Villefranche-sur-Mer : a high quality investment
Home to almost 5,000 residents, Villefranche-sur-Mer offers one of the loveliest panoramic views in the Alpes-Maritimes. A real amphitheatre facing the Mediterranean, the town rises steeply from sea level to an altitude of 577 metres, unfurling picture-postcard scenery.
The wooded areas of Mont Boron, Mont Alban and Mont Vinaigrier separate Nice from Villefranche, whose port forms one of the deepest natural anchorage sites in the western Mediterranean. All year round, many cruise ships make it a port-of-call, though it leaves the top spot in the national rankings to Marseille. Languishing around a waterfront appreciated in the Age of Antiquity by both Greeks and Romans, Villefranche, built on tiered land admirably sheltered from the wind, is crossed by the three Corniches connecting the capital of the Côte d’Azur to the Principality of Monaco, about 10 kilometres apart. About 40 % of Villefranche’s accommodation consists of holiday homes, 25 % of detached houses versus 75 % of apartments. The seven historic monuments boasted by this town bordered by Beaulieu-sur-Mer and Saint-Jean-Cap-Ferrat include the Saint-Elme Citadel and Saint-Pierre Chapel, decorated in 1957 by Jean Cocteau. The Port de la Darse employs 150 people in its shipyard, yachting sector, oceanological, geo-scientific and biological research.
“Villefranche-sur-Mer appeals to many Scandinavian and British clients who fall for the charm of this colourful village, lively year-round,” says Benjamin Mondou of Century 21 Lafage Transactions. Many are looking for apartments with terraces and sea views, preferably in residences with pools, costing from 7,000 to 11,000 € per sqm. Ultra-contemporary villas of 300 m2 in grounds of 1,500 m2 surveying the Deep Blue Sea, priced from 4 to 8 million euros, also have their fans. Clients in search of holiday homes, currently forming the majority in estate-agencies, largely prefer turnkey properties to the perilous adventure consisting of renovation, which they willingly leave to the locals. Among his most recent sales, Benjamin Mondou mentions an apartment of 90 m2 with two suites and a double lounge, a sea view and garage, snapped up by an English buyer for 850,000 €, and a contemporary villa of 250 m2 in grounds of 1,200 m2, facing the Mediterranean and benefiting from a pool, priced at 4.2 M €. There is nevertheless one setback : the absence of “Belle Epoque” architecture, which sometimes means that Villefranche loses a few buyers to Mont-Boron or Beaulieu-sur-Mer.
“Financial year 2014 was marked by the return of North Europeans, headed by the English, benefiting from an improved exchange rate,” explains Chuck McKee of Haussmann International. This clientele is fond of Villefranche and sees its property market as being on a par with their expectations. The view is undoubtedly the N°1 criterion. “Almost entirely enclosed, this bay surrounded by wooded hills is a real living tableau. Buyers sacrifice flat grounds, aware that the site’s breathtaking panoramic views depend on the steep relief. Then there is this authenticity, this village life, an art of living which they find typically Mediterranean. Their relationship with Villefranche is one of affection ; it inspires real emotion among these francophiles.” Two markets co-exist here. One with everything within walking distance, particularly prized by the Brits, the other consisting of residences and villas slightly set back from the hustle and bustle. The only fly in the ointment is the out-dated nature of the buildings. While apartments offer generous living space, outdoor areas and stunning views, the residences are cruelly lacking in charm. The private guarded estate of Le Castellet constitutes a micro-market, counting on its security and exclusiveness, with sales recorded up to 20 M €.
Michael Fusaro of Nice Properties confirms the growing scarcity of the Russian-speaking clientele which began in the first quarter of 2014, though he notes East Europeans are now again making timid enquiries, convinced of the quality of an investment here. “The top end of Villefranche’s market has inevitably suffered. On the positive side of the coin, we are seeing more awareness on the part of sellers, now inclined to consider sensible offers.” On the other hand, the middle of the range - ie. a pied-à-terre priced up to 2 M € - is doing well. Particularly apartments from 500,000 to 1 M €, based on average at 7,000-8,000 € per sqm. Villefranche is especially attractive to a clientele living in Monaco, looking for space, a touch of natural greenery and a quiet atmosphere. Among recent transactions orchestrated by Nice Properties, Michael Fusaro describes a villa of 170 m2 with a garden of 700 m2, benefiting from a garage and an enchanting, plunging view of the bay, which sold for 1,450,000 €.
