Eze, between Nice and Monaco

It’s hard to analyze Eze’s property market without taking into account the geographic particularity of this commune, home to 2,700 residents. It occupies a luxuriant but very steep territory climbing from the Mediterranean shore to the hills up above.

Eze is not one but several picture-postcard images, consisting of its medieval village and dizzy, plunging views of the Deep Blue Sea and the bay of Saint-Jean. Tourists love to stroll around the steep, narrow streets of Eze-Village. Exotic gardens have replaced the château ruins, and the Chemin de Nietzsche leads down to the sea. It’s said that the author took inspiration from the site when writing “Thus spake Zarathustra”. The reputation of this village between Nice and Monaco has travelled well beyond French borders. Bono and “The Edge” of the U2 band often express their fondness for the site.

“Eze is certainly not lacking in sales arguments,” says Marc Turrini of Nicolas Pisani & Associés Agence de la Gare. “It is close to Monaco and not far from the Nice Côte d’Azur international airport. Quiet and residential, it has more villas than blocks of apartments and offers stunning views of the Mediterranean. With its lush vegetation, it is less densely populated than its neighbours.” Eze is made up of several areas, starting with the coastal strip. Exceptions aside, an apartment at the water’s edge will cost from 10,000 to 12,000 € per sq. metre, though some select residences can soar to around 17,000 €. Villas of 150 to 200 m2 with gardens of 400 to 1,000 m2, offering pools and panoramic views of the azure-blue sea, range from 1 to 3 million euros. The seafront is more popular among foreigners, whereas locals head for the area between the Moyenne and Grande Corniches, looking for detached houses with budgets of 600,000-800,000 €. On the same level as the Grande Corniche, there is another so-called prestige sector posting the same prices as those down on the shore. More imposing, properties here have a lower price per sq. metre ratio.

“The market is shared out equally between main and second residences,” says Julien Guesdon of Signature Prestige Real Estate. Usually making their living in the worlds of finance or real-estate, people working in Monaco or Nice in high socio-professional categories appreciate the luxury residences with swimming pools, recently built just opposite the medieval village. The average price here is around 7,000-7,500 € per sq. metre, whereas a lovely apartment of 120 m2 (Carrez Law, i.e. with a ceiling height of at least 1.80 m), benefiting from a terrace, cellar and parking place in a residence facing the sea, will be worth 1 million euros. Fans of holiday homes, a cosmopolitan clientele from northern or eastern Europe, are prepared to pay from 2 to 6 million euros. The English fall for the charm of the very authentic village, while Russians insist on strict privacy, panoramic views and contemporary appointments. In this price-bracket, they all want to be close to Monaco and readily compare Eze with Cap d’Ail, Roquebrune-Cap-Martin, Villefranche-sur-Mer and Beaulieu-sur-Mer. A property’s intrinsic attributes and the specific characteristics of the various communes are then taken into account. In the context of today’s financial crunch, the property market is highly competitive. Buyers are determined to seize the best possible opportunity, and personal preferences never outweigh the notion of a safe investment.

Among the most recent sales orchestrated by the Agence Benedetti, Laurent Benedetti mentions two garden-level apartments in L’Etoile d’Eze, offering living space of 80 m2 with outdoor areas of 150 m2, sold for around 1 million euros. Built about 15 years ago, this gated residence is beautifully maintained. In a quiet setting near the motorway and cons­equently only 15 minutes from the airport, it prop­oses quality communal areas and a heated pool overlooking Cap Ferrat. It has 80 units and 50 owners, two of them year-round residents ; its generous surface areas draw the interest of a wealthy clientele ready to pay from 8,000 to 13,000 €/m2. Some of the private gardens boast their own pools, and all the top-floor apartments benefit from terraces and jacuzzis. In addition to substantial detached properties, Eze can also propose villas from 800,000 €, a price bringing living space of 120 m2 in need of renovation, sometimes with the possibility of extension or construction of a pool, on the seafront and enjoying a sea view, to 1.5 million euros, corresponding to this same type of home, but in perfect condition. Borrowing capacity for permanent residents has declined. On the other hand, buyers of second residences

often pay cash.