The Menton area is attracting an increasingly diverse clientele. Demand for long-term rentals is exceeding supply, making the seafront progressively less accessible for locals. In response, the municipality is ramping up construction projects, especially in the higher areas of the city, to address the needs of working professionals and families.
With its picturesque historic center, beaches, colorful houses, botanical gardens, famous Saint-Michel Basilica, and ample sunshine, it’s no wonder Menton is nicknamed the “Pearl of France.” This idyllic setting is complemented by a strategic location, close to Monaco and the Italian border, making it an appealing residential area for a growing variety of clients. Julie Thibault, a real estate consultant at AB Immobilier (part of the Deplanche Immobilier Group), explains that her main clients are working couples in their forties. She also observes that while clients from Paris and northern France have always been plentiful, their numbers have surged since COVID-19. David Testa, head of Testa Immobilier, mentions “Monaco workers, first-time buyers, and retirees looking to settle here.” Menton also draws an international clientele, mainly Europeans. “Italians were the primary investors from 2002 to 2009, but they’ve since been replaced by Scandinavian clients seeking the climate,” he says. While Menton has sometimes been seen as a town for seniors, both specialists agree this is no longer the case, describing Menton as more of a family-oriented community.
Downtown and seafront : the most sought-after area
The “golden square” of Menton — stretching vertically from the seafront to the railway line and horizontally from the Cours du Centenaire to the town hall — is the most sought-after area for buyers. In the bustling downtown, with its lively atmosphere and grandiose buildings, “prices generally range between €4,700 and €7,000 per square meter,” according to David Testa. “On the seafront, prices range between €5,500 and €9,000 per square meter, though some properties sell for as much as €12,000,” he adds. The Victoria Beach residence, dating back to the 2000s, is particularly desirable due to its high-end features (concierge service, sauna, pool). “Its premium amenities and unobstructed sea views justify its average price: between €8,000 and €9,000 per square meter,” says Julie Thibault.
The old town : a market of its own
Menton’s old town, distinguished by its typical colorful houses, forms a unique micro-market, according to Testa. Prices range from €3,800 to €6,000 per square meter. “Some apartments are in tight quarters, facing the building next door just two meters away — you could almost pass the salt between neighbors (laughs) — while others are beautifully renovated with balconies, even terraces, overlooking the Sablettes beach, which explains the wide price range,” he says.
Between €8,000 and €10,000 per square meter in Garavan
Garavan, located east of the town and close to the Italian border, with some areas along the coast, is also highly sought-after. “It’s a residential area with an exceptional setting, where the average apartment price is between €8,000 and €10,000 per square meter, depending on the view, proximity to the beach, and outdoor space,” explains Julie Thibault. Popular residences line Garavan Boulevard, such as Le Mirador. Both agents agree: with the renovated Sablettes Promenade, the new underground parking, the revitalized Garavan port with added bars and restaurants, refurbished facades, and newly paved roads, real estate values along the seafront are likely to keep rising.
Borrigo, the family district
The lower part of Menton is highly sought after, gradually becoming less accessible for locals. For more reasonably priced properties, buyers need to look further up, especially in the Borrigo Valley, a more family-friendly area. “This district is convenient for its proximity to the highway, which is particularly beneficial for Monaco’s workforce. It’s well-connected, spacious, and green, with schools and other amenities. Most buyers here are working families, and there are many three- and four-room apartments,” describes Julie Thibault, noting that prices range between €3,500 and €5,000 per square meter. Nearby is the Careï area, with a similar profile but slightly less popular. It has an Intermarché, a soccer stadium, and several social housing buildings, but it’s noisier and busier, leading to slightly lower prices: €3,400 to €4,300 per square meter, according to David Testa.
Tight rental market
In Menton, property prices have been steadily increasing for several years, though not dramatically. According to agents, 2020, 2021, and 2022 were strong years for the transaction market, partly fueled by lower loan rates. But in 2023, rising interest rates, geopolitical conflicts, and inflation impacted the market. “It has slowed down since the second quarter of 2022. Many potential buyers found themselves unable to finance their projects. Since the second quarter of 2024, however, the trend is beginning to reverse, as interest rates finally decrease” (1), confirms Julie Thibault. The rental market remains extremely tight, with demand far outpacing supply. “As soon as a property becomes available, it finds a tenant within the week,” notes Thibault. With Menton’s rising appeal, many property owners are prioritizing seasonal rentals over long-term ones. Numerous concierge companies have recently opened in Menton to manage these short-term rentals. As a result, “In 2018, Menton had 400 Airbnb listings; today, that number is closer to 1,500,” observes David Testa. There’s also a share of the housing stock owned by foreigners who only occupy them for a few weeks a year, leaving them vacant the rest of the time, as evidenced by the many closed shutters in winter, especially in parts of Garavan.
A new wave of construction
To address the shortage of year-round rental housing, the city needs to build, but it is constrained by numerous flood-prone and landslide-prone areas classified as unbuildable. Former mayor Jean-Claude Guibal was not known as a “building mayor.” Wishing to preserve Menton, he preferred to pay fines for insufficient social housing rather than construct new buildings. However, the new municipal administration under Yves Juhel appears more proactive. Several projects have recently been completed, mainly concentrated in the Borrigo and Careï valleys due to the lack of available land elsewhere. Examples include Aroma in the Haut-Careï, L’Intemporel (which includes both private units and social housing) in the Gorbio Valley, and La Villa Julia in the Borrigo Valley, with prices at €5,300 per square meter according to Julie Thibault. Other projects include Val d’Or on Rue des Sœurs Munet, between downtown and Borrigo, where units sold at €7,270 per square meter, and Coctô, ideally located near the town hall, with prices at €6,800 per square meter. “With six building permits issued in 2023-2024, over 500 new apartments are expected, including a significant portion for social housing,” says David Testa, hoping that Menton’s working population will benefit from these new homes.
Houses in the Castellar and Gorbio valleys
“There has been strong demand recently for houses higher up, with buyers seeking tranquility while staying close to the center,” notes Julie Thibault. The best way to find a house is indeed to look further out in the Castellar and Gorbio valleys. “There are also a few on Cours du Centenaire, in Terres Chaudes, or near Fossan, but it’s very rare for any of them to go on sale,” adds David Testa. It’s worth noting that all the prices mentioned above refer to the apartment market, as prices for single-family homes are higher due to their scarcity.
(1) Source: Damien Baroukh, financial advisor for Meilleurtaux.com – Roquebrune-Cap-Martin.
