In demand: Residential property on the Côte d’Azur!

In demand: Residential property on the Côte d’Azur!It isn’t called the azure coast for nothing: The Mediterranean sparkles in a wonderful turquoise under the azure blue sky – the interplay of colours on the French Riviera is a true feast for the eyes. The Côte d‘Azur stretches from Cassis to Menton along the Mediterranean, although there is no precise geographical definition. But then it doesn’t need it, as the surrounding area is just as beautiful. No wonder then that more and more people are looking for a long-term abode in the south of France – the demand for quality property is consistently high.

Absolutely top properties cost as much as 400 million euros

Residential properties in prime locations are fetching top prices along the entire Côte d’Azur. “Premium residences with sea views are being sold for far in excess of the average prices paid for an apartment or a house. The individual property and the specific location are always decisive factors,” said Beatrix Eikel, Sales Director at Engel & Völkers in Saint-Jean-Cap-Ferrat.

Absolutely top properties cost as much as 400 million euros

Villas on Saint-Jean-Cap-Ferrat, for example, change hands for an average of approx. 20 million euros. In exceptional cases however, estates are sold for anything up to 400 million euros. On Cap d’Ail, villas in very good locations currently cost between 8 and 15 million euros. In prime locations with direct access to the sea, villas can change hands for prices between 20 and 30 million euros. The highest prices per square metre, of up to 40,000 euros, are commanded for apartments on the Boulevard de la Croisette. In the occasional instances when a property fulfils all the criteria perfectly from location through to fittings, price highs of as much as 70,000 euros per square metre can even be reached. Villas at very good addresses in Cannes are worth up to 40 million euros. 

International buyers bring stability to the market

“The majority of interested buyers preside over such high equity capital that properties in the top segment usually change owners without any financing involved,” said Eva de Souza, Sales Director at Engel & Völkers in Cannes. These buyers are increasingly looking at the prospect of acquiring holiday properties and second homes as a crisis-proof pension provision and capital investment, especially those in the very best locations. Consequently, the premium market on the French Riviera remains practically immune from the developments of individual national economies. British and Eastern European investors constitute the largest buyer groups throughout the region of Saint-Jean-Cap-Ferrat and Cap d’Ail. The number of client enquiries from Germany, Switzerland and Scandinavia is increasing however. In Cannes, buyers from China, India and the Gulf states are also dominating the market for second homes.

Posted in Properties.