Cannes real-estate market by numbers
Several people have asked me about the specific area of Cannes real-estate … so here are some figures:
1. Growth
Prices have doubled between 2000 and 2006 (+101%) but the growth was averaging 6% in 2006 and just above 5% in 2007 for the entire Cannes area.
2. Prices
Cannes is one of the most expensive global cities for prime residential property (ranking 6 in the Wealth Report 2007, published by UK property company Knight Frank).
The average price per square meter reached 4,600 euros but Cannes is the French city where price differential is the most important. Prestigious apartments on boulevard la Croisette are sold at 15,000 euros per square meter on average (up to 25,000 euros per square meter in central Croisette) while apartments in working class neighborhoods are around 3,000 euros per square meter.
Cannes is a complex mosaic as the market is characterized by hundreds of micro-markets, even in the most classic districts the price can triple from one street to another.
Croisette is the most sought-after and therefore most expensive, followed by the more suburban and quieter areas of Californie, Croix des Gardes and Super Cannes - with the prices varying depending on the sea views over the bay of Cannes.
3. The market
According to my colleagues, the real-estate professionals, prestige goods are still growing at double digits.
Foreigners are rushing towards the smaller apartments in prime areas.
The rest of the Cannes market is stable.
Many buyers want an investment apartment in Cannes - to use themselves from time to time and also for the possibility of renting to Convention attendees. See my blog entitled “Consider the luxury of owning your own apartment in the centre of Cannes” posted on 5th February 2008. We now see purchasers for the most prestigious good rental position apartments with the result that these are in demand resulting in fast sales and the resultant high price increases.
If I can be of any further assistance, please contact me - Jackie Pressman at French Riviera Property Search - by telephone, email or skype.
