Prestige apartments in Cannes
What a long way it has come ! From a Ligurian fishing village in the Age of Antiquity to a 21st-century seaside resort of worldwide renown. Home to 73,000 residents, Cannes has adopted prestige as its standard bearer. If its offerings of villas continue to advance, its apartments, including the very desirable penthouse, also put in a star appearance.
In the 19th century, Henry Brougham, Lord Chancellor of England, settled in Cannes, bringing many members of the English aristocracy in his wake. Since then, the town continued to polish its act, acquiring increasingly sophisticated infrastructures. The same was true of its private accommodation which, in the apartment category, can now attain 35,000 ?/m2. This town in the western part of the Alpes-Maritimes is laid out in a crescent shape around the Mediterranean shore. While the coastal strip is very built-up, untouched areas can still be found, especially on the hill of La Croix des Gardes. The Croisette, in other words, the seafront hosting the famous Palais des Festivals et des Congrès, is lined with luxury boutiques, yacht harbours and palatial hotels, including the historic Majestic Barrière, Martinez and Carlton. Appropriately known as the “billionaires’ hill”, La Californie is an enclave with luxuriant vegetation climbing upwards on the east side of Cannes, alternating luxury villas and condominiums. Avenue du Roi Albert, Chemin de La Californie and Avenue des Pharaons are its most highly-prized addresses. Oriental and neo-Gothic façades recall the fanciful splendour of the “Belle Epoque”, while others pay tribute to the Art Deco movement. 70 % of the residences here are used as holiday homes.
“The notion of prestige derives from a combination of three criteria : a select address, a high-quality building and a generous surface area. Then come the layout of the terrace, the view, storey and appointments offered by the property” says Renaud Espitalier of Marly Privilège. Apartments endowed with all these assets are scarce on the ground. The Croisette, for example, only has about twenty on offer. As a result, prices naturally remain steady. An apartment of 200 m2 with a terrace of 200 m2 would cost 6 milion euros or more, depending on its condition. The old disparity between the various sections of the Croisette no longer applies. If market values still change from one number to another, the buyer's decision is now based on a preference for liveliness or tranquillity. The central part of the Croisette has residences that are relatively recent. The section between the Martinez and Majestic Barrière boasts 80 % of so-called prestige apartments. Le Henry IV, Le 67 Croisette, Le Palais d’Orsay, Le Festival, Le Gray d'Albion, Le Saint-James and Le Marly meet with high demand. The sq. metre here starts at 12,000 €, rises to close on 35,000 € on rare occasions, while “luxury” starts at 20,000 €. In La Californie, the market is broader and closely linked to the residence itself, its park, swimming pool, security and stewardship. Le Château Montjoli, Le Saint-Michel, Le Mariposa and Le Sémiramis all have dedicated fans. Their prices range from 6,000 to 15,000 €/m2, depending on the location.
When discussing prestige, one can’t avoid the subject of “turn-key” apartments. The international clientele is finicky about finishing touches, the association of esthetics and technical amenities, and the equipment's level of quality. A steam oven, wine cellar, hydro-massage system, air conditioning and home automation are classics in the genre. And the seller should then pay attention to the interior decoration, fixtures and fittings. In fact, buyers' expectations vary depending on their origins. The top end of the market is doing equally well for apartments and houses, and in respect of both sales and rentals. “La Croix des Gardes, pegged from 5,000 to 10,000 €/m2, is regarded as a fall-back option compared to La Californie, especially among the French, British and Scandinavians,” comments Jérémie Leclercq of Burger Sotheby’s International Realty. In an elevated position, this neighbourhood enjoys a sublime view of the Bay of Cannes, the Lérins Islands and Estérel hills. Among the agency’s recent sales, he mentions a penthouse of 200 m2 requiring complete renovation and opening out to a terrace of 300 m2, sold for 1,850,000 €. East Europeans are taking more interest in this type of apartment, though their initial preference is for villas. The minimum budget required for a luxury apartment is 1 to 1.5 million euros, a price bracket giving a 2 bedroom apartment of 90-100 m2 in La Californie.
Finally, Frédéric Ernandes gives two examples of the most recent transactions orchestrated by John Taylor : an apartment of 200 m2 with a magnificent terrace in Le Marly (on the Croisette) was happily snapped up by a buyer looking for a holiday home at 8.7 million euros ; and a Russian client treated himself to the top floor of Le Palm Building on Boulevard Gazagnaire - a duplex of 295 m2 with a terrace of 400 m2 boasting a private pool - for 11 million euros, a price-level attained due to the scarcity of new developments in Cannes. As long as it is renovated, the penthouse, a commodity as highly sought-after as it is rare, still tops the popularity polls. Surprisingly, its value increases in the same proportion as its surface area. Currently, one owner is asking 12.5 million euros for 200 m2, fully restored and extended by a terrace of 100 m2, just above the luxury boutiques on the Croisette, facing the Old Town of Le Suquet and the Lérins Islands. Despite its staggering price, this legendary location secures the investment. Owning an apartment on this illustrious seafront is a visiting card that impresses worldwide !
By Laetitia Rossi
