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Dres seD to

By Rachel Johnston

Make money in the city, spend it by the sea – France’s glamorous and exclusive Côte d’Azur is perfect for househunters seeking a place to splurge, and with the Cannes Film Festival just around the corner, now is the ideal time to find a property gem

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CAP De NICe A sea-facing two-bedroom apartment of 158m2 in the

majestic Palais Maeterlinck, currently undergoing

transformation into 18 state-of-the-art residences

sothebysrealty.com

€4.5m

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here’s no time like the present to think about the French Riviera. In a few short weeks, the eyes of the world will be on this sparkling stretch of coastline as a flurry of actors and cinematographers grace the red carpet at Cannes’ internationally renowned Film Festival. But it’s not only for 12 days in May that the Côte d’Azur is dressed to impress. Beyond the Givenchy gowns and glittering trophies of this particular social occasion, this stretch of the Mediterranean sparkles year-round. From St Tropez in the west as far as the Italian border, it was one of the first modern holiday resorts favoured by British and European royalty and today it is one of the world’s most exclusive destinations for second-home ownership.

One of the Riviera’s prime attractions is its flawless blend of the accoutrements of city living with an empha-sis on seaside leisure and recreation. Along just 140km of coast there are 38 Michelin-starred restaurants, 15 casinos and more high-end retail than your time could sufficiently satisfy. Team these with the 200-odd beaches and 300 annual days of sunshine, and you have a winning formula. ‘The Riviera has something that nobody needs, but that everybody wants – we are

a ‘nice to have’ kind of market,’ comments Alex Balkin, executive director of the Riviera and French Alps for Savills. And a home here certainly is nice to have.

According to Knight Frank’s Wealth Report for 2016, last year witnessed an upturn in sales activity on the Riviera – a pattern corroborated by Tim Swannie, director of prime estate agency Home Hunts, who confirms that enquiries into luxury property in the area saw a 60% rise in 2015 compared with the year before. It will come as no surprise that availability of land on the Riviera is highly restricted, wedged as it is between sea and mountains, and there are strict planning laws to preserve the area’s unique charac-ter. As a consequence prices are high – and a resale market prevails, though new developments spring up often to rejuvenate existing buildings, such as Palais Maeterlinck on Cap de Nice.

‘Clients buy properties here predominantly as holiday homes, but many become so enchanted with the area and find they can run their business by doing round trips to London, that they move full-time,’ explains Alex. Indeed, the area is also home to eight conven-tion centres – providing 114 meeting rooms – and the

mougINs A period bastide refurbished by architect Robert Dallas, 8km from Cannes with six bedrooms, wine cellar, saltwater pool and sea viewssavills.com

€12m

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CAP D’ANtIBes A recently renovated villa with five bedrooms, pool and two-bedroom guest pavilion on the exclusive Cap d’Antibes, close to the beach and Eden Roc Hotelsothebysrealty.com

€10m

st troPeZ A colonial-style villa with six bedrooms in the sought-after gated domaine of Les Parcs de St Tropez, located on a promontory east of the town with views of Château Borellileggettfrance.com

€8m

largest science and technology park in Europe, Sophia Antipolis, shirking any potential label as the spoilt brat of France. What’s more, regular international flights from Nice airport and train connections from both London and Paris make flitting between weekday work and weekend play a breeze.

Savills reports show that although the market has adjusted significantly since the financial crisis of 2008 and sales in the second-tier category have slowed, prime (€3-5m) and super-prime (€10m+) properties remain in high demand. Luxury property on the Riviera gener-ally falls into three categories: waterfront villas with gardens and pools; resort-centre apartments, often with panoramic views; and bastides or farmhouse-style houses a short distance inland. Sales are mostly focused on the coast, with the major concentration between Cannes and Monaco.

Ports such as Villefranche, St-Jean-Cap-Ferrat and Beaulieu are achingly beautiful, while Antibes is espe-cially popular with yachters – Port Vauban has over 2,000 moorings. Cap d’Antibes, a lush green paradise extending 6km into the Mediterranean, is the town’s own billionaire-studded peninsula, where Roman

Abramovich now lays claim to Château de la Croë, former home of the Duke and Duchess of Windsor.

