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Côte d’Azur: Historic aristocratic estate “Castel Mare” now up for sale

Tuesday, November 11th, 2014 at 2:46pm Engel & Völkers

• The sale price is in the double-digit millions

• The Windsors, Queen Beatrix and Louis Ferdinand of Prussia were all guests

Hamburg. Properties in prime locations in Cannes, Cap d’Antibes, SaintJean-Cap-Ferrat, Villefranche, Beaulieu and Cap d’Ail are in extremely high demand, yet rarely come onto the market. Some of them, such as the “Castel Mare” estate, have been owned by the same family for generations. Steeped in history, the residence has been owned by the aristocratic family descended from Prince Heinrich XXXIII Reuss of Köstritz since the early 1950s. Now the property is being offered for sale through Engel & Völkers with a price tag in the doubledigit millions range.

The Windsors, Queen Beatrix of Holland and His Royal Highness Prince Louis Ferdinand of Prussia and are just some of the visitors to have passed through the doors of “Castel Mare”. Built in 1911 on Cap d’Ail, the property lies concealed from outside view in grounds spanning 1,500 square metres, with direct access to the sea. The 700 square metre interior encompasses seven rooms on three separate floors. The impressive garden, which was landscaped in the 1930s, also includes a terrace with a pool area. From here, as in all of the south-facing rooms, views stretching out across the Mediterranean can be enjoyed. Its peaceful surroundings and immediate proximity to Monaco make Cap d’Ail a desirable residential area indeed.

Absolutely top properties cost as much as 400 million euros

Residential properties in prime locations are fetching top prices along the entire Côte d’Azur. “Premium residences with sea views are being sold for far in excess of the average prices paid for an apartment or a house. The individual property and the specific location are always decisive factors,” said Beatrix Eikel, Sales Director at Engel & Völkers in Saint-Jean-Cap-Ferrat. Villas on Saint-Jean-Cap-Ferrat, for example, change hands for an average of approx. 20 million euros. In exceptional cases however, estates are sold for anything up to 400 million euros. On Cap d’Ail, villas in very good locations currently cost between 8 and 15 million euros. In prime locations with direct access to the sea, villas can change hands for prices between 20 and 30 million euros. The highest prices per square metre, of up to 40,000 euros, are commanded for apartments on the Boulevard de la Croisette. In the occasional instances when a property fulfils all the criteria perfectly from location through to fittings, price highs of as much as 70,000 euros per square metre can even be reached. Villas at very good addresses in Cannes are worth up to 40 million euros.

International buyers bring stability to the market

“The majority of interested buyers preside over such high equity capital that properties in the top segment usually change owners without any financing involved,” said Eva de Souza, Sales Director at Engel & Völkers in Cannes. These buyers are increasingly looking at the prospect of acquiring holiday properties and second homes as a crisis-proof pension provision and capital investment, especially those in the very best locations. Consequently, the premium market on the French Riviera remains practically immune from the developments of individual national economies. British and Eastern European investors constitute the largest buyer groups throughout the region of Saint-Jean-Cap-Ferrat and Cap d’Ail. The number of client enquiries from Germany, Switzerland and Scandinavia is increasing however. In Cannes, buyers from China, India and the Gulf states are also dominating the market for second homes.

Chic sophistication within a confined area

The wealth of marinas and beaches, the proximity to Monaco and the international airport in Nice, the refined glamour of the Belle Epoque, award-winning restaurants and exclusive clubs all culminate in an outstanding way of life. This consummate flair is enhanced still further by the mild climate and the unique natural beauty of the region with its many capes and turquoise waters. Its coastal setting also means that the potential for new developments is extremely limited. As a result, new development projects are predominantly realised with the conversion of existing old buildings into high-end apartment complexes or boutique hotels.

Link to the exposé:
You can download image material in a high resolution here:
(Source: Engel & Völkers/ Mark Seelen)

For further information please contact:

ENGEL & VÖLKERS AG Princess Bettina Wittgenstein Head of Global Corporate Communication Stadthausbrücke 5, 20355 Hamburg Germany Phone: +49 40-36 13 11 20 Fax: +49 40-36 13 12 35

About Engel & Völkers:

Engel & Völkers is one of the world’s leading service companies specialised in the sale and rental of premium residential property, commercial real estate and yachts. With its licence system, Engel & Völkers is the only Germany-based firm to rank amongst the top 100 franchise companies in the world.* Around 540 residential property shops specialised in high-class real estate and 63 commercial offices brokering office, retail and industrial space, investment properties, multi-purpose apartment and office blocks and property portfolios offer both private and institutional clients a professionally tailored range of services. Leasing, sales, consultancy and valuations form the core competences of the staff of around 5,000 employees. The Company is currently operating in 38 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success. In 2014, Engel & Völkers was named “Top National Employer” by the German news magazine “Focus”. In the same year, the company achieved the top position in the broker ranking lists published by both the German Customer Institute (DKI) and the financial magazine “Euro am Sonntag”. Moreover, Engel & Völkers is the winner in the category “Best Company Brand” at the “Marken Awards der Immobilienbranche” (“Property Industry Brand Awards”) hosted by the ImmobilienScout24. * Source: Franchise Direct “Top 100 Global Franchises Ranking 2011” 

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