Press Les Echos : Côte d'Azur luxury real estate market - Analysis of prices and buying trends

Despite already very high values, will villa prices in Saint-Jean-Cap-Ferrat, Cap d'Antibes, Cannes and Saint-Tropez continue to rise? Who are the buyers of these high-end properties? We explore this exclusive market through interviews with Peter Illovsky, President of Côte d'Azur Sotheby's International Realty and some of our Côte d'Azur colleagues in Les Echos.

The evolution of the market since the pandemic

After two years of soaring prices following the pandemic, the luxury real estate market on the Mediterranean coast - where prestige properties abound - is catching its breath and prices for high-end properties are stabilizing.

While today the supply of luxury properties is less abundant, it is gradually being replenished, while demand is declining due to rising interest rates and economic uncertainties.

Financing issues

The market for properties worth between €3 and €5 million, for which buyers generally use bank financing, is thus experiencing a quieter period. The market is also tightening up for higher budgets, and sales volumes are declining, as buyers remain cautious, negotiating longer, and exchanges do not always result in a transaction.

There is also the problem of some owners who, still steeped in the upward price trend of a year ago, are asking excessive prices. As a result, a property listed above the market price will have difficulty finding a buyer.

A market that remains attractive

However, as Peter Illovsky points out, the iconic and legendary Côte d'Azur continues to attract a wealthy clientele from all over the world.

Europeans (Scandinavians, Swiss, English, Dutch) and Middle Easterners are present on the market for properties in excess of 10 million euros. Americans, who benefit from a strong dollar, are also very active in large transactions.

This international clientele comes to the Côte d'Azur for its charm, authenticity and incomparable natural environment, and we are seeing an increase in demand for properties with character and beautiful views, despite the limited supply.

The four most exclusive areas on the Côte d'Azur are undeniably Saint-Jean-Cap-Ferrat, Cap d'Antibes, Cannes and Saint-Tropez. Prestigious towns with crystal-clear seashores, these "waterfront" properties are very much in demand, despite their very high prices.

Discover our selection of waterfront properties

Demand is also rising for top-floor apartments with terraces and sea views, particularly on the Croisette in Cannes, where prices can reach 70,000 euros per square meter.

Discover our selection of apartments in Cannes

The Côte d'Azur remains the place for all possibilities: whatever the architectural style you're looking for, there's sure to be a property to match. It also appears that buyer clients, often foreign, are increasingly looking for fully renovated properties, often for the sake of ease.

Real estate remains a safe-haven investment for many

Property dealers have clearly understood this demand for turnkey properties and are fully renovating properties, furnishing them with the help of decorators and offering top-of-the-range facilities and services comparable to those in palaces.

These high-end seaside properties are perceived as a safe haven that won't devalue, and find takers among buyers whose financial portfolios are already well established.

Seasonal rentals on the French Riviera

Seasonal rental of luxury properties on the French Riviera also remains a highly prized market. To spend a week in a luxury property with sea view and swimming pool at Cap d'Antibes or around Saint-Jean Cap Ferrat, you'll need to budget at least €15,000.

Discover our selection of properties for rent on the Côte d'Azur

These properties are in high demand from May to October, due to the many international events that make the Côte d'Azur so famous, such as the Cannes Film Festival, the Monaco Grand Prix and the Monaco Yacht Show.

As a member of the world's leading luxury real estate network, the Côte d'Azur Sotheby's International Realty group, with its five branches in Saint-Tropez, Cannes, Nice, Beaulieu-sur-Mer and Saint Jean-Cap-Ferrat, is the ideal partner for all your real estate projects.

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