Cannes Californie, a blue-chip investment
This neighbourhood on the east side of Cannes, undoubtedly one of the classiest in this town in the Alpes-Maritimes, is also the most homogeneous, with exclusive villas and residences offering top-notch amenities. As regards the type of properties available, the buyer is spoilt for choice on this market of remarkably high quality…
The Avenue du Roi-Albert is the most iconic address in the neighbourhood of La Californie, just south of the hill called Super-Cannes. Sublime residences rose from the ground when the second half of the 19th century saw Cannes become the highly-prized destination of the entire British and Russian aristocracy. Time passed by, the “Belle Epoque” made way for Art Deco, without interest in La Californie ever failing. The Hôtel Californie and Villa Saint-Priest were split into apartments, while Saint-Michel, Champfleuri and Mont Joli retained their luxuriant gardens created in the sumptuous early era.
“Enthusiasm for Cannes, its climate, wide array of entertainment, cultural agenda and high-end accommodation is just as stable as that for the property maket in La Californie,” say Eva de Souza and William Bouzat of Engel & Völkers. The most residential part of Cannes after the Croisette is laid out around the Avenue du Roi-Albert, mainly lined by luxury residences with parks and pools (Château Mont Joli, Le Sémiramis, Le Saint-Michel, Le Champfleuri, Le Mariposa, Le Capo Di Monte, Le Roi Albert…), but also sumptuous bourgeois properties steeped in history (Le Californie, La Villa Kazbek, Le Rouve...). Amenities proposed here include guardians, swimming pools, tennis courts, gyms, golf practices and shuttles taking residents to the town centre. Select apartments rub shoulders with prestige villas, such as Les Cistes. Peace and quiet reign supreme in La Californie, yet the beaches, restaurants and boutiques on the Croisette are only a 5-minute drive away. This leafy neighbourhood offers plunging unimpeded views of the Mediterranean, from Cap d’Antibes to the Estérel hills via the Lérins Islands. Houses here are usually priced from 8,000 to 14,000 € per sq. metre, with a few rare spikes up to 20,000 €. An apartment of 100-120 m2 with 2 or 3 bedrooms in a sought-after residence offering a pool and panoramic sea view will be worth 1 to 1.5 million euros. From Luxembourg, Belgium, Scandinavia or Paris, traditional buyers are now joined by the Swiss, benefiting from a greatly improved exchange rate, but also Arab, Chinese and Indian clients. Less visible on the acquisition market than in the past, East Europeans are more inclined to opt for seasonal rentals. In the second half of 2014, demand remained steady for the top end of the market, even if interested parties now take their time, analyze, compare and discuss, obtaining slightly reduced prices, which ultimately makes for a healthier market.
“The core of demand for apartments lies between 1 and 2 million euros, which now corresponds to offers made by owners who have become relatively reasonable,” comments Frédéric Ernandes of the John Taylor agency. New developments, penthouses and vast surface areas aside, these apartments do not exceed 15,000 € per sqm. Montjoli and Saint-Michel are the most sought-after. Soligny, a project with ultra-contemporary architecture now coming to maturity, boasting appointments that are rare even for Cannes, is now pegged at around 20,000 € per sqm. The average price for a house of 300 m2 is close on 4 million euros. La Californie is, after all, a neighbourhood scoring records, as in the case of the famous Bagatelle. Currently up for sale, the Villa Saint-Cyres offering living space of 700 m2 to be joined by extension plans for a further 1,300 m2, justifiably belongs to the collection of mansions in La Californie.
“As regards villas, La Californie is indisputably the most highly-prized neighbourhood in Cannes, and just after La Croisette for apartments,” confirms Laurence Chaleil of Côte d’Azur Sotheby’s International Realty. Today, there are more sellers than buyers, whence widespread expectations of lower prices, even for prestige properties. Downward modifications are now being seen, whereas Beaulieu and Villefranche-sur-Mer already experienced the same process last year. This revision in prices naturally leads to renewed buyer interest, particularly on the part of the Swiss and Americans with their strong currencies. The slowdown seen in Cannes and its uppercrust neighbourheads is part of the general situation, and should be put into perspective with the international business scene, and the way the press addresses French taxation policies, which is sometimes exaggerated. It nevertheless remains that this address, receiving wide coverage in the media thanks to the Cannes Film Festival, is one of the most attractive worldwide. Acquiring a property here not only guarantees personal pleasure, but also a very sound long-term investment.