Cannes : an outdoor area called Desire

On a holiday home market that is traditionally lively, demand for villas or apartments with terraces in Cannes has now reached an unprecedented level.

Based on the Croisette between the Martinez Hotel and Port Canto, the Agence Résidence Croisette launched over 65 years ago now devotes itself sales, long-term rental management and seasonal rentals, with a predilection for apartments. Yannick Le Gouail runs the agency together with that of Biot Sélections, specializing in sales and rental management of villas within a perimeter centered around Biot and Mougins. “Cannes has always drawn a clientele of buyers wanting to benefit from the Côte d’Azur’s very advantageous climate, though today access to outdoor areas has become an essential search criterion : a large terrace, open-air area or garden are now of prime importance. Furthermore, it is preferable for the location to be close to shops so that a car is not necessary. Meeting these requirements with ease and flair, the Croisette offers spectacular views of the sea, islands and Estérel hills. Inevitably, available properties are rather rare.” Average budgets range from 500,000 to 1.5 million euros in the neighbourhoods of La Californie and La Croix des Gardes, and can attain 3 to 4 million euros for certain prestigious apartments on the Croisette. The appeal of Cannes has been tangible since the lockdown, though prices have remained stable. “Lower Californie is a highly residential neighbourhood which is very popular as it offers beautiful views and high-class residences a stone’s throw from the Croisette and shops. The neighbourhoods of Palm Beach, Montfleury and the first part of the Plages du Midi also provide an attractive compromise while posting less exclusive prices than those on the Croisette.”

Under the direction of Jean-Claude Chermont, Master Conseil Immobilier has specialized since 2008 in the marketing of apartments, penthouses and villas, all prestigious properties ideally offering panoramic views of the sea. “We usually sell 8 times more apartments than villas though, since the end of May, demand has been multiplied by 5 for villas. We are seeing a steady flow of affluent French clients who have replaced foreign buyers, less active on our market since the healthcare restrictions came into effect. Given this rising demand for properties with outdoor areas, we have developed our Villas department to meet these specific criteria.” On the Cannes market, Jean-Claude Chermont reports average prices from 1 to 3 million euros for apartments versus 1 to 5 million for villas. In his opinion, highly-prized neighbourhoods such as La Californie, Palm Beach, Oxford and La Croix des Gardes no longer suffice to trigger a sale : in addition to a prestigious location, the quality of the properties proposed and their prices are now proving to be just as decisive. “Despite the economic situation and uncertain prospects , we remain optimistic for the future, as we are well-acquainted with the assets offered by our beautiful region. Especially as, in this unpredictable context, stone is seen, more than ever before, as the safest investment.”

Based at the heart of Cannes for the past 7 years, the Lilamand Estate agency run by Thomas Lilamand is exclusively dedicated to the sale of properties sharing in common an atypical style, in the centre of Cannes and neighbouring areas. “We select for our clients unique homes of character, which reflect our expertise and passion for real estate.” This specialist notes a rise of over 30% marked by demand for second residences, seen as excellent investments, particularly apartments with terraces, within walking distance of the centre of Cannes (Palm Beach becoming a highly sought-after neighbourhood), used as pieds-à-terre then offered as seasonal rentals the rest of the time. Rental income is very important, as buyers are thinking more than ever about amortization of their acquisition (average bud­get : 500,000 €). Villas enjoying views (from 500,000 to 800,000 €), benefiting from a garden and pool, in peaceful spots near the town centre and seafront, win all the votes and become rare. Previously drawing little attention, garden-level apartments are now the subject of marked enthusiasm. Mostly French, the clients come from large towns with the desire to acquire a second home in Cannes, with the share of foreign buyers most often from northern Europe. “Since the end of the lockdown, sales volume has risen drastically on an already highly active market, bearing witness to a massive return to the sound value embodied by stone.” Thomas Lilamand points out that, while prices have not risen, the tendancy for overpricing already keeps them at high levels. “You have to look at the prices properties actually sell for, rather than their asking prices.”