Menton, “Pearl of France”

On the shores of the Mediterranean, Menton is the last town in France before the Italian border, enabling it to attract buyers from Italy, though from elsewhere too. The town is also popular among people employed in Monaco, wanting to live in a less expensive place close to their work.

Menton is a small, lively town which appeals to buyers for its wonderful setting on the Mediterranean and its proximity to the Italian border and the Principality of Monaco. Sébastien Kokot, manager of K&G International Properties, says that the local clientele is very diverse : “Menton has retained its image as the “Pearl of France”, and has lots of shops and well-developed infrastructures making it easily accessible. Our agency mostly focuses on mid-range properties, priced from 500,000 to 2 million euros. Our clients include retirees wanting to enjoy our lovely weather, people working in Monaco but living in Menton, and Monégasques looking for second residences. We also have foreign buyers, though their activity tends to fluctuate depending on economic factors. Recently, we have above all seen Scandinavian clients in search of holiday homes in Menton.” Some areas in the town are more highly-prized than others, like the residential neighbourhood of Garavan. Here, the agency is currently proposing an apartment of 128 m2 on the seafront, priced at 1,150,000 €. On the top floor of a select residence, this through apartment offers a panoramic view of the sea and harbour, and is completed by a cellar and garage.

While the seafront area in Menton posts very high prices, this is not the case elsewhere. According to Alberto Guglielmi, director of the Agence Giotto, the price range within this area is rather wide : “At the exit from the motorway, the average price is 3,500 € per sq. metre, whereas on the seafront, in residential neighbourhoods, you can expect to pay around 8,500 € per sqm. Over the past few years, we have noticed a new trend in acquisitions made by people working in Monaco. They previously focused on smaller and above all “functional” properties, set back from the coast, but they are now setting their sights on more expensive seafront properties. This is probably due to low mortgage rates.” One such example is a new through apartment facing the sea. With living space of 75 m2 and a terrace of 6 m2, it is in a luxury residence with a pool, and is up for sale at 530,000 €. With 20 years of experience in Menton, the Agence Giotto has been able to follow the evolution of this market, pretty much for the privileged few : “The town is well-maintained, and its geographical position guarantees lots of people passing through. Apart from acquisitions made between 2005 and 2008, one can still talk about capital gains when properties are re-sold, which is a very good sign. The local market is also popular among investors looking for seasonal or year-round rental opportunities”.

The region’s popularity extends to communes other than Menton. In Sospel, Cathy Clermont, who runs the Agence de la Cathédrale, explains that in this area clients are looking for places to live which are closer to nature. “Buyers interested in the area around Sospel are in search of lots of space and natural greenery. They are also drawn by the commune’s undulating countryside with a river in the middle, and the charm of the Baroque church. The property market is mainly comprised of traditional old homes, with houses built of stone in the old village.” The clientele for Sospel is pretty much the same as in Menton, though budgets are very different : “Here, local buyers usually aim for properties under 200,000 € : one studio of 35 m2 in the centre offers a sweeping view of the surrounding area and, at 77,000 €, is an ideal pied-à-terre or rental investment. The rest of the market, over and beyond 200,000 €, mainly concerns foreigners and people employed in Monaco. Many of our clients are looking here for year-round homes”.