Unexpectedly, the health crisis has only stimulated already high interest in the luxury real estate market in Cannes. In this article we will talk about the profile of buyers, their most frequent inquiries and price growth.
Would you like to buy a luxury property in Cannes, the world capital of cinema industry? Pandemic and the various restrictions it was a trigger for the wealthy people start to think about investments in real estate. Covid has only added the interest in the already booming real estate market in Cannes. However, many houses have now changed from summer vacation villas to luxury " escapes " with a pleasant Mediterranean climate and a new full-time residence.
Buyer profile: mostly the young French and European citizens
Due to the health crisis, Russian, American and Middle East buyers are temporarily restricted by containment measures. But the French and European businessmen who are usually interested in real estate, such as Ibiza or Thailand, have rediscovered the attractiveness of the Côte d'Azur. The Swiss, Germans, Luxembourgers, Dutch and Belgians are more and more invest on the French Riviera.
Another insight: the spread of remote work and self-isolation has led to the rise of projects for the purchase of additional homes among buyers younger than usual. Real estate in Cannes is a win-win classic, as evidenced by the interest of IT businessmen and cryptocurrency players
The most popular requests
There was a boom already in May 2020, when self-isolation and restrictions brought unprecedented interest in spacious houses with large plots of land and spacious gardens. Cannes real estate market is very limited about such kind of offers, so the interest has shifted to nearby Mougins and Grasse, where it is possible to find many more such properties and priced more reasonably attractive.
Demand is now really exceeding the offer. California, Croix-des-Gardes and Super Cannes remain the most popular areas. The most expensive properties are still located in La Corniche du Paradis, where the value of some properties can reach tens of millions of euros. But demand is also high for large apartments in the city centre and the famous promenade de la Croisette.
There is still an increasing demand for properties priced at 5 million euros or more.
Have property prices increased in Cannes?
It is safe to say that the prices of luxury property in Cannes remain very high. However, it should be noted that transactions have started to take place at a much faster than before.
Another finding: the luxury real estate market, not only in Cannes, is characterised by an opportunity to reduce the initial price by 5-10% in general. Knowing the current situation, real estate agents are becoming less and less flexible.
Speaking of the average price of property in Cannes, it is very difficult to summarise and there is no point in giving a particular figure. The price can vary from district to another district, and even within the same street. It depends a lot on the property's amenities, such as sea view or the fact that it has a larger outdoor space.
The average prices for apartments and villas: from 8,500 euros per sq.m., but for a villa in the Super Cannes, it's between 15,000 and 20,000 euros per sq.m.
For exceptional, ultra-luxury villas, it can be as high as €25,000 per sq.m. As for the main attraction in Cannes, the Croisette, prices can range from 40,000 to 50,000 euros per sq.m., competing with the Principality of Monaco.
