The south of France is known for its sunshine, Roman links and stunning mountain and coastal landscapes.
As a result, properties with long histories abound in the region, including in Provence's medieval capital Aix-en-Provence - founded by a Roman consul in 123BC, destroying a Gallic settlement.
Those looking to invest in their own piece of history might be interested in a 13th-century château located about 25 minutes from Marseille airport.
Set amid elaborate landscaped gardens with Lebanon and Atlas cedars, the château is on sale at €12 million (Dh58.15m) - down from the €17m it was first listed for three months ago.
The name of the 150-hectare property remains undisclosed as per owner request, according to Emile Garcin Properties in France, where it is listed.
In keeping with the layout and features of neighbouring properties, which include modern villas as well as traditional Provençal homes, the château includes a pool and ivy-covered rugged, stone walls.
The main building, approached via a cobbled pathway, has 1,000 square metres of living space spread over 30 rooms on three floors. The outbuildings provide another 3,000 sq metres of space. There are also outhouses to accommodate staff working at the château.
The ground floor is taken over by reception rooms, including a sitting room, dining room, kitchen and pantry. Another sitting room in the other wing leads onto the gardens.
The château overlooks the countryside and the property brochure promises views of Montagne Sainte-Victoire, a 1,011 metre-high mountain ridge that extends over 18km. The French painter Paul Cézanne featured the mountain in several of his paintings, once describing it as his beau motif - or beautiful pattern - to the writer Émile Zola in a letter dated April 14, 1878.
Q&A: where Romans were charmed
What do you get for €12 million apart from the main house?
The 150 hectares that the property sits on includes 100 hectares of woods, which is home to hare, roe deer, wild boar, partridge and wood thrush among other wildlife. The property also includes 10 hectares of formal gardens, olive groves and orchards plus a swimming pool. There is also space for a pool house. An old chapel and a dovecot, suitable for domesticated pigeons, completes the built structures near the house. There are also a variety of old houses, sheds and garages dotted around the property.
What does Aix-en-Provence offer?
The charm of this laid-back town seems to lie in its streets, according to various travel writers. Once-home to Paul Cézanne and Émile Zola, jazz and delicate French cuisine are the features of the night scene. The town is also known for its museums and opera houses. The Hungarian-French artist Victor Vasarely started Fondation Vasarely in the 1970s, a centre that features geometric art. On the luxury side, modern-day tourists can soak in the thermal waters of Aix, not unlike the Romans who frequented the baths more than two centuries ago.
What’s new in Marseille?
Marseille, the second-largest city in France and 30 kilometres south of Aix-en-Provence, has a new European and Mediterranean Civilizations Museum. The new national museum is dedicated to the cultures of the Mediterranean, their richness and diversity in terms of history and civilization.
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The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
