Cannes Real Estate Market: History, Trends, and Forecasts
Cannes is a fashionable city of exclusivity, beauty and a “heavy luxury”, the epicenter of the most striking world events never goes into oblivion, remaining steadily at the peak of its popularity at all times – but once it was a quiet French town by the sea.
Cannes Development Timeline
Cannes were first chosen by English aristocrats, and then subjects of the Russian Empire began to appear here, including Empress Maria Alexandrovna, wife of Alexander II, who visited this city in 1879, accompanied by her sons. Later, Alexander III Boulevard will appear here, on which the Mikhailovsky Church was erected in the 90s of the 19th century, attracting more and more Russian emigrants from different parts of the Cote d’Azur to the city, who were not always comfortable visiting the only church in Nice at that time.
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The city gradually began to be overgrown not only by French residents, but also by representatives of other countries of the world, and in 1953 the city thundered around the world when a French director with Russian roots Roger Vadim brought his young wife Brigitte Bardot here – a movie star was pleased to pose for numerous on the local beach paparazzi, thereby creating the Cannes Film Festival unshakable fame.
Despite the fact that the event began to be held since the post-war 1946, it entered its zenith of fame precisely thanks to the arrival of Bardot in the 53rd year. With each subsequent decade, the number of people wishing to become the owner of local square meters began to grow by leaps and bounds, as a result of which the city entered the rank of one of the most premium resorts in the world with fabulously expensive real estate in the new millennium.
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Real estate in Cannes continues to be in great demand among buyers today. Thanks to the mayor’s active policy to develop Cannes as a business center (congresses, seminars, and exhibitions are held here all year round, which attracts professionals from all over the world), short-term rental real estate is also in high demand. Apartments in the city center are actively bought by investors, and this trend has continued over the past decade.
Last 2018 was exceptionally successful for the entire real estate market in France, while in Cannes, property prices in the secondary market grew by 5%. On average, sellers are ready to reduce the price during the bidding by the same amount, so we can say that prices generally remain stable, at the level of 2017-18. But, if earlier everyone wanted to buy an apartment or a house after a complete renovation, now buyers are increasingly looking for options for repairs, which they do on their own and taking into account their own taste. In response to increased demand, a large number of repair companies appeared, carrying out all types of work in any segment of the budget, and objects that are sold under repair, on the contrary, have become rare.
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As the data of the Cannes Chamber of Notaries, which keeps records of transactions concluded, show. against the backdrop of high demand for housing in the secondary market, developers have adjusted prices for new buildings, reducing them by the same 5%. It is too early to sum up the results of 2019, but according to many experts, the current year has every chance to break records in terms of sales. A more active real estate market became this summer and in the beginning of autumn, when most of the properties that were on sale for two to three years were sold.
Popular Cannes areas
The most expensive quarters of Cannes for buying apartments are certainly located on the first line of the city on the Croisette, which runs from west to east from the Palais des Festivals and to Cape Croisette – with the distance from the center, property prices are also reduced. A few streets up from the embankment to the railroad running through the city form the center of Cannes, the so-called “banana”, the shape of which resembles the outline of the quarter on the map.
The Palm Beach quarter, located on Cape Croisette, successfully combines proximity to the sea – only two minutes walk to it, but at the same time the whole urban infrastructure and quiet atmosphere as opposed to the tourist center of the city. There is a lot of greenery growing and there are excellent conditions for families with children. Buy a property in Cannes
Upstairs from Cape Croisette leaves the fashionable California quarter – old, green, and quiet, it is famous for its bourgeois mansions, impressive residential complexes of the 70-80s, each with its own territory of several hectares, a park, a swimming pool, tennis courts, mini-fields golf and concierge service. It offers magnificent panoramic sea views from Cape Antibes to the Esterel mountain range.
The California quarter smoothly climbs a high hill – Super Cannes – the location of the most expensive and luxurious villas in the city and one of the most expensive sectors on the Cote d’Azur.
More affordable, prestigious, but more distant from the center, the Monrose and Oxford quarters are in particular demand among local residents, as well as the quarter in the western part of the city.