The French Riviera
By Camilla McLaughlin

It is perhaps the most desired real estate in the world. When the rich come out to play, they come here. When Salvador Dali said, "There are some days when I think I'm going to die from an overdose of satisfaction," he may have been referring to the Riviera.

The appeal of this slip of land between the Alps and the Mediterranean isn't simply its well-earned pedigree as a celebrity mecca, yachting capital and playground for the wealthiest. Nor is it solely the beneficent climate, authentic lifestyle and return on investment. Rather, it is a quality Antony Bruni of Riviera Estates St. Tropez aptly describes: "It is a magic place where you can feel something unique: luxury, authenticity, peace and charm."

No place speaks to the soul quite like the Riviera and that makes it the ne plus ultra of luxury real estate. Geographically, the region is small. Some claim it runs from Italian coast to St. Tropez; others just from Monaco to Cannes. A few even contend it extends to Marseilles, says Jill Devriendt, director of Previews International, Coldwell Banker Europe.

Either way it is "a narrow band of highly desired real estate" scarcely more than 12 miles from the sea to the mountains as the crow flies, observes Phil Weiser, managing director of Carlton International, a brokerage based in the south of France. Strict environmental controls hold the rein on new development. In Cannes, France, for example, there are no condo towers except for a few 10-story buildings, relics of the 1960s and 70s. New airline routes, low-cost carriers and an international airport in Nice allow easy access. Even Moscow is only about three hours away.

Englishmen are credited with reinventing the region in the mid-19th century as a winter retreat for aristocrats, statesmen and industrial tycoons. Today, summer surpasses winter as a prime season and the appeal extends to monied buyers from all over the world, including Europe, Scandinavia, Ireland and America. "Truly international" is the way Paul Humphreys, who heads French operations for Knight Frank, a global brokerage headquartered in London, describes the demand for upscale real estate. Devriendt agrees: "The luxury market is becoming more and more global."

The British love affair with the region hasn't cooled either. The largest number of international buyers are still English. New minted Russian billionaires fancy the most exclusive and highest-priced locations. And a few brokers, such as Antoine Garcin, who heads the Mougins office for Emile Garcin, say they also see buyers coming from Japan and Asia.

French buyers also covet the south of France as a retirement destination. "There is a bit of open competition between the French and the rest of the world," Weiser notes. But he says such a strong French contingent gives the area "a continuous real feel." Still, Weiser credits international buyers with "putting the area on the map."

"Buoyant" is the way Weiser describes the current market, which, depending on the location and the property, is seeing appreciation from 4 to 10 percent. The threshold for luxury begins at approximately 1.5 million euros. Beyond that, says Devriendt, "the sky's the limit."

"People who come here know they will have to spend a lot to buy a part of the legend," adds Bruni, referring to St.Tropez. Weiser has several listings in excess of 150 million euros. Experts such as Devriendt say it is difficult to actually gauge the upper-end of the market because at the very highest price levels sellers are very discrete and don't permit those properties to be publicized.

Proximity to the water and to jet-set icons such as Cannes or St. Tropez add greatly to monetary value, but for buyers, the appeal of any one place really depends on individual priorities. Today, we're seeing "solid buyers who've made a decision to purchase in this part of the world. They are not in a hurry, they do research and they make sure they buy what they like." Humphreys says. "We have homes at the seaside, between the seaside and the hills and in the hills. But all those areas are desirable. All are sought-after locations." Weiser says.

Those who want complete privacy away from the hubbub might opt for a hilltop retreat where fields of lavender and rolling countryside evoke Provence. Dramatic views of valleys, hills and the distant sea present "a constantly changing painting," says Weiser. Combining privacy with a livelier ambiance and an authentic local lifestyle are countryside villages, such as Mougins and Valbonne, nestled in the hills overlooking the Mediterranean. Sophisticated buyers-"those in the know," says Devriendt-from Europe and America look here. Excellent restaurants, covered markets, cobblestone streets and ancient town centers create ambiance. "Buyers chose Ste. Maxime because it is still a typical village in the real Provence," says Huns Huygens, with Agence Bird in Ste. Maxime. Luxury properties here include hillside villas as well as private, gated communities.

The most expensive homes can be found in any number of seafront towns as well as hotspots such as Cannes, Monaco and St. Tropez. Most desired are traditional luxury enclaves on peninsulas such as Cap Ferrat. According to Knight Frank's "2007 Wealth Report," St. Jean Cap Ferrat has the highest prices among country or second-home destinations worldwide. Others in the top 10 include Cap d'Antibes, Valbonne and Cannes on the French Riviera and Portofino on the Italian Rivera. Properties might not be waterfront but they are all in "a prime position close to the sea" in ultra-exclusive areas, according to Weiser. By his count, only about 150 properties have direct access to the sea.

Whether the location is on the water or in the hills, many properties bring their own share of history. Bewitching gardens, new and old, appear ancient and timeless. And then there is the fabulous light, which Matisse described as "clear, crystalline, precise and limpid." Is there any wonder why the region is considered one of luxury's shining stars?

What You Can Expect
Sophisticated and authentic, Riviera properties are often rooted in history. Location and price might determine the amount of land and proximity to the sea, but a typical luxury property includes:
  • A good sized master bedroom with private bath and dressing room
  • Additional bedrooms and baths to accommodate several guests
  • A swimming pool, and often a pool house and a summer kitchen
  • Well manicured grounds and gardens planted with the essences of the Mediterranean such as palms, cypress, olive trees
  • Tennis court on or nearby the property
Don't expect air conditioning or kitchens outfitted with as many bells and whistles as those in America. Most homes are constructed with an eye toward protection from both heat and cold, and sea breezes keep summer heat at bay.


Italy's Mediterranean Magic
Whether or not Italy's western coastline is actually part of the Riviera may be debated, but no one contests that Italy has own share of towns and villages considered to be some of the region's most stellar destinations.

Most closely identified with the Italian Riviera is Portofino, also one of the Mediterranean's most beautiful ports. It is one of Italy's top second-home locations. Upscale home prices here are only slightly lower than those in Jean Cap Ferrat and Cape d Antibes.

At the westernmost tip of the region, Forte dei Marmi is the most desired Riviera location in Tuscany. Property values here are comparable to those in Portofino, and Forte dei Marmi also has a reputation as a location that sizzles.

Most sought after by Europe's glitterati and by Arabs is Sardinia, particularly the Costa Smeralda, the Emerald Coast, which has 55 kilometers of sandy beaches. Villas near the luxury hubs of Porto Cervo and Porto Rotundo are some of the most beautiful in the Mediterranean and are also likely to be priced above many on the French Riviera. The ultra exclusive Yacht Club of Costa Smeralda adds to the allure. Even though the area is generally very laid back, Porto Cervo also has a reputation as a location that sizzles. Porto Rotundo, located about 10 kilos south of Costa Smeralda, offers a more discrete lifestyle.

The French Riviera At A Glance
  • Places that Sizzle: Monaco, Monte Carlo, Cannes, St. Tropez
  • Crème de la Crème: Saint Jean Cap Ferrat, Villefranche sur Mer, Beaulieu, Cap Antibes
  • Low-Key Locales: Mougins, Ste. Maxime, Draguignan
  • Up-and-Coming: Roquefort Les Pins, Valbonne, Biot