In recent years, the French Riviera has re-emerged as a beacon of luxury and exclusivity in the global real estate market. A recent survey conducted by our offices on the French Riviera in January 2024 reveals a significant surge in the values of prime residential properties along this iconic coastline. Between 2019 and 2023, these values climbed an impressive 15% to 20%, largely due to the influx of international buyers, particularly from the United States and the Middle East.
The survey meticulously examined the high-end residential property market, from St Tropez to St-Jean-Cap-Ferrat, including popular resorts such as Cannes, Mougins, Cap d’Antibes, Cap-d’Ail, and Beaulieu-sur-Mer. The results attest to the enduring appeal of the French Riviera, where high-end properties are now generally valued between €18 million and €30 million. Remarkably, a large beachfront villa in this region has an average value of £20.4 million (€24 million), surpassing equivalent luxury properties in London’s St John’s Wood or Mayfair.
The findings also show that the most luxurious homes on the French Riviera, priced above €17.5 million, have seen their value increase by 32% over the past five years. This growth surpasses that of similar luxury properties in London, underscoring the unique appeal of this Mediterranean haven.
Cap Ferrat, in particular, has emerged as the crown jewel of the French Riviera’s ultra-prime market. Here, the finest homes range from €20 million to an astonishing €200 million. Notably, many of these properties are sold off-market, reflecting their exclusivity and the specific demands of high-net-worth buyers.
Over the past year, the strongest demand from international buyers has been for homes priced above €10 million in prime resorts such as Cap-Ferrat, Cap-d’Ail, Cap d’Antibes, and Beaulieu-sur-Mer. Approximately 70% of buyers in this segment are international, with a significant proportion coming from the United States and the Middle East, particularly the UAE, Saudi Arabia, and Qatar. Interestingly, Middle Eastern buyers are often younger members of the Gulf elite, seeking turnkey homes close to longer-established family properties.
American buyers, meanwhile, are drawn to the most famous resorts on the French Riviera, with a preference for locations such as St Tropez and Cap Ferrat. The French Riviera also continues to attract buyers from the UK, Italy, Switzerland, and Nordic countries.
Our study also highlights the evolving dynamics of property ownership on the French Riviera. Today, over 70,000 homes in this region are owned by overseas second-home buyers. These international clients seek luxury properties offering easy access to shops, restaurants, nightlife, and beaches. Most purchases are villas or large houses, with a preference for properties offering multiple bedrooms, vast terraces, and sea views.
The COVID-19 pandemic led to significant changes in the market. Due to restrictions on international travel, the inventory level of properties sharply decreased. However, post-pandemic, the market is gradually recovering, with a resurgence in rental activity and a progressive return of purchasing activity. The pandemic also shifted the seasonality of the French Riviera real estate market, with many clients now seeking second homes suitable for remote work, transforming locations like Cannes, Mougins, and Cap d’Antibes into year-round destinations.
To meet this renewed interest and provide better service to local clientele, Beauchamp Estates (France) recently opened two new offices in Mougins and St-Jean-Cap-Ferrat. These join the existing network in Cannes and St Tropez and are strategically located to effectively serve the ultra-prime market.
“Since the end of the COVID-19 pandemic, we have witnessed an explosion in demand, and the value of prime properties along the French Riviera has increased by 15% to 20%. Over the past 12 months, we have seen the return of international buyers, particularly high-net-worth individuals from the United States, the Middle East, the UK, Switzerland, and Nordic countries. We opened the two new offices to capitalize on this recovery and enable Beauchamp Estates (France) to provide our clients with even better local service.”
– Adrien Willing-Lamy, Managing Director of Beauchamp Estates (France)
“One of the outcomes of the COVID-19 pandemic is that clients have learned to work from anywhere in the world and manage their business interests from their home or office. Thanks to this transformation, our clients looking to buy or rent luxury homes on the French Riviera are increasingly considering having second homes rather than just summer holiday residences, where they can work remotely while enjoying a change of scenery and a sunny lifestyle.”
– Gary Hersham, Founding Director of Beauchamp Estates
For more information on our offices on the French Riviera, click here.
