La Croisette : an exceptional property market

With its palatial hotels offering fabulous views of the Bay of Cannes, its luxury boutiques, a promenade shaded by palm trees and its International Film Festival, the Croisette is an address of sheer magic. Its property prices inevitably soar to heady heights...

“The Croisette is a unique address, renowned throughout the world. Demand is inevitably very high,” confirm Bruno François and Paul Bernard, negotiators for Marly Privilège Cannes Croisette. Based on the Boulevard de la Croisette for 25 years, and also in the centre of Cannes, Le Cannet and Mougins, the agency handles sales, rentals and property renovation (supervision of all the work with expert assistance from an architect). “Our clients, who often own boats moored in Port Pierre-Canto, are shared out equally between French and foreigners of many different origins : Russia, the Middle East, Scandinavia, the USA, India…” Our experts split the Croisette into two sectors : “The first, between the Palais des Festivals and Boulevard Alexandre III, encompassing the beaches, boutiques and congress activities, in a way the centre of the Croisette, is mainly targetted by rental investors. Here, the price per sq. metre is soaring : 20,000 to 45,000 €.” The second sector, “quieter and leafier”, extending as far as the Palm Beach Casino, receives as many requests for year-round homes as for holiday residences. And it is more affordable : from 15,000 to 25,000 € per sqm. The most sought-after properties are top-floor apartments, “very rare and particularly expensive”, and those of 80 to 100 m2 with two or three bedrooms. The agency’s last two sales in fact consisted of an apartment of 100 m2 with a garage at 1.8 million euros and another of 95 m2, “closer to the centre and also benefiting from a parking place”, at 2.3 million euros.

Isabelle Sigrist and Dominique Fillon, negotiators for Croisette Properties, confirm that most demand is for these types of properties. They have, in fact, just marketed an apartment of 100 m2 with a cellar and garage at over 2.5 million euros. “On the other hand, smaller surface areas are rare and in much lower demand.” They also agree that the Croisette has two price categories, though they see the second sector as starting from the Martinez Hotel. Created 10 years ago and covering Cannes and the surrounding area, the agency specializes in properties in the middle and upper price brackets. Its portfolio thus consists of exceptional properties such as houses and penthouses : “There are less than ten villas on the Croisette, mainly concentrated around Port Canto, offering living space of 200 to 300 m2 and gardens of 400 to 800 m2, some with pools. They are worth from 7 to 8 million euros.” Our specialists describe a market similar to that of Monaco, mainly comprised of second residences, 70 % of which are occupied by foreigners (Russians, Turks, North Europeans…). “These are today’s buyers of very exclusive properties.”

This clientele also accounts for the largest share of transactions handled by Thierry Marot, manager of the Agence Résidence Croisette. This agency founded in 1954 (one of the oldest on the Boulevard) handles sales of apartments in residential areas in Cannes, long-term rentals as far as Antibes and seasonal rentals exclusively on the Croisette. Despite the latter’s undeniable assets, Thierry Marot has noticed a slowdown in activity : “Here, holiday homes represent over 80 % of sales. But in an unfavourable economic and tax-related context, acquisitions for personal enjoyment are postponed. Especially by foreigners”. Prices nevertheless remain steady and “there is good demand for seasonal rentals”. Like his counterparts, Thierry Marot has noticed a regular and significant drop in prices as far as the Palm Beach Casino. “At the far end of the Croisette, the price per sq. metre now only ranges from 10,000 to 15,000 €.” Though it is also highly variable from one residence to an­other, “depending on their condition and prestige, with some such as Le Henri IV and 77 Croisette definitely over-priced”. Finally, the floor is a decisive factor as the palm trees on the promenade can hide the sea view. “Which is an absolute priority when you’re buying a property on the Croisette !”