How is the real estate market in Cannes developing and which neighborhoods are popular with buyers?

Evolution of the city of Cannes

This article discusses in detail the process of formation and development of the city of Cannes, which initially attracted the attention of English aristocrats, and has now become popular and sought-after in the real estate market. The historical roots of Cannes go back to 1879, when Empress Maria Alexandrovna, wife of Tsar Alexander II, made a trip to this famous resort together with her sons.

This arrival marked an important stage in the fate of the city, resulting in the construction of Boulevard Alexandre III, along which, at the end of the XIX century, St. Michael's Church was erected. This event became an attractive force for Russian emigrants in need of a spiritual monastery, because until then the only place for prayer was located in Nice, which created certain difficulties for believers.

Increasing the attractiveness of Cannes

Over time, Cannes began to attract not only the local French population, but also numerous foreign visitors. In 1953, the city gained worldwide fame when French film director Roger Vadim, who had Russian roots, brought his young wife Brigitte Bardot with him.

The famous actress posed on the beach, which significantly contributed to the reputation of Cannes as a place where the International Film Festival is held. This festival, which began in 1946, thanks to the arrival of Bardot in 1953, gained the status of a legendary event.

Current trends and the real estate market

Since that time, interest in Cannes has steadily increased, and in the new millennium the city has become part of the number of the most elite resorts in the world, where real estate prices reach astronomical heights. To date, data shows that the housing market in Cannes continues to be at a high level. The mayor of the city is actively engaged in developing it as a business center, offering congresses and exhibitions all year round, which helps to attract specialists from different corners of the globe.

• High demand for short-term rentals.

2018 results

Looking at the results for 2018, it can be said that this year was very successful for the French real estate market. In particular, there was a 5% increase in prices for secondary housing in Cannes.

At the same time, to make the offer more interesting, sellers often reduce prices by similar percentages. This indicates the stability of the market and its preservation at the level of 2017-18. However, while earlier potential buyers tended to find apartments or houses with fully completed repairs, recently there has been a trend towards choosing properties with the possibility of repair, which allows new owners to furnish their homes according to their individual preferences and tastes.

Changes in the real estate market in Cannes

The housing market in Cannes is undergoing notable changes, especially against the backdrop of growing interest in real estate. In response to the increased demand for renovation services, a number of companies have emerged offering a variety of different types of work in different price segments.

Availability of apartments

At the same time, apartments requiring renovation are becoming increasingly rare. According to the statistics of the Chamber of Notaries of Cannes, which records real estate transactions, the secondary housing market continues to actively develop. This fact has forced developers to reconsider their pricing strategies, resulting in a decrease in the prices of new buildings on5%.

Outlook 2019

Although the results for 2019 are not yet summarized, many experts suggest that the current year has a good chance to set new records for the number of sales.

Affordable neighborhoods for housing in Cannes

The Republic and Cannes-La Bocca neighborhoods stand out among the affordable housing areas. Interestingly, the Republique neighborhood is just ten minutes on foot from the heart of the city and the famous Croisette, neighboring the prestigious California resort sector.

Inexpensive neighborhoods

In addition, Carnot and Montfleury are also inexpensive areas. This can be explained by the rather simple architecture of the buildings in these areas and their relative distance from the sea, which is reflected in the price level. It is also important to note thatlack of attractive viewsplays its part - there's a train station nearby.

For a lot of potential buyers, this becomes a significant hurdle: working out a route across the tracks sometimes serves as a“border.”in perception, where everything before is considered less valuable and everything after is considered more attractive.

Types of available objects

On the real estate market, there are many affordable options in old buildings without elevators and in the format of microapartments. However, on the Croisette, in the Super Cannes and along the Chemin des Collines, there is a steady rise in prices.

Each year, the number of new properties in traditionally successful areas declines, which will further increase the cost of housing in these high-end locations. Restrictions in California zones are also possible.

Housing prices in Cannes

Analyzing housing prices in Cannes is a complex task in terms of“average cost per square meter.”. For illustration:

• An apartment located far from the center, can be valued at about 2500 euros per square meter.
• A luxury penthouse on the Croisette with panoramic sea views can cost more than 40,000 euros per square meter.

The comparison reveals two two-bedroom apartments of similar size, about 80 square meters, with terraces and sea views:

• One is in the Oxford area in a small residence with no elevator and was sold for 450,000 euros.
• The second is located in California in a luxury complex with a park, swimming pool and concierge, its price amounted to 1.38 million euros.

Prices on the Croisette

On the Croisette, prices per square meter can reach 50,000 euros, but more often than not, offers range from 10,000 to 50,000 euros. Apartments equipped in California, Oxford and Super Cannes can also command high prices, but ultimately the cost depends on the specific complex.

For example, the price per square meter in the Montfleury area ranges from 4,500 to 6,000 euros, while in California the average price range is 9,000-12,000 euros per square meter.“The golden mean.”in the real estate market in Cannes most experts consider the famous sector called “banana”, where the price of housing ranges from 3000-4000 euros near the station to 10 000 euros per square meter in more respectable areas near the seafront.

Conclusion

In conclusion, Cannes continues to be not only a symbol of the movie world, but also one of the most attractive points on the real estate map in France. The city, which was once a favorite of the aristocracy, now attracts the attention of buyers from all over the world due to its unique combination of a wonderful climate, developed infrastructure and high quality of life.

It should be noted that the specific needs of buyers have also changed: the interest in renovated properties is growing again, which opens up new prospects for investors and developers.

Prospects of the real estate market

Given the successful performance of 2018 and the favorable forecasts for 2019, it is safe to say that the real estate market in Cannes will continue to develop and grow. The variety of neighborhoods with their unique atmosphere and infrastructure gives everyone the opportunity to find their ideal corner, be it:

• quiet villa with panoramic views
• a centrally located apartment with a buzzing life

As such, Cannes not only attracts buyers with its history and culture, but also offers modern living and investment solutions, making it a truly unique destination on the Côte d'Azur.There are many avenues open to those looking to purchase real estate in this picturesque regionand, given the dynamics of current trends, it's worth rushing.