Formally, the border between Italy and France passes through the town of Ventimiglia, and in addition, the small but proud state of Monaco is located on the Cote d'Azur, where the Grimaldi family has ruled for 300 years. However, in today's Europe, it is almost impossible to understand where one country ends and another begins. By the way, until the end of the XIX century, the well–known Cote d'Azur belonged to Italy, until the county of Nice was presented to France as a sign of gratitude for its help in the war with Austria - so it is quite possible to assume that Liguria and the Cote d'Azur are inseparable.
A non-poor relative
The Ligurian coast is reliably protected from the cold northern winds by the Maritime Alps – the climate is mild and sunny all year round. If in Milan, just 200 km away, the temperature in winter can drop to -5 C, then on the coast it rarely drops below +7 C. "The Land of Flowers", "The Fabulous Bay", "The Bay of Sirens" – all this is about Liguria. Small towns, picturesquely spread out in the mountains, attract lovers of peace and relaxation in a family circle, and fishing villages, which have turned into luxury resorts, are more to the liking of owners of expensive yachts and those who prefer nightlife. Elite discos, trendy restaurants, branded shops, luxury hotels ... everything here looks like a logical continuation of the Cote d'Azur.
Geographically, the Ligurian coast is divided into two parts – the western Riviera de Ponente, which is also called the "riviera of flowers", and the eastern Riviera de Levante, or the "riviera of palms". The western part of the coast is a direct continuation of the Cote d'Azur: Monte Carlo is just half an hour's drive from Sanremo. The eastern coast of Liguria, of course, is further from France, but it is the local towns – Nervi, Riomargori, Santa Margarita, Portofino - that are considered the most luxurious resorts of the entire Riviera.
Portofino, formerly a fishing village, is probably the brightest star on the Ligurian coast. Celebrities from all over the world come here to relax every year. According to the degree of importance on the map of the world's luxury resorts, Portofino can only be compared with St. Tropez. They share the architecture of medieval streets, a well-developed entertainment infrastructure designed for the most demanding customers. The neighboring Rapallo can be attributed to the same type of towns.
To the west of Genoa, of course, Sanremo prevails, which can be compared with its French counterpart, Cannes. Although the city itself is smaller in size, it is also the venue for a large number of cultural events, such as the famous annual music festival, which takes place in February. Those who purchase real estate here prefer to live not in the city itself, but in its immediate suburbs, where residential complexes with huge parks and villas with private beaches are built. Silvio Berlusconi, Luciano Pavarotti, Andre Agassi and many other celebrities own property in Sanremo. This resort was well known to the Russian aristocracy, and after the visit of the Dowager Empress Maria Feodorovna in 1913, an Orthodox church was built in Sanremo.
For those who understand
If Liguria is not as well known to foreigners as the Cote d'Azur, then wealthy Italians simply adore it. The north of Italy is the economic center of the country, production and capital are concentrated in Milan and Bologna, rich and very rich Italians live and work here, preferring holidays on the Ligurian coast.
The Ligurian real estate market is steadily growing. Both those who just want to soak up the sun by the warm azure sea and those who hope to sell their apartment or villa with a good profit invest in it. However, the problem of free space for construction has also affected the Italian Riviera – free land is worth its weight in gold here. Well, the more profitable it is to invest in new residential complexes under construction. The minimum cost is 1 sq. m. The m in them is 3,500 euros, and a maximum of 6,000-10,000 euros is reached in places such as Sanremo and Portofino. A garage space is usually not included in the price and can cost from 30,000 to 50,000 euros.
New luxury residential complexes always have terraces with sea views, air conditioning and well–developed infrastructure - a swimming pool, a gym, and even a golf course away from the sea. One of the big advantages of new buildings "in Italian" is that even in apartments of small square footage, up to 100 square meters, the developer plans several bedrooms. Thus, there is no need to buy apartments of large size if you need a 3- or 4-room apartment for a summer vacation.
