Image via Sotheby’s
From Mansion Global: In Saint-Jean-Cap-Ferrat, a peninsula located in between Nice and Monaco on the French Riviera, the cost of luxury can be steep.
While home values in the Côte d’Azur are down 9.5% since their 2011 highs, residential prices in Cap Ferrat are among the highest in the region, according to a new report from real estate brokerage Savills.
Luxury homes in Cap Ferrat cost anywhere from 4 million euros to 200 million euros (about $4.4 million to $220 million), with the highest prices typically linked to seafront estates, said Alex Balkin, executive director of Savills’ French Riviera and French Alps offices. “Prices in Cap Ferrat have increased at least ten fold over the past 15 years,” he said.
The limited supply of luxury homes in the area contributes to its value. There are about 500 properties in Cap Ferrat, only a fraction of which will enter the market each year, according to Savills. The peninsula tends to attract affluent buyers seeking trophy properties and many have no intentions of selling. “Cap Ferrat has always been the most coveted area on the Côte d’Azur,” said Balkin.