CANNES, ALWAYS IN THE SPOTLIGHT
No freeze frames for Cannes ! Renowned worldwide for its International Film Festival, Cannes sees itself as a dynamic town both avant-garde, glamourous, green, and “by the seaside”.
With expertise in prestige real estate and recognized for its high-quality service, the Engel & Völkers group is present on the Côte d’Azur in Nice, Saint-Tropez and, since 2011, in Cannes. “2022 turned out to be exceptional year characterized by many transactions,” says Marie-Claire Sangouard, General Manager Côte d’Azur for Engel & Völkers. Enthusiasm for Cannes is certainly tangible, with the market regaining a certain cruising speed in 2023. “The Côte d’Azur remains a protected market, with crises having low impact. Its clientele is always at the ready.
British, Scandinavian, Belgian, German and, more recently, Czech, Roumanian and Polish clients are looking to invest or treat themselves to a second residence in Cannes. Clearly outstripping supply, demand focuses on turnkey properties on the hills of Cannes, in the Californie neighbourhood, and the centre/Croisette. We recently presented a house of 132 m2 benefitting from a private inner courtyard right in the centre of Cannes, priced at around 3 million euros.” While offerings are scarce, not everything sells. “An over-estimated property will not draw any interest. International clients are very well informed and respond rapidly when a property is offered at the right price. It is not rare for us to sell certain fine properties even before having the time to present them on our communication channels. This week, two transactions were thus completed, as we already had buyers among clients who entrust us with their searches.”
“Many beautiful houses in Cannes and on the Côte d’Azur will still be sold, though owners should begin to adapt their expectations to be more realistic and not see their ambitions disappointed. What we have seen this year, for example, are solid offers that owners have decided not to accept, finally not succeeding in selling their properties. They must henceforth be vigilant so as not to regret a decision out of phase with today’s market. Cannes still offers high potential for rental investments that protect it in a way. This brings good rental income in the high season and during the numerous congresses held throughout the year,” explains Fredrick Lilloe, CEO of Knight Frank Côte d’Azur, proposing a wide portfolio of luxury villas and large properties in all the up-market neighbourhoods in Cannes : Palm Beach, the Croisette, Super Cannes, La Croix des Gardes, La Californie...
“The areas I consider as the most interesting for an acquisition in Cannes these last few years are Super Cannes and Lower Californie. Super Cannes especially, as it enjoys unimpeded views, proximity to Golfe Juan and Juan-les-Pins, and the possibility of building new properties ; whereas it is harder in La Californie, where the market is almost saturated. We are also seeing rising interest in Lower Californie due to its immediate proximity to the town centre, while being quiet and offering vast surface areas and luxurious appointments.” An historic agency based in Cannes for almost 160 years, John Taylor covers the high-end market on the Côte d’Azur. Backed by a multilingual team of 13, the Cannes agency focuses on sales and seasonal rentals of villas, large properties and luxury apartments in the entire area in and around the town.
