The penthouse on the French Riviera, dreams of grandeur
The specific nature of the penthouse is its combination of all the main criteria applied by affluent clients fond of urban living : a view, privacy, quietness, space, proximity and practicality. Focus on these rare properties suspended between sky and sea, at the heart of towns on the Riviera…
The penthouse is a top-floor apartment opening out to generous terraces or a landscaped area, ideally on the same floor, offering a 360° view of the surrounding urban scenery. The very first appeared in the Roaring ‘Twenties, when urban development of large cities took on a frenetic pace against a backcloth of economic growth. New York was the pioneer for these original configurations, starting with the roof of the Plaza Hotel in Manhattan, fitted out in 1923, facing the famous Central Park. American publisher Condé Nast wasted no time moving into his own penthouse on Park Avenue. Less than a century later, Monaco, Nice and Cannes have nothing to envy of the Big Apple.
Based in the Principality of Monaco, Christian-Alexander Rosengart of Rosengart Luxury Real Estate Monaco refers to a niche within a micro-market. While the world’s second smallest state after the Vatican occupies a tiny area of under 2 sq. kilometres, its property prices are, of course, colossal, varying from one street to the next depending on the residence, the property’s surface area, view and intrinsic qualities. Deprived of villas, Monaco, with the highest population density in the world, sees these highly-prized penthouses as its star reference, offering the ultimate luxury of overlooking other buildings, the Mediterranean and the Principality’s iconic sites. More than mere addresses, they are a symbol of prestige and a guarantee of security and the fine art of living. “A bubble of comfort and well-being, the penthouse in fact reigns supeme,” says Christian-Alexander Rosengart. “A cocoon of privacy and tranquillity, sought after by English, North and East European clients, all sharing the same enthusiasm.” He describes one example, on offer at 12 M €, with living space of 195 m2 and a terrace of 108 m2 with a hammam, jacuzzi, summer kitchen and relaxation area, on the 14th floor of a high-rise block in a Principality which continues to reach for the sky. Prices soar the higher one climbs. Penthouses are rare, so “terrace apartments” in residences such as the Monte-Carlo Star or Les Terrasses du Port are seen as alternatives, though they never attain the open-air surface areas offered by the first. For a “real penthouse”, one can expect to pay from 35,000 to 50,000 € per sqm. in the Principality, though some hover around 100,000 € per sqm. in the “Golden Square”, currently awaiting the extension of the Hôtel de Paris and a luxury residential property development on the site of the former Sporting d’Hiver.
Benjamin Mondou of Century 21 Lafage Transactions becomes very enthusiastic when talking about residences built in the 1970’s, 80’s and 90’s in Mont-Boron, the select neighbourhood at the eastern end of Nice, and Villefranche-sur-Mer, boasting one of the world’s loveliest bays, both offering beautifully appointed penthouses. Except for Le Blue Square, Beaulieu, which is the Riviera’s uncontested showcase of the “Belle Epoque”, has very few offerings. “Clients all appreciate extensive terraces in front of the lounge, with their open-air kitchens and relaxation areas,” says our specialist. “A pool or jacuzzi perfects the picture of this idyllic holiday home on the Côte d’Azur. Bliss without the constraints and costs of a real villa, a practical and equally appealing compromise.” The starting-price here is 12,000 € per sqm., though 20,000 € is not unusual, with the Maeterlinck residence pegged at 30,000 € per sqm. Russian, Scandinavian and British buyers target this niche market, undoubtedly with the lowest number of availabilities. Recently, a Norwegian client in his fifties treated himself to a penthouse of 70 m2 with a terrace of 100 m2 on Avenue Jean-Maurin in Mont-Boron, priced at 20,000 € per sqm. These very enviable properties can also be found down towards Coco Beach and near the Parc Vigier, both in Nice.
“Highly sought-after, the penthouse is not affected by the ups and downs of the international economy, tension within the marketplace or slumps in prices, precisely due to its rarity,” comments Paul Bernard of the John Taylor agency in Cannes. The Croisette and La Californie top the rankings here, folllowed by La Croix des Gardes and the residential part of Le Cannet. The final choice of potential buyers naturally depends on the location, but above all the specific qualities of these atypical properties and their views, often stunning when they encompass the bay of the Festival City and the Lérins Islands. On the Croisette, their prices range from 40,000 to 60,000 € per sqm., exceptions aside, attaining 30,000 € per sqm. in La Californie. Highly cosmopolitan, the clients are looking for holiday residences without the heavy burden linked, for example, to the maintenance of a garden. On the famous shoreline in Cannes, one penthouse of 145 m2 in very good condition, with the same surface area basking in the sun, recently sold for 5.5 M €.
