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France’s regal Castel Mare set to attract strong international interest

Posted by: In: Real Estate 17 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,
Castel Mare in Cap d'Ail, France, has been visited by royalty

The prime Castel Mare estate at Cap d’Ail, France, is fit for royalty – and, to prove it, European Queens and Princes have visited the property, which is up for sale and is set to attract strong European interest

UK and Eastern European investors are expected to be among those interested in a prime seafront estate, near Nice, France, with impressive royal connections.

Castel Mare has been owned by the aristocratic family descended from Prince Heinrich XXXIII Reuss of Köstritz since the early 1950s. The historic Cap d’Ail property is for sale through leading international agent, Engel & Völkers with an asking price of “double-digit millions”.

The Windsors, Queen Beatrix of Holland and His Royal Highness Prince Louis Ferdinand of Prussia and are among royalty who have visited Castel Mare.

Engel & Völkers spokesperson, Berit Friedrich, tells OPP Connect, “The property is an object with a limited demand. There is a very strong demand from British and Eastern European investors in properties throughout the region of Saint-Jean-Cap-Ferrat and Cap d’Ail, but you can’t say who will finally buy Castel Mare.

Built in 1911 on Cap d’Ail, Castel Mare lies in grounds 1,500 square metres with direct access to the sea. The 700 square metre interior consists of seven rooms on three separate floors. The garden, which was landscaped in the 1930s, includes a terrace with a pool area.

Properties in prime locations in Cannes, Cap d’Antibes, Saint-Jean-Cap-Ferrat, Villefranche, Beaulieu and Cap d’Ail are in extremely high demand, yet rarely come onto the market. When they do, they fetch top prices, says Beatrix Eikel, Sales Director at Engel & Völkers in Saint-Jean-Cap-Ferrat.

“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,”

Villas on Saint-Jean-Cap-Ferrat, for example, change hands for an average of around €20million. In exceptional cases however, estates are sold for anything up to €400million.

On Cap d’Ail, villas in prime currently cost between €8million and €15million. In prime locations with direct access to the sea, values can increase to €20million-€30million.

Apartments on the Boulevard de la Croisette usually command high prices of up to €40,000 per square metre, although, in exceptional cases, they can reach €70,000 euros per square metre.. Villas at very good addresses in Cannes are worth up to €40 million.

International buyers looking for investment property and holiday homes are increasingly active, particularly those from Germany, Switzerland and Scandinavia. In Cannes, buyers from China, India and the Gulf states dominate the holiday homes sector.

Eva de Souza, Sales Director at Engel & Völkers in Cannes, says, “The majority of interested buyers preside over such high equity capital that properties in the top segment usually change owners without any financing involved.”

“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.”

The pictures of Castel Mare are taken by Mark Seelen.

By Adrian Bishop, Editor, OPP Connect
Twitter: @opp_connect

Source: OPP


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