The market in the larger cities of Nice and Cannes is somewhat more diverse, with everything from modest studio apartments to palatial palm-fringed residences. ‘Cannes is more affordable now than in the past, with great apartments in the centre of town starting at under €500,000,’ comments Tim Clark of Leggett Immobilier. The same is true of Nice, but serious buyers look to the town’s sweeping waterfront boulevards, where a sea-view pad costs well into the millions. St Tropez to the west, in the department of Var, continues to command the highest prices on the Riviera, representing the most sales with Savills in 2015 – while Monaco, the second smallest independent state in the world, has a market all of its own. ‘Monaco’s high prices have to be seen in the context of the advantages that come with living there – for example the tax benefits and personal security,’ explains Alex Balkin. ‘The Monaco market is very strong, but many residents are keen on having a weekend retreat elsewhere on the Riviera, where there is comparatively more space.’

If it’s this space you’re after, consider opting for a

PrIme NumBersHotspot population

& percentage of second homes

Nice: 344,000 – 13%Cannes: 72,600 – 40%Antibes: 75,200 – 31%

St-Jean-Cap- Ferrat: 2,085 – 54%

Mougins: 18,500 – 18%St-Tropez: 4,500 – 62%

(Source: Savills World Research, INSEE)

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property inland, where you can enjoy the slower pace of French village life but remain close to the coastal action. ‘We often see clients initially looking for property at the water’s edge who end up buying up in the hills, from where you have the advantage of stunning views and super value,’ observes Tim Clark. And for the ‘traditional’ clientele fond of winding country roads, olive groves, hand-hewn stones and roof beams, towns such as Grasse, Mougins and Valbonne are ideal choices. With new train connec-tions to Cannes and a dual carriageway extension planned, this area is considered an up-and-coming location for a property purchase.

Sarah Francis, director of estate agency Sifex, notes that her agents in Alpes-Maritimes also highlight the increasing trend for buying inland. ‘Buyers are begin-ning to show that they are more in search of peace and quiet than a sea view,’ she says. ‘Additionally, buying inland means they are more likely to be able to guarantee privacy by buying sufficient acreage to remain secluded, while still being within 20 minutes’ drive of Nice airport.’

Buyer profiles on the Riviera have shifted over the last few years, with British and American investors overtaking the Russians, due in part to the strength of the pound and dollar. There is also strong rep-resentation here from Scandinavia and the Middle East – and with modern wealth appearing to get younger, coupled with the area’s excellent interna-tional schools, the Riviera has become increasingly popular with families as well as individuals. Those

looking for an investment opportunity regularly turn to the Riviera and its 11-million-strong tourist industry; Cannes has a particularly buoyant rental market thanks to its festivals and conferences, and short-term lettings here are in high demand.

But if touching down on the tarmac in Nice means leaving business entirely behind, the hardest decision you will face will be where to enjoy your bouillabaisse as sunset gives way to twinkling lights and the scent of mimosa wafts on the breeze. Givenchy gown optional.

royAl retreAt: The area became popular in the 18th and 19th centuries as a winter retreat for European royalty

CeleBrIty hotsPot: It was initially popularised by Brigitte Bardot, Sophia Loren and the stars of films such as To Catch a Thief, and today plays host to famous faces from around the world

gloBAlly CoNNeCteD: Nice-Côte d’Azur Airport serves the whole coastline and is France’s second

busiest airport, serving over 150 destinations, as well as Europe’s third busiest airport for private jet traffic

suPeryACht DestINAtIoN: The Riviera hosts 50% of the world’s superyacht fleet each year and 90% of all superyachts are believed to have visited the region at least once

Arts AND meDIA: The area is renowned for the Cannes Film Festival, founded in 1946 and held

at the Palais des Festivals et des Congrès

sCIeNCe mAD: Located near Valbonne is the world-famous Sophia Antipolis, Europe’s largest technology and science park, and linked to the University of Nice

CulturAl herItAge: Many great artists have stayed or painted on the Riviera, including Chagall, Matisse, Monet, Picasso and Renoir(Source: Savills World Research)

Why buy on the French Riviera?

abovegrAsse The former home of American artist Mary Cassatt, set in an elevated position in the St-Mathieu quarter overlooking the Bay of Cannesleggettfrance.com

€2.49m

‘For the ‘traditional’ clientele fond of winding country roads, olive groves, hand-hewn stones and roof beams, towns such as Grasse, Mougins and Valbonne are ideal choices’