The real estate market in Cannes differs from any other in France and fluctuates at its own paste. The type of investors, the exceptional properties, the location, the economic activity and the original configuration of Cannes make it a city one of a kind where real estate prices follow their own logic.
Average price per area
Cannes covers a total surface of 19.62sq km spread over different areas, which are priced unevenly on the market. Cannes banane, La Croisette, Palm Beach, Cannes Californie and Super Cannes are the most sought after areas due to their cultural and sociological exceptions. Property prices in Cannes Banane can fluctuate between 5000 and 10.000€/sq m in 2015.
Prices start from 15.000€/sq m on the prestigious Croisette. Depending on the location on La Croisette, the standing of the residence, the level of the apartment and the view, prices vary between 15 and 50.000€/sq m. The most sought after apartments are located in the heart of La Croisette, close to luxury hotels and boutiques, on an upper level, in a prestigious residence with concierge and obviously with a sea view.
Recently built apartments with terrace are 9.000€/sq m in average. Renovated apartments with terrace and beautiful sea views are between 12.000 and 15.000€/sq m.
The Basse Californie area offers prestigious apartments sold between 8.000 and 10.000€/sq m. The most prestigious and most sought after properties of this area are located in La Californie. This area offers properties with amazing sea views and greenery. Market prices for apartments start from 8.000€/sq m and can reach up to 30.000€ for some rare addresses. You need to count between 6 and 8 millions euros for a renovated villa of approx. 350sq m with sea view. 80% of buyers in this exceptional area are from Middle East, UK, Northern Europe and the Russian speaking countries.
The value of a property is assessed according to the following: the size of the land, the view, the architecture, the quality of renovations… Most purchases are impulse buy, each property is unique in this very sought after area explaining the disparity of prices from one property to another.
The hills of Super Cannes offer views from the Lerins Islands all the way south to Cap d’Antibes and the countryside of Nice. This area has quickly developed since the 80’s with numerous newly built constructions. Lands usually are smaller than the ones in La Californie hence a greater variety of price range. The beginning prices start around 1 million and can reach up to 20 million euros.
Cannes, a place which knows no crisis
In 1991, as the French real estate market is hit by the recession leading to a 50% decrease of prices, the Cannes market only lowers by 15%. Apart from a few exceptions, the high-end areas have never been affected by the recession. In 2015, Cannes remains a safe and sound value for international investors. The properties that Cannes offers are exceptional in the world market, as the area was not hit by the worldwide recession, a place where real estate assets are still bound to increase in value.
More information about the Realty Market in Cannes? Contact the Cannes Office