Real estate sales at more than 10 million explode in this region … and it is not Ile-de-France

In Ultra-Luxe real estate, a region concentrates 40% of French market transactions. Here is which one and why.

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With an average price of 9,500 euros per square meter on the classic residential real estate market in Paris, it is natural to think that the capital region concentrates most of the transactions in the ultra-luxe. The Daniel Féau real estate agencies has just concluded a sale at 49,400 euros per square meter in Paris … However, it is not Île-de-France but a southern region which has the largest number of these operations at more than 10 million euros. If you are thinking of New Aquitaine, with the villas of billionaires on the Arcachon basin, you still have everything wrong! “The” Ultra-Luxe region, it is Provence-Alpes-Côte-d’Azur, where year in the year 40% of the transactions in this market, according to the data communicated by beautiful residences on June 13.

A performance carried out by the Alpes-Maritimes department, with median prices of… 22 million euros in Saint-Jean-Cap-Ferrat, 12.5 million in Villefranche-sur-Mer and 10 million in Antibes and Cannes. New Aquitaine does not play in the same courtyard, the median prices of the ultra-luxe not exceeding 4.6 million euros in Lège-Cap-Ferret, 4.5 million in Anglet, and 4.1 million in Soorts-Hossegor.

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95% of customers buy in cash

“For the past ten years, very high -end real estate prices have been increasing 5% to 6% per year in Cannes, now with seven to eight beautiful transactions of more than 10 million euros each year, which we rarely observe before the Covid epidemic. It must be said that Cannes is a city that lives all year round, unlike Saint-Tropez (Var) ”testifies Jean-Claude Annaert, Managing Director of Michaël Zingraf. Saint-Tropez where this luxury real estate network, mainly located on Côte-d’Azur, still sold in March a very beautiful house at more than 100 million euros!

The Alpes-Maritimes also take advantage of their proximity to Monaco. “Living in” small “apartments, due to a price per square meter around 80,000 euros, many Monegasque residents are bought a villa in Villefranche”explains Jean-Claude Annaert. Its network thus produces most of its sales on the second home market, with customers at more than 60% foreign and which buy 95% in cash.