The French Riviera's prime property market is currently one of the global hot spots for those looking to buy a residence in excess of €5 million ($5.4 million), according to international estate agents.
The Cote d’Azur tops the Savills Prime Second Home Locations Index as the most desirable destination for a second home, having been established as the premier playground of the rich and famous a century ago.
The number of prime residential property transactions for homes valued at more than €5 million on the exclusive Cap d’Antibes has doubled in the last two years, according to Alex Balkin of Savills French Riviera, with the market being driven by demand from “international buyers from the United States, the Middle East, and northern Europe, including Scandinavia”.
“They are typically in their 40s and 50s and work in the financial or tech sectors,” he added.
The enduring appeal of the French Riviera has been illustrated recently by reports that the American fund manager billionaire Ken Griffin has snapped up a two-acre waterfront luxury villa and estate in St Tropez for $90 million.
The Domaine de la Capilla is at the northern end of St Tropez’s Pampelonne Beach, and comprises a villa set in landscaped grounds with a private swimming pool.
It was previously owned by Gunter Sachs, the heir to the Opel fortune, who was the third husband of the French actress Bridgette Bardot, and was once romantically linked to Queen Soraya Esfandiary-Bakhtiary, the former Empress of Iran.
Analysis by the wealth management firm Henley & Partners shows there has been a 25 per cent rise in the number of ultra-high net worth individuals (UHNWIs) choosing to either relocate and live full-time or have second homes on the French Riviera in the Nice to Èze region.
“Currently, for homes along the French Riviera priced over €10 million around 70 per cent of the buyers are international,” Lars Christiaanse, group director of sales at Caudwell told The National.
“For Riviera homes valued above €15 million the most prolific buyers by country of origin are wealthy purchasers from the Middle East, led by purchasers from the United Arab Emirates, Saudi Arabia and Kuwait, alongside buyers from America, India and the Nordic countries.”
'Sunny wealth hubs'
A survey by Beauchamp Estates (France), has found that ultra-prime properties along the French Riviera increased in value by up to 20 per cent between 2019 and 2023, as demand from international buyers returned with force following the Covid pandemic.
The study found that ultra-prime properties between St Tropez and St-Jean-Cap-Ferrat, including the resorts of Cannes, Mougins, Cap d’Antibes, Cap-d’Ail and Beaulieu-Sur-Mer, now command an average value of €24 million ($26 million), higher than an equivalent villa in London’s St John’s Wood or a town house in Mayfair.
“Sunny wealth hubs such as the French Riviera, Dubai and Miami are increasingly places where the global super rich choose to live,” said Adrien Willing-Lamy, managing director of Beauchamp Estates (France).
“As a result most super prime buyers on the French Riviera are looking for homes that are both a long-term investment and where they can live for long periods of the year, rather than just short stay holiday homes.”
The world's rich and famous have been flocking to the French Riviera for more than a century. Names such as Coco Chanel and Estee Lauder helped to put the region on the map in the late 1920s, while later visits by the Kennedys, Marilyn Monroe, the Beatles and the Rolling Stones all supported the image that Cote d'Azur was the must-go-to destination for the hip, cool and monied. After all, it's no coincidence that one of the biggest events in the world of glamour, the Cannes Film Festival, is annual magnet for celebrities, Hollywood stars and UHNWIs on the French Riviera.
As such, the history and tradition of glitz and glamour that stretches from Monte Carlo to Antibes to Cannes and onwards to St. Tropez attracts ultra-prime property buyers from all over the world, especially from America and the Middle East.
Part of that glamorous history is being recaptured in the refurbishment of Le Provençal, a former 1920s hotel on the Cap d'Antibes. Painstakingly restored to its former glory by the developer Caudwell, this landmark property is now being sold as a number of residences, including three spectacular six bedroomed penthouses, each with 9,440 square feet (877 square metres) of internal living space and up to 5,672 square feet (527 square metres) of private balconies, covered loggias and terraces.
Each penthouse is accessed by a dedicated owner’s lift, providing privacy and enhanced security. Two are priced at €31 million ($33.5 million) and one at €40 million ($43 million) – all come with six parking bays within the Le Provençal development.
“With their private terraces, swimming pools and far-reaching panoramic views the penthouses at Le Provençal are the jewels in the crown of this luxurious Caudwell development which is the finest residential scheme on the French Riviera,” Mr Christiaanse said.
“These penthouses offer a truly unique, not-to-be-repeated, opportunity to buy an outstanding home and long-term investment.”
Mr Christiaanse told The National that 40 per cent of the enquiries regarding the large residences and the penthouses at Le Provençal are now coming from the Middle East, up from 20 per cent at the beginning of the year.
“Since the start of 2024 we have noticed a marked uplift in interest from buyers from the Gulf region led by high-net-worth families from the United Arab Emirates, Saudi Arabia and Kuwait,” he said.
New-builds in short supply
In recent decades, buyers from the Gulf seeking a beachfront property in Europe tended to be drawn towards the likes of St. Tropez and Cannes, but estate agents are noticing that as these hotspots become more crowded, astute buyers, particularly those with families, are looking slightly further afield on the French Riviera to Cap d’Antibes, Cap-Ferrat and Cap-d’ Ail.
“In Cap d’Antibes we are finding the buyers from the Gulf are either families with children, with the parents in their 30s and 40s, or early retired couples in their late 50s and early 60s, they are typically looking to spend anything between €8 million to €80 million on a Riviera holiday home,” Mr Christiaanse told The National.
The buying process usually follows a path where a family from the Gulf will stay at one of the Cote d'Azur's exclusive hotels such as the Hotel du Cap-Eden-Roc, Cap d’Antibes Beach Hotel or Hôtel Belles Rives for a summer, often returning the following year with a mind to purchasing.
But the supply of newly-build ultra-prime villas is very limited, simply because available space on the French Riviera is at such a premium. In addition, the complexity of French planning laws and the sheer cost of labour and materials can make refurbishment of an existing, older property an unattractive proposition for the UHNWI simply looking for a luxurious holiday home.
“These aspects combined have been key drivers of increased demand for any newbuild property that comes to the market, whether it is an individual home or multi-unit development,” said Peter Illovsky of Sotheby’s International Realty (Côte d’Azur).
“Though newbuild, rather than refurbished villas, are extremely rare in the South of France, particularly so on the caps, and due to strict planning control.”
It's what makes the recently completed Domaine de la Belle Étoile such a rarity in the property market on the French Riviera.
Overlooking Port L’Olivette on the Cap d’Antibes, this property has 16,040 square feet (1,490 square metres) of unparalleled living accommodation spread over a main villa and three guest cottages with leisure amenities including a cinema, spa, gym, games room and a glass-walled swimming pool, all set in 1.47 hectares of meticulously landscaped gardens.
“With Domaine de la Belle Étoile, the accommodation is substantial so a buyer could bring their own chef, staff, security and maintain their desired lifestyle with ease,” Mr Illovsky said.
“La Belle Étoile is a very special villa, and buyers will be excited by this opportunity; it is rare to get a newbuild villa of this exceptional quality in Cap d’Antibes.”
ICC Intercontinental Cup
UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed
Fixtures Nov 29-Dec 2
UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi
Hong Kong v Papua New Guinea, Sharjah Cricket Stadium
Ireland v Scotland, Dubai International Stadium
Namibia v Netherlands, ICC Academy, Dubai
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Business Insights
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- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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A%20QUIET%20PLACE
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RESULTS
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
AT%20A%20GLANCE
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