Saint-Jean-Cap-Ferrat, a flagship address
Between the Nice Côte d’Azur international airport and the Principality of Monaco, this little paradise with lush vegetation is an investment offering both personal pleasure and a first-class long-term asset. Almost 700 acres of land lapped by the Mediterranean, among the most famous throughout the world…
Construction of the Grand Hôtel in 1908 marked the start of the saga of Cap Ferrat, a wooded peninsula now playing host to some 500 villas. Sublime scenery to the taste of aristocrats and crowned heads of the Old Europe. Picture-postcard landscapes which also drew celebrities from the worlds of art and the cinema. King Leopold II of Belgium took possession of the west side of the cape, while Baroness Ephrussi de Rothschild transformed the 17.5 acres she acquired above the deep blue sea into one of the most beautiful gardens on the Côte d’Azur. Matisse, Chagall, Chaplin, Piaf, Cocteau, Churchill, Belmondo, de Gaulle, Giscard d’Estaing, as well as Presidents Bush and Clinton from the land of Uncle Sam all played their part in the legend.
"Cap Ferrat is still a reference for a wealthy clientele in search of serenity and privacy amidst Aleppo pines, palm- and olive-trees, far removed from the bustle of the over-exposed Monaco and Saint-Tropez," says Gilles Téjédor of the John Taylor agency. Even so, acquisitions motivated by personal pleasure are affected by macro-economic movements on the international scene. And the property market, while still highly-prized, has suffered from successive repercussions from the crisis in Ukraine, the Russian embargo and Brexit. Nowadays, the majority of sales involve villas priced from to 3 to 10 million euros, a market fuelled by residents of Monaco looking for generous surface areas and gardens for weekends, but also Swiss, German, Lebanese, Italian, and some East and North European clients. A contemporary villa of 280 m2 in mint condition, in the upper part of the village, recently found a taker at 5.8 M €. A house of 200 m2 in the Grasseuil neighbourhood sold for 3 M €. On the second row on the east side of the cape, facing the Bay of Beaulieu and the Principality of Monaco, a property of 300 m2 in need of modernization changed hands at 10 M €. Russian and East European buyers, still present on Cap Ferrat, are biding their time, ready to extend their property portfolios in situ. Some outstanding transactions are concluded among connoisseurs in all confidentiality. Properties that are impeccably renovated, furnished, decorated and even equipped are usually the subject of less bargaining, finding new owners within 12 months.
Fans of apartments head for the village, prepared to spend from 12,000 to 25,000 € per sq.m. Choice is limited, and sales inevitably rarer, despite steady demand for 2 and 3-bedroomed apartments. A new development currently undergoing completion posts average prices of 20,000 € per sq.m. Quiet and highly sought-after, the Pointe Saint-Hospice offers a very low stock of avail-abilities. Boulevard Dominique-Durandy and Avenue Grasseuil, at the entrance to the cape, are attracting fresh interest : they offer a life-style of undeniable quality, a peaceful setting, sea views, and are within walking distance of Beaulieu-sur-Mer. The southern and western parts of Cap Ferrat host the most select properties, enjoying perfect sunny outlooks. On the other hand, the eastern side offers real diversity in terms of houses, which can still be found from 3 to 10 M €.
"The clientele for Cap Ferrat usually demonstrates a keen sense for business and long-term investment," says Jascha van der Vliet of Engel & Völkers. The famous peninsula undoubtedly posts one of the most expensive price-tags per sq.m on the Côte d’Azur, long stimulated by Russian buyers under the spell of this paradise on earth within easy reach of Monaco. Discerning buyers sometimes fall back on Villefranche, Beaulieu or the shoreline of Eze. In the high season, the population triples. Owners do not hesitate to rent out their properties from May to September, choosing the dates of their own stays depending on availabilities. In addition to covering expenses, this is a highly lucrative activity. An American buyer just acquired a villa of 215 m2 in need of modernization, close to the Grand Hôtel, for 7.5 M €. Optimistic about the future of Cap Ferrat, Jascha van der Vliet warmly recommends acquisitions at competitive prices, precisely due to inevitable restoration. Right now, the word is out about a villa of 600 m2 on the second row on the east side of the cape, facing Beaulieu and Monaco, offering ultra-modern renovation and said to be up for sale at around 40 M €.
"Luxury properties with large gardens and breathtaking views of the Mediterranean are always highly sought-after. Starting with the absolute musts, those right at the water's edge," say Indira Lausevic and Elena Tkachuk of Mark’s Real Estate, an agency covering the sector for the past two decades. Everything seems to be very positive, for both sales and rentals, despite a late start to the season due to the pre-election period. A 5-bedroomed house offering a sea view and refined appointments will rent for 60,000 € per month, while one can expect to pay 400,000 € per month for a property of 2,000 m2 with cutting-edge amenities, in a wooded park basking amidst blue skies and sea. Buyers appreciate this flagship address on the Côte d’Azur just 50 minutes from skiing resorts in the southern Alps, its beaches and protected natural setting, its architectural heritage, climate and vegetation, which also account for historic fondness on the part of East Europeans and Anglo-Saxons. Even more than a village atmosphere, there reigns here the ambiance of a club. Everyone knows each other, meets up and entertains. From one generation to the next, they write the fabulous, on-going tale of Saint-Jean-Cap-Ferrat.
