Clients are scrambling to buy exceptional properties. Despite a certain wait-and-see attitude noticed by real estate professionals that explain this phenomenon due to the upcoming presidential elections and the overevaluation of certain properties by their owners, the top-of-the-range segment of the Côte d’Azur market can still be considered to be very active. The break-through of Irish, northern European and ex-USSR customers, is noticed by all. An increase in larger surfaces sought: the outburst of the number of airlines connecting Nice to the major european capital cities and a broader use of Internet have overwhelmed daily habits and length of stays are getting longer. The quality of services are becoming more important during the purchasing process. Even if the location is still so important, especially for Russian and Italian prospects, who love homes by the water.

Monaco, a market in full metamorphosis

“For the last 6 or 7 years, the Monaco market has been taking a new turn”. Lucien Mostacci, owner of Park Agence in Monaco is confirming this change: “More people buy to live in Monaco. It transformed the market. People wanted larger units. The typical condominium has 4 rooms for about 200 m2 with a terrace. In Fontvieille, recent high-standard buildings, like “Les Terrasses du Port”, sell them for 6 millions euros”. 30,000 euros/square meter. In the renowned “Carré d’Or”, such surfaces are rare and finishing touches have been neglected. The most expensive condominiums at the “Mirabeau”, “Monte Carlo Star”, “Park Palace”, “Floralies” and “Sun Tower” are reaching 40,000 euros/square meter. On the “Boulevard de Suisse”, the “Villa de Rome” and the “Villa Hermosa” have a view on the harbour and are being sold 45,000 euros/square meter. “In 2000, you could get an beautiful piece of property for 15,000 euros/square meter. In 2007, bargain on 40,000 euros”, Lucien Mostacci also acknowledges that for buyers (40% British, 20% northern Europeans, 20% Italians, 20% Russians and the rest of the world), security has become the most important criteria in Monaco, ahead of fiscal concerns and cultural expansion. Observing those changes, he wonders if the Monaco market isn’t going to become “an exclusive market to evade crises”.

A golden triangle: Beaulieu-Cap Ferrat - Villefranche

Christian Bovis, agency owner in Beaulieu-sur-Mer, has acquired a long family experience over a century old in the area. He describes a market now stable after the “3 glorious years of 2001, 2002 and 2003”. “Prices became absurd. Today, prices are still spectacular but more easily negotiable”, confirms the professional. As he reported, one can buy a villa in Beaulieu with 2000 m2 of land, 200 to 250 m2 of living surface, with a pool and a view on the sea at a starting price of 2.5 / 3 millions euros. In Saint-Jean-Cap-Ferrat, prices have no limit and are clearly above the ones from Cap d’Ail and Cap d’Antibes. For example, a piece of property of 6 buildings on 15,000 m2 is for sale for 45 millions euros. “Transactions made in 2006 in the luxury segment average 15 to 25 millions euros”, according to Christian Bovis who also recalls that the more sought properties are the ones right on the water”. They can be found in areas such as Little Africa in Beaulieu and the end of the Cap Ferrat.

Cannes, heights on the Croisette

Buyers are mainly Anglo-Saxons. “Russians are gradually settling and Czechs, Polish, Bulgarian and Ukrainians appeared last year”, says Philippe Chassaing, in charge of the Cannes- Mougins-Saint-Tropez district for Burger Sotheby’s International Realty. Cannes has every assets to attract such a diversified market. English and Irish, fond of properties with character, are logically going for heights. The “Californie” and “Super-Cannes” areas give an amazing view of the bay of Cannes. Buyers have the choice between guarded properties, with square meters ranging between 4,000 and 10,000 euros for the most prestigious properties, and villas generally appraised between 3 and 10 millions euros depending on the exposure and the view. In “Super-Cannes”, prices start at 2 millions euros. Note the popularity of the “Hauts de Cannes”, a gated community with approximately thirty homes with an average surface of 200 m2 on a 1,500 m2 lot. Average selling price: 2 to 3 millions euros. For the glamour of the address and the closeness of the beaches, certain choose the Croisette and its high standard condominiums. Get ready to pay an average of 8,000 to 15,000 euros/square meter.

Saint-Tropez, a living myth

The village from the Var, authentic and festive, has no equivalent. “Saint- Tropez, the clientele is often younger and more casual than the one from Cannes. The French are still going there, they like the site and the image represented. Among this clientele, there are several “wealthy French in exile”, explains Philippe Chassaing from Burger Sotheby’s International Realty. “In this strong market, the French are after the best value for their money while controlling foreigners favour the location”, observes the realtor and confirms that the price increase is more noticeable on the peninsula than in the Cannes area. Prices have gone up 60% since the currency change to euros. This does not scare Belgians, leaders among buyers. “The Var craze is such that the high-budget demand is very important. It is also explained by the fact that “mayors” knew how to protect their coastline”, emphasises Philippe Chassaing. At the moment, there are still a few possibilities to build on the district of Ramatuelle but the new (PLU), Local Urban Plan, lowered the land prices. The closer you get to the beaches, the higher the prices are. A view on the sea increases the price by at least 30%. The prestigious villas of Canoubier and Salin, located between the center of town and the seashore, have a price tag between 5 and 20 millions euros. In the same area, the gated community “Les Parcs de Saint- Tropez” are selling like hot cakes. Northern European love this concept, proof of security.