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I. Riviera Market Curent trend

All is well on the property front and the dynamics can be felt across town. Let’s take a closer look at this fast-moving market… 

If you think of Cannes as nothing more than a city of festivals, then think again. Although probably best known for its annual all-star line-up, it is also renowned as a dynamic town. No wonder then that it is so popular with investors. Northern Europeans in particular (predominantly Anglo-Saxon) are wooed by its myriad charms. They are attracted by the unique, unspoilt, and genuinely safe environment combined with the medium- to long-term prospect of making a significant capital gain on their purchase. While the majority of buyers are younger than before -generally within the thirty-five to fifty age bracket - they are still from the world of business and finance. Cannes offers the possibility of owning a second home within easy reach : Nice airport is only half an hour’s drive away ; flights to Cannes-Mandelieu airport are on the rise ; and the whole area is close to the motorway. The num-erous festivals, conferences and other events add to the appeal by keeping it “alive” all year round. Land is obviously a rare commodity in the town, and therefore expensive. Allow between 450 and 600 € per square metre in La Californie, from 350 to 400 € in Super-Cannes and La Croix-des-Gardes. Apartments vary between 3,000 and 6,000 € per square metre in La Croix-des-Gardes and from 10,000 to 20,000 € on the legendary Croisette. As for villas, again prices naturally depend on where they are situated, although Cannes has a good reputation on the whole. A house near Cannes-La Bocca is currently worth somewhere between 800,000 and 5,000,000 €. In La Californie, home to some of the most splendid residences on the Côte d’Azur, allow between 3,000,000 and 10,000,000 €. At the very top end of the scale, exceptional properties such as La Tropicale, Notre-Dame-de-Grasse and Bel Horizon will respectively fetch up to 25,000,000 €, 15,000,000 € and 12,000,000 €. The absolute height of luxury, Bagatelle, on avenue des Pharaons, offers unrivalled appointments. Local property professionals confirm that after a period of “wait and see”, there is a definite upturn in the market. Have buyers finally accepted that it would be pointless waiting, because prices have returned to a fair level and will not (or no longer) fall ? We can only hope so. The fact remains that estate agents, aware that clients are increasingly well informed and thus more demanding, are striving to offer properties fully suited to their demand. Today the property market is much more about communication and mutual understanding. Auspicious optimism is definitely reigning in Cannes. 

III. The working population and housing

While it is definitely a popular holiday destination and land of festivals, many people live and work in Cannes all year round. We zoom in on this specific market. 

Before we get down to the heart of the matter, Pierre Kojfer from the Centrale agency ( 04 93 99 32 00) has one or two points to clarify. The media are quick to announce excessive prices on the Riviera and an exponential surge in costs. But how true is this ? Prices are indeed high, but with an average 3,641 € per square metre, they are similar to property prices in Fréjus, Aix-en-Provence, Arcachon and Biarritz. And the price rise index at 8.5 % in 2004 is in the lowest third in France. Of course, districts like La Croisette, La Californie, Chemin des Collines or Super-Cannes raise the stakes. But certain cheaper while still up-market localities remain. The centre of Le Cannet and the Rocheville area are popular for apartments (Le Cannet Résidentiel being in a higher category), fetching from 2,200 to 4,000 € per square metre. Around Square Carnot, a central and rather noisy area, prices range from 2,000 to 5,000 €. La Croix-des-Gardes, in the upper parts, is a safe bet for villas. For 200 m2 on 1,500 m2 of land, prices start at 750,000 and go up to over 1,000,000 €. Downtown, the Europe neighbourhood has some detached houses (200 m2 on 400 m2 of land) at between 500,000 and 1,000,000 €. But in all honesty, it has to be said that the average budget of the working population (200,000 € for a two-bedroom apartment and 700,000 € for a villa) means they very often have to settle for second best. The professional advises investing in affordable property, then using the rise in value to start looking for something better.

Then and now 
Tackling the second-hand property market in Cannes demands a certain amount of caution, and one or two clarifications. Renaud Espitallier from Marly Privilège ( 04 93 94 07 06) is insistent : “It is vital to draw a distinction with the market in Nice. Here, a property is classed as “old” after five years. But to estate agents, truly old properties make up specific niche markets.” So, in terms of supply and demand, which sector prevails ? Second-hand made in Cannes or new ? The first one, obviously. The situation is unavoidable in view of the shortage of land and the very high price of any that can be found. “Another factor is a change in people’s attitudes,” explains Renaud Espitallier. “Today, we have a different view of property, and the idea of personal estate has practically disappeared. Apartments and houses are becoming consumer goods, like they are in the States.” Buyers have become more demanding about interior decoration, a fast-growing sector. And in recent property, one has to admit that standard format still prevails. “In new property, there is no bad taste”, says the professional, ironically. The prices of developments that have benefited from the skills of interior designers are revised upwards (“the effort premium”). Yet, it is this compliance with standards in new property that has pushed prices up. “Various technical aspects, such as addressing the problems of noise for example, have been beneficial. New property generally standardises market prices, having a stabilising, levelling effect. In the second hand market however, prises are exploding, but demand is slow to follow. 
And in the future ? “The market is still going strong. Buyers are well-informed and demand a more thorough, specialised service than before. In years to come, people will probably adopt the American way of life, moving house more frequently and buying and selling as their lifestyle dictates.”