Florent Baumer, Diagonal (04 93 35 54 07). Fabrizio Gibelli, Immobiltrend (04 93 28 07 00). Stéphan Antonucci, Sud Rivages (04 92 10 13 00).
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Bordering Italy
The holiday home and main residence segments coexist.
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The view over Cap Martin from this 260-m2 Provencal house is breathtaking.
2.650.000 €. Immobiltrend
(04 93 28 07 00).
In a fully enclosed complex in Menton Garavan, duplex apartment-villa (3 bedrooms and as many bathrooms) opening onto a 200-m2 terrace, a garden and a private pool.
2,2 M €. Sud Rivages (04 92 10 13 00).
This 200-m2 villa is in the very residential “Hameau de Roquebrune-Cap-Martin”.
2,8 M €. Sud Rivages (04 92 10 13 00).
One-bedroom apartment of 56 m2 on the Plateau du Cap. 450.000 €. Diagonal (04 93 35 54 07).
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M & A : What are the main districts in Menton and Roquebrune-Cap-Martin ?
Stéphan Antonucci : The area - from Menton to Roquebrune for apartments and from Menton to Cap d’Ail for villas -, has an unusual variety of prices. There are few places in Europe where, within a 3 km2-radius, you can find a studio in an ordinary building in a working-class district for 100,000 € and a villa in the heart of a private estate for several tens of million Euros. The market is therefore condensed geographically speaking and wide-ranging as regards property types, standards of quality and targeted buyer profiles. Two segments em-erge : one for local working people and the other for second homes. Recent and up-market buildings on the seafront in Menton, at more than 10,000 €/m2, are rarely bought as main residences, not only due to the prices, but also to the layout, perfect for holidays, but not suited to the needs of families with children. The area’s popularity with foreigners has dictated the features of developments that have been springing up over the past ten years. Units in all the complexes located up to 500 m of the Mediterranean Sea are small.
Florent Baumer : While you won’t find any “sensitive areas” in Roquebrune-Cap-Martin, Cap Martin unquestionably remains the most sought-after area. The entrance to it, called “Le Plateau du Cap”, is home to apartment blocks. At the tip, one finds villas, some of which are in the private estate. The district offers all the advantages wealthy buyers are looking for : secured buildings, most with pool and tennis court, magnificent sea views, quiet areas near shops, beaches and the “Parc des Oliviers”. Apartment sales range between 7,000 and 9,000 €, or even 10,000 €/m2 on the top floor. As for villas, you won’t find many properties below 2 million Euros. “Le Hameau” is also an attractive area overlooking Cap Martin and enjoying magnificent panoramic views. It mainly comprises villas, with plots of land of 1,500 and 2,500 m2. A 200-/ 250-m2 house fetches between 1.2 and 1.8 million Euros. A step away from the sea, Carnolès is more affordable. Like any town centre, shops make it a lively district. The area may be noisier but offers flat land and all facilities are within walking distance. A square metre ranges between 4,000 and 5,000 €.
How much have prices risen and what do you foresee ?
Fabrizio Gibelli : The increase has definitely been less dramatic over the last two years than the rise we saw four or five years ago, but it has not come to an end. Prices of main homes are currently thought to be stabilizing, whereas prices of second homes may still increase.
S. Antonucci : The rise is much higher on luxury properties. Location, aspect, sea view and fittings are all key criteria.
F. Baumer : Between 2000 and 2005, prices simply doubled, and reached record levels. Since 2005, the annual increase has been 10-/ 15 %. A local daily newspaper even talks of an 18 % increase in 2006.
Would you say this is currently a buoyant market ?
F. Baumer : If prices continue to increase, it means that the market is active. However, some things have changed. You can no longer count on a 25 % annual increase, so property must be bought at the right price. Negotiations are fierce and properties with a major drawback are more difficult to sell. However, if correctly priced and problem free, they sell in less than three months.
Is there a typical buyer profile ?
F. Gibelli : Buyers are mainly middle-aged and Italian. They want a holiday pied-à-terre and a good investment. Local working people are keen on a certain quality of life, and want 2 or 3 bedrooms.
S. Antonucci : Depending on their budget, the locals look for apartments that can accommodate a family or for local houses and villas in the surrounding hills. Allow at least 280,000 € for a 2-bedroom unit in a valley. Local buyers rarely have more than 1.3 M € to spend, which purchases a villa. As regards second homes, buyers seek properties ranging from a pied-à-terre of twenty-or-so square metres to a superb master dwelling in a very residential area. English, Scandinavian and Russians have been looking for upmarket properties in the past three years.
F. Baumer : Working locals want space and tend to head for Carnolès, choosing to overlook the very expensive complexes with sea view and pool. To foreigners, quality is the main criterion over living space.
Is it still possible to speculate and to what extent ?
F. Baumer : Although they are very rare, some transactions remain profitable, like buying land and properties for renovation or division. As foreigners are reluctant to renovate, turnkey properties are very dear.
F. Gibelli : The only areas in Menton where it is still possible to speculate slightly are the valleys and the centre.
What main new developments are under construction ?
F. Gibelli : The “Royal Plaza” in the centre and the “Palais Ligure” in the valleys, a complex designed to accommodate main residences.
A word about your most recent transactions ?
F. Gibelli : A studio for 140,000 € and a villa for 6 M €.
F. Baumer : A 250-m2 villa for renovation with pool and sea view in Cap Martin, for 1.5 M €. A 96-m2 apartment with three bedrooms on the top floor for 1,045,000 €. A 74-m2 apartment with two bedrooms in Menton for 317,000 €.
Interview by Laetitia Rossi
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