Real estate : the prestigious capes
The prestigious capes naturally appeal to a wealthy clientele.
“Beautiful isle with green myrtles, full of blooming flowers, venerated forever by all nations”… The words used by Ch. Baudelaire to describe Cap Ferrat also suit the region’s three other peninsulas.
Exclusive and magnificently landscaped, Cap Ferrat, Cap d’Antibes, Cap Martin and Cap d’Ail appeal to a wealthy clientele. In terms of prices, Cap Ferrat takes pole position. “It’s hard to talk about market logic,” agrees Mark Abboud of the estate agency Marks’. One just has to accept the fact that in this “to die for !” segment, some villas ignore all the rules and fall beneath the double yoke of rarity and exception. Apart from these unclassifiable properties, one can count on a range of 3,000,000 to 12,000,000 € for a property with view of the Med.
The asking price for a villa of 200 m2 in grounds of 1,500 m2 without sea view would be 2,000,000 €. Anything at the water’s edge will cost from 8,000,000 $. On average, properties offer living space ranging from 200 to 250 m2 and grounds of 1,500 to 4,000 m2. Fans of apartments will soon find that residences are few and far between. One can quote La Colline, La Ferme de May and its pool, or L’Amphore right at the edge of the sea. Expect to pay 8,000 $ per sq. metre without sea view, 10,000 to 15,000 € with…
The renown of Cap Ferrat was consecrated by the presence of Grand-Duke Nicholas II of Russia, Empress Eugenie, Elizabeth of Austria (Sissi), Queen Marie of Roumania and James Gordon Bennet, owner of the “New York Herald”… By actors, too, such as Charlie Chaplin and David Niven. But it was probably King Leopold II of Belgium who left the most notable architectural imprint behind him. In the early 20th century, he acquired the entire west side of the cape, planted exotic trees, gave the villa “Radiana” to his mistress and moved into an estate he called “Les Cèdres”. Other large properties include the “Villa Sylvia”, later renamed “Baïa dei Fiori”, owned by the Pasha of Egypt then a Greek shipbuilder, and the “Villa Ile de France” which became the Ephrussi Museum as per the wishes of Béatrice de Rothschild. One can divulge these snippets of information because they’re part of Riviera history. Otherwise, no indiscretions are admitted on Cap Ferrat : the client’s privacy is sacred. Devoted almost entirely to holiday homes, this cape attracts the English, Irish and, more recently, the Russians. The authorities have met their demands without neglecting those of the locals. All the infrastructures are thus on hand. One strong factor is security. An effective municipal police, a camera on the Saint-Jean bridge and more video-surveillance make Cap Ferrat one of the region’s safest prestige sectors.
On Cap d’Antibes, prices start at around 1 million euros. “Expect to pay 2 million with sea view,” adds Bernard Coucy of the agency International du Cap d’Antibes. With “panoramic” view and living space of 200 m2, the price will attain 3 to 4 million. Cap d’Antibes partly owes its beauty to town-planning regulations. This is a zone limited to properties of 1,500 m2 minimum - some hope it will rise to 5,000 m2 - with a building co-efficient of 0.10 %. Only one construction (including annexes) on a plot of land is allowed. And maximum height is 7 metres at the highest point of the roof. There’s also a rule guaranteeing observation of the entire shore from the lighthouse. 60 % of properties are holiday homes, the rest year-round residences. The fourteen most beautiful properties on Millionaires’ Bay include Château de la Croë, 2,000 m2 at the water’s edge in about 20 acres of grounds. Apartments are rare : in the middle range, the price per sq. metre with sea view is 4,000 to 5,000 €, from 6,000 to 8,000 € at the top end of the market. Projects currently under review post prices around 20,000 € per sq. metre. Building plots are very rare. For 1,500 m2 with a view, expect to pay 700,000 €. Finally, the old distinction between the east and west sides of the cape no longer applies.
“On Cap Martin, starting prices range from 2 to 3.5 million euros,” says Marie-France Dorlencourt of Azur Seaside Properties. They rise to 5 million for homes on private estates, known for their size and scarcity. Here, top-notch properties find buyers immediately. Apartments can be found from about 7,000 € per sq. metre. The “Résidence Elia”, “Réserve du Cap”, “Castel Fiorentino”, “Les Hespérides” and “Villa Salambo” are popular. Tranquillity and the proximity of Monaco provide the main sales argument.
The smaller Cap d’Ail is home to villas priced from 2 to 20 million euros. The lower part of the cape is more expensive, while flats cost the same as on Cap Martin. Sought-after apartment blocks include the “Résidence du Parc”, “L’Eden” and the small “Villa Laura” at the edge of the sea. Here again, very few building plots are available.
The capes attract North European, Anglo-Saxon and Russian clients from the world of business. Ever younger, they are motivated by personal enjoyment, while knowing that these are sound investments. From 1998 to 2005, prices have doubled, and even tripled on Cap d’Antibes. And they have risen by 50 % over the past 5 years on Cap d’Ail and Cap Martin.
Par Laetitia Rossi - Photos Edith Andreotta