Those with a significant budget will certainly be interested in villas on the Ligurian coast. Offers in the immediate vicinity of the sea at prices practically do not differ from the Cote d'Azur, and in such prestigious places as Portofino, they rarely appear at all. The price range is from 6,000 to 15,000 euros per 1 sq.m. m depending on the proximity to the sea, equipment and finishes, which may seem more than modest to Russian customers. The so–called Mediterranean style is quite simple - whitewashed walls, stone floor, minimum frills. A 350 sq. m neoclassical villa located 300 m from the sea near the French border, with a swimming pool and garage, costs 2.1 million euros. If proximity to the sea is not a priority, then in the most beautiful Ligurian Alps you can find more affordable offers with a swimming pool, garage and garden within 1 million euros.
"Although it is still possible to find apartments and mansions of historical value in Liguria, the construction of new modern villas is becoming increasingly popular," says Yulia Titova, head of the Foreign real estate department at BEST Real Estate Corporation. Built in accordance with the highest standards, they have a phenomenal investment attractiveness by European standards. If the cost of the villa is 350-400 sq. m. m with a plot of 1200 sq. m. If the secondary market ranges from 2.5 to 10 million euros, then the construction of a new villa with the same parameters will cost about 1.5 million euros."
Although the condition of buildings on the secondary market usually meets the best European standards, buying a new building is still preferable, since developers give a 10-year quality guarantee. "In addition, the client has the opportunity to choose the finishing materials included in the final cost of the object," adds Yulia Titova. – Renovated apartments will be a good investment only if the work is carried out under the supervision of a specialist and performed by a good construction company."
The Italian real estate market differs from the French one in that there are fewer foreigners among buyers here and there is no rush demand that provokes a constant increase in prices on the Cote d'Azur. Nevertheless, stable domestic demand does not allow prices to decrease. Another characteristic feature is projects at the off-plan stage. Italians speculate a lot on real estate, buying apartments at the project stage and selling them for more when the house is already built, because the difference can be up to 25%.
The shore is like a magnet
Nevertheless, let's be objective – no matter how much interest in real estate on the Italian Riviera is on the rise, its popularity still cannot be compared with the Cote d'Azur, which has long attracted rich and famous people from all over the world. Back in the 19th century, the world aristocracy, led by the British and Russians, gathered here in the summer. They are still the main foreign clientele in the real estate market. In the minds of real estate buyers, Nice, Cannes, Saint Tropez, Monte Carlo and other cities and towns of the Cote d'Azur represent one whole, embodying the quality of life and prestige available only to a select few.
After the crisis in the market, which was observed in the 1990s, prices increased by 60%. The British and Americans are actively buying houses and apartments in the price range up to 1.5 million euros. Real estate transactions above 5 million euros are rare – but not because there is no demand, but because there are no offers. There is no speculation in this market. Here you can buy a luxury villa in Saint Tropez or a three-hundred-meter apartment in Cannes to live and enjoy the proximity of the sea and a wealth of entertainment options. For 5 million euros, you can purchase a villa with an area of 500 sq. m. m with a 10,000 sq. m garden, swimming pool and garage in 15 min. from Cannes. The villas of movie stars and Arab sheikhs are not put up for open sale and are not advertised in the press – they are offered to "their own". Word of mouth information passes from the agent to clients who may be interested in the transaction. There is simply no price ceiling on the Cote d'Azur. Exclusive offers can reach astronomical prices – up to 50 million euros.
"Houses and villas on the Cote d'Azur are constantly increasing in price," says Anna Ivannikova, a specialist in the foreign real estate department at Prime Realty. – On average, investments here bring a profit of about 10% per year, which is significantly less than the profitability of Moscow housing, but all risks are minimized. Real estate with a good sea view is especially reliable and attractive – however, its price is about 30% higher."
