The prestigious property markets of Villefranche and Beaulieu-sur-Mer

Admirably located between Nice and Monaco, Villefranche and Beaulieu-sur-Mer have been privileged holiday destinations on the Riviera since the 19th century. Forming, with Saint-Jean-Cap-Ferrat, the famous “Golden Triangle”, they propose property markets for an elite.

Nestling in one of the Mediterranean’s deepest bays, Villefranche-sur-Mer (with about 5,500 residents) spreads upwards on lush hillsides that slope steeply down to the sea, thus offering stunning panoramic views of the coast. Its natural anchorage site sheltered from the wind also makes it one of the busiest cruise destinations in France. A coveted address for two whole centuries among well-off clients, especially foreign (historically English and Russian), in search of charming and prestigious homes. Just like its neighbour, Beaulieu-sur-Mer (poulation approx. 3,800), a seaside resort bearing the stamp of the “Belle Epoque” (the former Hôtel Bristol, Rotonde, Villa Kérylos, Palais des Anglais…), with charming sandy beaches, a yacht harbour with 800 berths, and a casino.

“Benefiting from a full array of amenities (shops, doctors, public transport…), Beaulieu is livelier on a year-round basis than Villefranche. Though both of these communes enjoying a delightful life-style propose high-quality markets that are relatively similar,” explains Jessica Bovis, manageress of the Agence Générale Bovis, a family enterprise founded in Beaulieu in 1895, covering the area from Mont Boron (Nice) to the border with Monaco. “You can find apartments ranging from 135,000 € to over 800,000 €, villas from 1 million euros - very rarely below that figure. Despite demand, there are not many houses for sale in the centre. On the other hand, there are regular offerings on the highly-prized Boulevard Edouard-VII, where prices can exceed 4 million euros.” This part of Beaulieu dominated by houses and offering magnificent views of the sea is apparently “rising in value”. The economic climate and new regulations have, however, led to an overall rebalancing of prices : “In 2014, we observed a decline of 8 to 10 %. And the clientele has changed : previously comprised of foreigners to the tune of about 60 %, it now shows a clear majority of French buyers. The reason : tax regulations and events in Ukraine combined with devaluation of the rouble, which have led to virtual desertion on the part of the Russians. Fortunately, Scandinavian clients are still excellent investors”.

The market is thus favourable for buyers, as confirmed by Benjamin Mondou, General Director of Century 21 Lafage Transactions, an agency founded in 1980 with five branches in Nice, Villefranche-sur-Mer and Beaulieu-sur-Mer : “Sellers simply have to adjust their prices if they really want to sell”. In Villefranche, he mainly receives enquiries from foreigners - English, Scandinavian and a few Russians - for 1- or 2-bedroomed apartments with terraces, sea views and parking facilities (a garage or parking place), close to shops and the beach. “These pieds-à-terre are priced from 7,000 to 10,000 € per sq. metre, depending on the floor, view, condition, even the presence of a pool in the residence.” The same goes for Beaulieu, where “properties are, however, older - with many superb early 20th-century buildings. There are also more year-round homes here” . For example, a private mansion of 400 m2, renovated throughout, with a heated pool, hammam, gym, movie lounge and wine cellar is currently up for sale at 7.9 million euros. “We also recently sold a contemporary villa of 250 m2 in Villefranche, in grounds of 1,200 m2 with a pool and sea view, priced at 4.2 million euros, and an apartment of 90 m2 in perfect condition, with 3/4 main rooms, a view of the sea, a pool and garage, at 850,000 €.”

Specializing in the Golden Triangle and seasonal rentals, Frédérique Mathias and Véronique Deguilhem are associate manageresses of Azur Méditerranée, two agencies based for over 30 years in Villefranche-sur-Mer and Saint-Jean-Cap-Ferrat (taken over a year ago) : “In Villefranche, prices can vary considerably : apartments cost about 5,000 € per sqm. without a sea view. But they can also soar to 15,000 € per sqm. In Beaulieu, the price range is even wider : 8,000 to 20,000 € per sqm.” The most widely sought-after properties are 2-bedroomed apartments from 650,000 to 800,000 €, and villas from 3 to 4 M €. By way of example, a house of 250 m2 in grounds of 2,000 m2 in Villefranche recently found a taker at 4 M €. “In this period clearly propitious for bargaining, our role as advisors is particularly appreciated. It is up to us to pursue projects successfully and work towards perpetuating our clients’ assets.” Some wonderful opportunities are also up for grabs, such as a Provençal villa of 300 m2 (in need of a revamp) on the hills of Villefranche, with a garden of almost 1,500 m2, a pool and sea view, on offer at 1,785,000 €. “After falling slightly for three or four years, prices are beginning to stabilize,” say our agents. Their clientele is now mainly European : “Belgians and Swiss top the list, followed by the British and Italians, who are gradually making a comeback, and Americans, now motivated by the rise in the dollar”.