Cannes, buyers now have good reason to return

A prime destination for movie-buffs during the Film Festival and holidaymakers in summer, Cannes is a highly-prized address. While its property prices have certainly put off lots of potential buyers in the past, they are now more affordable. It may well be the perfect time to take the plunge…

Enjoying the sunshine of the Côte d’Azur while strolling along the Croisette or getting a tan on the beach, such are just some of the pleasures offered by the town of Cannes. Assets making it a favourite destination among holidaymakers, but also among those in their fifties. Who are, in fact, looking for quiet spots in which to invest their savings, sit back and relax. An apartment in the centre or a villa in the neighbourhood of Californie-Pezou ? It’s all a matter of taste.

This year could well be the right one in which to acquire a holiday home by the sea. “Prices are appealing, they are lower than in 2008-2009, even on the Croisette. We are seeing declines of about 10 to 15 %,” says Thierry Marot, director of the Résidence Croisette agency. He mentions, for example, a smart contemporary apartment, refurbished as new three years ago. Facing the sea, on the Croisette, offering living space of 62 m2, it also benefits from a garage and cellar, highly-prized advantages on the property market in Cannes. A few years ago, this 2-bedroomed apartment would have fetched 1.1 million euros ; it recently sold for under 1 million. A blessing for wealthy buyers in search of holiday homes close to high-end restaurants, casinos, yacht harbours, and even golf-courses. According to Thierry Marot, “the market has picked up slightly since early December”, with the return of foreign clients. Even so, he is not counting his chickens before they are hatched. After more than 20 years in the trade, he has learnt to simply observe the facts : “Buyers are making their way back, and that’s a very good thing.”

”We have recently refocused our attention on the middle-of-the-range, with properties in the town centre and La Californie,” says Eric Labouré, founder and director of the agency bearing his name, Eric Labouré Immobilier. The core of his target range is thus currently comprised of properties between 400,000 and 700,000 €. A stone’s throw from the train station, stores and cultural centres, apartments in this neighbourhood are of interest to those looking forward to retirement. One such apartment is to be found next to the Carlton, in a high-class residence. Living space of 50 m2 with a terrace facing south, offered with a parking place and cellar for 420,000 €. “We also have an investors’ market, due to very low interest rates. While still working, they acquire properties in anticipation of their retirement, 1 bedroomed apartments which, in the meantime, they rent out.” Eric Labouré also proposes more luxurious properties, like a villa in Valbonne, a few kilometres north of Cannes. Benefiting from a large pool, pool-house and gym, this house of 645 m2 in grounds of 3,132 m2 is currently up for sale at 5.6 M €. A great way of basking in the Riviera sun !