The most expensive real estate on the Cote d'Azur can be found in the former fishing village of Saint Tropez and its surroundings, which have become the Mecca of the world's beau monde. Prime Realty specialists are among the most sought-after areasThey celebrate Les Parks de Saint-Tropez, Saint-Anne, Capon, Les Canoubier and Tahiti.
Nice and Cannes attract those who like a more noisy life – discos, nightclubs, private beaches. Thanks to all these activities, up to 300,000 people come here per year. It is almost impossible to buy a villa in Monaco, and there is no need. In this country, surpassing only the Vatican in size, the land is not even golden, it simply has no price here. Apartments in multi-storey residential complexes have an average cost of 25,000 euros per 1 sq. m. Thus, Prime Realty notes, Monaco ranks first in terms of the cost of 1 sq. m. m in the world. This is not surprising, because there is practically no free land in the principality and no new construction is underway.
"The Cote d'Azur is characterized not only by villas, but also by so–called residences designed for several owners," says Yulia Titova. – Luxury residences usually have 5-7 apartments. Their feature is very large terraces encircling the entire building. The residences are almost always surrounded by a park, which sometimes resembles a real forest, its size can reach several hectares. The territory of the residence is under round-the-clock security, it has swimming pools, a children's play area."
Those who have a reasonable interest in top-level housing on the Cote d'Azur should not do business on their own. It is necessary to find an agency that specializes in local real estate, knows the specifics of the market and the requirements of the clientele. The agents will help clarify the situation with taxes, notary fees, transaction deadlines, and develop a payment scheme. Many agencies of the Cote d'Azur employ Russian and Russian-speaking brokers and lawyers.
The goal explains the choice
The cost of real estate on both the Cote d'Azur and the Ligurian coast consists of several components – proximity to a prestigious settlement and proximity to the sea, the presence of its own pier and beach, the size of the territory and the presence of a park, a tennis or golf course, the presence of a swimming pool, the size of the garage, the age of the building, the security of the residential complex. Of course, the environment also plays a role.
One of the undoubted advantages of the French Riviera over the Italian One is the availability of direct flights from Moscow to Nice. To get to your villa in Liguria, you will have to fly with a transfer in Milan, Paris or Nice. Genoa has its own airport, but there are no Moscow flights. You will have to drive almost 200 km from Nice to Genoa by car, and 250 km from Milan.
Another difference is that if life never stops in Nice and Monte Carlo during the low season – up to 320 cultural events are held on the French Riviera per year - then the Ligurian coast dies out in winter. Some shops and restaurants close until spring, and private navigation stops. Fortunately, the off-season here lasts only a few months, but its presence greatly reduces the interest of the world's beau monde. Wealthy Italians themselves, having locked their villas and moored their yachts, go on vacation in the mountains in winter – to Switzerland, Austria and the same France.
The purpose of the purchase will help you decide where to buy a house or apartment – on the Cote d'Azur or on the Ligurian coast. Both options are suitable for family vacations, and for lovers of active nightlife, restaurants and clubs, the Cote d'Azur is of greater interest. And the international prestige of the French Riviera is higher.
If one of the goals of the purchase is to obtain the status of a resident, then it is worth considering buying a property in Italy. "The new Italian immigration law allows for an immigration procedure to be carried out in a fairly short time, allowing you to acquire the status of a resident," says Yulia Titova. – However, the motive for obtaining this status will not be real estate ownership, but "independent work activity" (Lavoro Autonomo). The resident is not a citizen of the country, but all his rights – social, civil, labor, commercial and administrative – are almost identical to the rights of an Italian citizen, both in the country itself and in the EU."
In any case, having a property on the Mediterranean coast of France and Italy is not only prestigious, but also profitable – it is a reliable placement of capital. The luxury real estate market in Europe is severely overheated due to the lack of new construction sites and high demand, but experts do not foresee even a slight decline in prices or stagnation. The European Mediterranean has been holding the championship in the list of the most expensive places for luxury living and recreation for more than 100 years and is not going to give up its position.
