The ever-fashionable Riviera has been the place to sojourn, ever since Queen Victoria and her aristocracy led the way in the 19th century.
Stretching from the Italian border in the west, towards St Tropez and taking in Nice, Cap d’Antibes and Cannes, the popularity of this most famous slice of Mediterranean coastline has turned once sleepy fishing villages into globally-recognised names.
Today, the location is a household name and a established area of residential investment and second home ownership. Indeed, the prime locations of Cap Ferrat, Cap d’Antibes and Saint-Tropez are considered secure stores of wealth, with investors viewing these locations and areas including Cannes with its dynamic congress season and high rental demand as zones of nest eggs and/or residential income.
The Côte d’Azur region offers desirable resort characteristics, outstanding restaurants, hotels and cultural attractions plus excellent infrastructure and international transport links plus a varied social calendar, combining to appeal to a range of buyers including an emerging generation of younger, globally-mobile individuals whose spending and leisure habits are driving changes globally in residential ownership, rental trends and leisure facilities.
The Côte d’Azur is long established as an area for residential investment and second-home ownership. Property and locations are varied in style and pricing, ensuring the Riviera remains accessible to all.
Tourism may contribute to approximately 18% of the regions Gross Domestic Product (GDP), yet the area boasts many more attractions.
Ideally situated for the principality of Monaco, plus home to many global businesses and a thriving science and technology park, recent investment in infrastructure, retail and an international district in the form of the €2.5 billion Eco Valley project, north of Nice, sets to further boost opportunities for the region and attract greater investment and talent to the region.
Wealth-X provides an interesting analysis of the increase in wealth held in France between 2012 and projected 2022. According to such figures, France is envisaged as a future wealth hub, seen as holding a greater percentage of wealth (number of individuals with US$5m+ in net assets) than both the UK and Europe.
Interestingly, in 2017, French economic growth hit a six-year high and important changes have taken place in the reform of wealth tax and second home ownership. Against a backdrop of historically low interest rates, and the 'Macron effect', the larger residential property market has witnessed positive growth and interest, ensuring France remains as attractive as ever to local and international buyers drawn by the lifestyle and opportunities.
Savills is delighted to be present across the Riviera, with a strong network of local offices and a team of multilingual, experienced agents. Closely linked with international offices including London, Moscow, New York and Paris, Savills is delighted to assist you in your next move and share an in-depth knowledge of the Riviera market and a passion for the Côte d’Azur lifestyle.