Eleven locations, each with different drivers of demand, but all are lifestyle leaders across the Riviera
The largest city on the Riviera, and the home of the region’s international airport, Nice has risen in global esteem in recent years. From the time of Queen Victoria, who holidayed in the region, to the modern day, Nice remains a key market for prime residential property along the Côte d’Azur. With international buyers in the prime market from across Europe, United States and Dubai, there is no one nationality which dominates the market.
Prices for prime property can range from €10,000 to €15,000 per square metre, with super prime prices exceeding €20,000 per square metre for the highest calibre properties. After the pandemic, there was a significant trend for houses to be preferred over flats in the city, as buyers are searching for space after the lockdown period. However, average prime prices have plateaued in recent years, growing just 0.1% since 2022. Mont Boron remains the most exclusive and expensive district of Nice, but the Carré d’Or, Promenade des Anglais, and Cimiez all retain their appeal for both French and international buyers.
Villefranche-sur-Mer was originally a fisherman’s village, and today the old village offers a top location for summer rentals and bustling Airbnb activity. Perched atop the hills are prime villas, each with spectacular sea views that epitomise the area’s appeal. Divided by perspective, properties overlooking the bay of Villefranche-sur-Mer and Saint-Jean-Cap-Ferrat command premium prices, well above those facing Nice or lacking a bay view.
This exclusivity and views come at a price, as Villefranche-sur-Mer outstrips neighbouring Nice in terms of cost. With average prime apartment prices ranging from €11,000 to €20,000 per square metre, and houses commanding anywhere from €14,000 to €33,000 per square metre, the town’s real estate market reflects its status as a prime residential destination. In some gated estates, prices can soar even higher, reaching upwards of €40,000 per square metre. In 2023, the area also saw impressive 18% year-on-year price growth and currently stands at 3.2% above pre-pandemic prices. This cost has not dented demand, however, as Villefranche-sur-Mer saw the largest investment over the past five years in 2023 at just under €93 million invested.
The community of Villefranche-sur-Mer is cosmopolitan, with a significant presence of foreign nationals who tend to Villefranche-sur-Mer sea views. However, it’s worth noting that approximately 80% of the market faces east, meaning only select areas benefit from evening sun, adding an additional element of exclusivity in its residential market.
The enclave of Saint-Jean-Cap-Ferrat is evolving, though it still remains a market defined by discretion. The market’s nationality mix is diversifying, with buyers from across Europe, the United States, and beyond interested in Saint-Jean-Cap-Ferrat’s prime residential property. The scarcity of suitable available properties presents a significant challenge for potential buyers.
The market has seen a recent increase in enquiries, driven by owners seeking to capitalise on long-held properties. There are also developers active in the market, with many seeking to revitalise individual properties, fostering confidence and activity in the market, even during the traditional winter off-season. Saint-Jean-Cap-Ferrat’s continued appeal can be demonstrated by its strong consistent transaction growth, with a total 25% growth in transaction volumes between 2019 and 2023.
Privacy reigns supreme for buyers in this enclave, with properties situated in larger land plots at a premium. Centrally located apartments – which are few in number and vary in price – average between €7,000 to €10,000 per square metre for those in need of renovations, rising to €15,000 to €20,000 per square metre for turnkey luxury. Waterfront properties command premiums sometimes upwards of €80,000 per square metre, while inland estates with sea views fetch from €50,000 to over €60,000 per square metre. Budgetary constraints underscore the exclusivity, with €15 million unlikely to secure a sea view, while €20 million opens doors to panoramic vistas.
Beaulieu-sur-Mer, steeped in history, bears the imprints of its illustrious past. The Hôtel Bristol stands as a testament to the influence of past aristocrats who visited the area, while the invention of clay tennis courts by the English adds a sporting legacy to the town.
Beaulieu-sur-Mer retains its status as a pinnacle of luxury in southern France. However, tourism in the market faces hurdles as historic hotels struggle to meet modern expectations. Recent additions, such as the La Réserve de Beaulieu’s spa, signal progress in increasing amenities. The region’s traditional offerings are also evolving, mirroring Monaco’s shift toward family-friendly amenities.
While Saint-Tropez pulsates with nightlife, the rest of the Riviera, including Beaulieu-sur-Mer, remains comparatively tranquil. Apartments in the market range from €11,000 to €20,000 per square metre, while houses command prices from €17,000 to €30,000 per square metre. Trophy assets, some designed by renowned architects, fetch up to €40,000 per square metre or more. Beaulieu-sur-Mer saw transaction growth of 11.1% in 2023. This area has also seen the highest five-year price growth of our featured markets, with a remarkable 44.6% growth since 2019.
Èze village, perched atop a hill, boasts a roster of celebrity residents, making it a coveted enclave. Strongly linked to Monaco, many who live and work in the Principality seek a foothold in Èze’s prime residential market.
With approximately 50,000 people commuting into Monaco daily, convenience dictates that those residing or working in the city prefer entry from the west to avoid traffic congestion. However, this proximity comes at a cost; houses in Èze are typically smaller with less privacy than in other parts of the Cote d’Azur but do offer the much-desired ease of access to Monaco.
Èze encompasses distinct markets within the same township. Èze-Bord-de-Mer, as the name suggests, is on the coast and caters to weekenders from Monaco, offering apartment-villa hybrids on compact land plots priced between €15,000 and €20,000 per square metre. Èze has seen only a small -5.8% decrease in investment from last year, with a still formidable €30 million invested in the market in 2023. Meanwhile, Èze village and Saint-Laurent d’Èze, in hills above the coast, have seen an evolution from traditional to contemporary construction, with property developers undertaking renovations to elevate properties in this submarket to prime status.
