“In Cap Ferrat, Russian is the language of the joggers on the street.”
Several landmark local properties did indeed come under French government sanctions a few weeks after the war broke out, prohibiting the owners from accessing or selling their properties.
Even today, Lloyd continues, should sanctions-antsy owners think of listing, there are more non-Russian buyers than ever, thanks to the pandemic-induced work-from-anywhere era. “I don’t think there’s going to be any big sell-off. If I were Russian, I’d hold on to my house as long as I could,” she says. “These are investments.”
Indeed, there are few parallel markets anywhere in the world, per Knight Frank partner Edward de Mallet Morgan. “This isn’t super prime or ultra-prime real estate, it’s stratospheric — the one percent of the one percent of the one percent,” he says. The only palpable impact of the war has been on rentals — though it proved a blip. Most of the priciest homes — 120,000 euros per week or so for the likes of one of St. Tropez’s ultra-exclusive Les Parcs villas — were booked by Christmas, per Jedamska, but several Russia-based renters canceled as the situation became more tense. Those villas didn’t lie empty for long, though. “The Russians from Russia were replaced by Russian clients set up in Cyprus, Monaco or London,” she says.
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