as the high-class apartment, which offers the undeniable advantage of easy maintenance. A Russian client, for example, has just invested 1.5 M € in a top-floor apartment in perfect condition, in Villefranche, with living space of 100 m2 and an outdoor area of the same size. Currently, two new high-end developments are being marketed. Just 100 metres from the harbour in Saint-Jean-Cap-Ferrat, “Wave 6” consists of 10 apartments including garden-levels, a penthouse, a swimming pool and a garage in the basement, priced from 12,000 to 17,000 € per sqm. In the centre of Beaulieu, “La Tonnelle”, pegged at around 15,000 € per sqm, proposes one villa and five apartments : two extended by open-air terraces of 300 to 500 m2 with private pools, two others benefiting from terraces and jacuzzis, and a penthouse offering a pool and summer kitchen.
“In the “Golden Triangle”, two distinct markets co-exist,” explains Chuck McKee of Haussmann International. “In Saint-Jean-Cap-Ferrat, many East Europeans are hanging onto their homes. Mobility is thus reduced, and scarcity is the real brake on market activity. However, as soon as a desirable residence becomes available, it finds a taker. There many more properties available in Villefranche and Beaulieu, and prices there are clearly more affordable. Here, demand for villas with sea views, priced from 2 to 4 M € is strong, notably underpinned by captains of industry from northern Europe and the UK, the latter benefiting from their exchange rate and purchasing power, which recently saw a rise of 25 %.” One such client is treating himself to a villa of 380 m2 in grounds of 2,000 m2 facing the Deep Blue Sea, near the Grand Hôtel du Cap Ferrat, priced at 9.8 M €, which is good value for money, despite prices 50 % lower in Beaulieu and Villefranche. Dutch buyers are spending 4.2 M € for a villa of 200 m2 in perfect condition, in grounds of 1,500 m2 offering a magnificent panoramic sea view, a stone’s throw from the village of Villefranche. A property offering the same indoor and outdoor surface areas near Saint-Jean, this time requiring total remodelling and rehabilitation, has found a taker at 5 M €. “Even then, the buyer has a bargain,” comments our expert. “What an irony, when you think that there was once a time when developers would offer a plot of land in Saint-Jean to the happy buyers of a luxury apartment in a residence in Beaulieu.” Historically, this commune was seen as the Golden Triangle’s wealthiest enclave. Today, it is still appreciated for its pleasant outdoor market, parking facilities and noble architecture. Not forgetting properties that could well suit fans of Saint-Jean. Such as a villa of 400 m2 with a lift, garage, gym and movie lounge, on offer at 7.9 M €.
“From Niçois houses to ultra-contemporary villas, diversity is very much on the cards here in the Golden Triangle,” adds Jean-Philippe Costa of Blue Immobilier. While Cap Ferrat flaunts the top end of the market, ie. from 30 M €, highly representative, Beaulieu offers the middle of the range, from 8 to 20 M €, especially on Boulevard Edouard-VII. Its fans point to its quality living conditions. It’s hard to ignore the lively shopping amenities here, with the opening of a medium-sized store, a baker’s, ice-cream shop, and plans to inaugurate a high-end grocer’s and even part of the Métropole : its pool, restaurant and beach. While clients are certainly there, they test the market and make low offers. Especially as this “Triangle” blessed by the gods has real competition knocking at its door. In the 3 to 6 M € bracket, the very confidential Cap Martin proposes properties of slightly higher quality. Not forgetting Cap d’Ail, at the gateway to Monaco, where the month of May 2015 alone saw the completion of four transactions of over 20 M €...