Cap d’Ail has been a top destination for over a hundred years, offering a plethora of belle époque properties along its waterfront. Divided into distinct segments, Cap d’Ail caters to varied tastes. The seafront attracts residents from Monaco seeking waterfront opulence, while new developments in the village offer modern amenities, appealing to a different demographic.
Properties in prime locations, such as Mala Beach and Avenue du Docteur Onimus, command attention. Turn-of-the-century residences dot the landscape, attracting discerning buyers searching for properties with timeless elegance. For the overall prime market, prices per square metre tend to range from €10,000 to €22,000. Cap d’Ail also saw the largest investment year in the past five, with almost €42.5 million in 2023.
While Cap d’Ail’s allure is undeniable, its complicated access, smaller property sizes and gardens add an element of challenge. Nevertheless, for those who seek the epitome of coastal sophistication, Cap d’Ail remains an unrivalled destination.
Roquebrune-Cap-Martin, nestled on Monaco’s eastern side, sits on one of the Riviera’s prestigious caps. Within the enclave lies a gated community, the Domaine Privé, a haven coveted by historical luminaries and royalty since the late 18th and early 19th centuries. Properties here have prices ranging from €20 million to €70 million and higher for large waterfront estates, with prices per square metre reaching approximately €50,000.
Renovated properties fetch more or less double the price of their unrenovated counterparts, a testament to the scarcity and appeal of these sorts of residences in the area. While the panoramic views of Monaco dazzle potential buyers, selling properties remains a challenge due to the lack of surrounding amenities. Despite this challenge, this region saw a 7.7% growth in overall investment from 2022 to 2023.
Roquebrune-Cap-Martin is a magnet for those seeking privacy and security. It is also especially appealing for professionals working in Monaco or individuals wanting to own a second home close to the Principality. Villas nestled in the hills of Roquebrune have a price range between €3 million to €20 million for the largest estates.
The Cap d’Antibes is a unique market in the Riviera due to it being one of the few remaining protected green areas close to the sea. As a result of this preservation, it is mostly villas that make up the prime residential market, demonstrated by an average surface area of 163 square metres across the properties sold. The area’s enduring appeal is due, in part, to having many of the positives of Cannes without the potential drawbacks of city life.
The green environment mixed with sandy beaches in the area lead the lifestyle to be more nature- and sea-driven than other markets. This lifestyle and villas with an enhanced sense of privacy have caused the area to become a popular market for buyers from across Europe to North America. As a result, it remains one of the most expensive locations in the Côte d’Azur, where interested buyers can expect anywhere between €10,000 to more than €50,000 per square metre for estates located waterfront in the ’Bay of Billionaires’. It has also seen strong five-year price growth, with an increase of 27.8% since 2019.
Cannes is one of the major city markets in the Côte d’Azur, alongside Nice and Monaco, and remains attractive to those looking for a more urban Riviera experience. Many French and international buyers, including Americans and buyers from across the Middle East, are looking for modern living in this market. As a result, many local developers are engaging in renovation projects across the city. These rejuvenated properties cater to what buyers want through high-amenity modern living.
Properties that have not seen these renovations tend to see lower listing prices, due to the lack of foreign demand. Price ranges remain quite high across the city, sitting around €7,500 to €35,000 per square metre, with some areas, such as the Croisette, remaining significantly more expensive. Prices have remained very resilient despite the many headwinds, with a less than 1% change in the five-year period since 2019. Cannes is also remarkable in that it has begun to attract many people for year-round stays rather than purely in the summer, which has had the effect of diminishing the impact of the off-season on the market.
The countryside of the Riviera is a diverse and large area with a focus on larger villa-style homes for sale. Since the end of the pandemic, there has been an increased interest from the international community in these smaller inland communities, which offer a different, more family-oriented lifestyle compared to the coastal regions. Several large international schools have opened to service this increased demand from international families hailing mainly from across Europe.
Prices in the variety of markets in the countryside vary dramatically based on the local commune and have remained relatively stable in recent history. In Mougins, the average price per square metre falls at around €10,000, whereas in Valbonne, it is closer to €7,000 per square metre. Purchasers in these markets tend to be more price-sensitive, especially as many of the purchasers are not looking for second homes but a primary living location.
Saint-Tropez, and its surrounding well-known areas such as Ramatuelle, Gassin and La Croix-Valmer/Gigaro, remain a top destination for global second-home buyers looking for the summer Riviera experience. With several high-profile residents, the area is well-known across the world for its summer season. It is perhaps the area most affected by seasonal interest, with the off-season between November to March seeing the area quieten down tremendously. During the peak season, this area turns into a destination in which to see and be seen, with lively nightlife and exclusive events, drawing in international buyers from both North America and across Europe to the shores.
A new government initiative to preserve some of the natural environment and reduce development around the Place des Lices has recently been approved, which has resulted in greater density in the village core and reduced new development opportunities. Additionally, the area saw a surge of interest during, over and immediately following the pandemic, which further drove average price per square metres up in this small, supply-constrained village. These factors combined resulted in some of the highest prices in the Riviera, with price per square metre ranging from €13,000 to over €30,000, excluding exceptional properties.
Read the articles within Savills Spotlight on the Côte d’Azur report below
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