Monaco, a prestigious neighbour
While the presence of the Principality may not contribute towards the natural beauty of the surroundings, the mild climate and tranquillity of Roquebrune-Cap-Martin, Cap d'Ail, Beausoleil and Menton, its proximity is nevertheless a positive factor in the excellent reputation enjoyed by their property markets.
The communes of Roquebrune-Cap-Martin, Cap d'Ail, Beausoleil and Menton are not only neighbours with Monaco, but also with the Italian border. Two of them are very select peninsulas. The others benefit from attractive seafronts. The popularity of their markets can thus hardly be explained solely by the proximity of Monaco. And yet one has to take the factor into account.
“When he created Roquebrune-Cap-Martin, the Almighty must have been in a good mood,” wrote Louis Nucera about the resort. 11,700 residents share its sublime coastline, wedged between La Loubière, La Tête de Chien and the Mediterranean. To the fore, there are two main parts. “The private domain, which looks across at the Principality, offers a small number of villas for sale at astronomical prices, ranking just behind the levels of Cap Ferrat and ahead of those on Cap d'Antibes. This part of the cape is home to Mobuto’s former residence, since acquired by a Russian. Recently, one owner treated himself to the luxury of refusing an offer of 80 M €. Some properties easily exceed 100 M €. Given their huge purchasing power, nationals of East European countries are taking this site blessed by the gods by storm. Facing the Bay of Menton and Italy, the second sector, composed of houses and a few blocks of apartments, has seen a dramatic surge in prices over the past three years. A garden flat changes hands for 1,270,000 €, while detached villas start at 3.2 M €,” says Stéphane Antonucci of the Sud Rivages agency. A view of the micro-state of Monaco has a positive effect on a property’s value. As evidenced by the highly sought-after Boulevard Paul Doumer, Avenue Gabriel-Hanoteau and the Domaine de la Torraca, all surveying the Med. A house of 790 m2 requiring renovation, facing south-west, in grounds of 7,000 m2 costs 30 M €. Also in need of restoration, a property of 250 m2 in 1,000 m2 of grounds is tagged at 2.6 M €. The Parc Saint-Roman touches the Monte-Carlo Country Club and especially the western neighbourhoods of the Principality. Living space of 200 m2 with a breathtaking view will be snapped up here at 3.9 M €. More affordable, a portion of Le Hameau overlooks Menton and the deep blue sea, a view less in favour because it faces south-east : the more popular side opens out towards Cap Martin. Prices range from 2.8 to 10 M €. One has to fork out 4,250,000 € for a home of 300 m2 with guardians’ accommodation and grounds of 2,500 m2. “This acceleration in activity at the top end of the market largely offsets the decline in transactions involving more standard properties,” admits the manager of Sud Rivages.
On the far side of Monaco, Cap d’Ail has a harbour with over 250 moorings and beaches as pleasant as they are renowned, named Marquet, Mala and Pissarelles. The list of personalities who made Cap d’Ail’s reputation range from the Lumière brothers to the Prince of Wales, Apollinaire, Greta Garbo, Winston Churchill and Sasha Guitry. Its “Belle Epoque” heritage competes with that of Beaulieu-sur-Mer. “The Lower Corniche defines a clean break between the upper and lower parts of Cap d’Ail. The area between the access road to Monaco and the Mediterranean, and in particular the part flanked by the sea around the Mala beach, is a back-up market, closely linked to Cap Ferrat,” reveals Maria-Anna Burger of Burger Sotheby's International Realty. Villas start at 3 M €, or 15 M when on the seafront, a location still advancing in demand. An apartment of 800 m2 with private pool will cost 17 M €, though exceptions flirt with the 90 M € level. Without aligning itself on prices posted by Cap Ferrat, this part of the coast, which attracts a majority of investors from Eastern Europe, Anglo-Saxons, Scandinavians and a few Asians, is getting dangerously close. The real obstacle is the shortage of properties for sale. Above the Lower Corniche, the less luxurious environment suffers from comparison with La Turbie.
“Beausoleil is the favourite town among people working in the Principality. Its residents rarely enjoy sea views or on-site parking facilities,” says Andrea Tarabousi of the agency Immobiltrend. The square metre ranges from 4,000 to 6,000 €, and rises to 8,000 if accompanied by a terrace, a plunging sea view and a parking place. Prices, which owe their stability to the economic development displayed by the homeland of His Serene Highness Prince Albert II, never exceed those of Menton or Cap d'Ail, where prestige apartments can cost 12,000 €/m2. A new block of apartments above the Low Corniche will fetch 8,000-10,000 €/m2.
Menton prides itself on its gardens with Mediterranean species, its famous Lemon Festival, its old town centre, lively throughout the year, and its sandy beaches. Its “Belle Epoque” architecture competes with baroque, a magnificent legacy from seven centuries of history. “Italian vacationers, owners of more than 3,000 properties in the “Pearl of France”, so-called by geographer Elysée Reclus, mingle happily with the 29,200 locals,” says Andrea Tarabousi. On the seafront, they pay 9,000-10,000 €/m2 for a studio flat, a 1-or 2-bedroomed apartment. Similar prices operate in Garavan. Lying just before the border, it hosts a yacht harbour and delightful private beaches. North Europeans love this lush neighbourhood. One has to pay 8,000 €/m2 in Menton’s historic centre when the apartment boasts a terrace and a glimpse of the sea. 5,000 €/m2 is the minimum for comfortable appointments. Demand remains strong, but prices seem to be marking a pause in their ascent. All along this part of the Riviera coastline, Menton is, without doubt, the only place whose popular-ity is not linked, even in part, to the short distance that separates it from the Principality of Monaco.
By Laetitia Rossi
