The Croisette, the pride of Cannes
Each year, the Croisette puts on a show, hosting the legendary International Film Festival with due pomp and ceremony. The sun reigns supreme on the bay of Cannes, its palatial hotels and luxury boutiques. A fortnight of “glitz and glamour” that the Happy Few staying a few metres from the Palais des Festivals reserve from one year to the next. By Laetitia Rossi
The Majestic-Barrière, Carlton and Martinez set the tone, with the town’s bustling shopping centre just a short walk from the sandy beaches. The tale of one of the world’s most famous boulevards dates back to 1853. Marius Barbe, then Mayor of Cannes, asked the government for authorization to build a promenade along the shore. Three years later, the owners of seafront properties built a road 5 metres wide, which became accessible to carriages in 1863. Then came the construction of hotels, villas and the “nautical club”. A great deal of water flowed under the bridge until the 21st century, that of the address’s consecration, when the ranking jointly compiled by Knight Frank and Citi Private Bank placed Cannes in 6th place among the world’s real-estate markets, just behind London, New York, Tokyo, Hong Kong and Monaco.
“While the international crisis is in full swing, the Croisette, like the Principality of Monaco, is holding steady,” says Jean-Christophe Hym of the Agence Europa. “This ultra-select neighbourhood combines a central location with an unimpeded sea view. Its renown, which it partly owes to the annual arrival of Hollywood stars, extends far beyond the borders of France.” For the past two years, prices have remained stable. A distinction should be drawn between the centre of the Croisette, undoubtedly the most sought-after, and Palm Beach, further out, facing west, and consequently slightly less expensive. Prices then vary significantly from one building to another, depending on their age and intrinsic qualities, whether they have parking facilities, terraces and views. The second and third floors are frequently penalized by the branches of trees blocking a panoramic sea view. Old buildings such as Le Henri IV and Le Marly fight it out with more recent ones, Le Relais de la Reine, Le 67 Croisette and Le Centre Croisette. Penthouses win all the votes, posting prices sometimes 30 % higher than the floor just below, for equivalent surface areas and appointments. The starting price on the Croisette is 20,000 € per sq. metre, with the average price-tag ranging from 25,000 to 30,000 € per sq. metre, and the top end occasionally attaining 40,000 € per sq. metre.
“The address is extremely popular among wealthy foreigners from emerging countries,” says Peter Ivantsov of Michaël Zingraf Christie’s International Real Estate. A third of the buyers, from Eastern Europe, rub shoulders on the Croisette with Scandinavians, Anglo-Saxons and Italians. A 1-hour flight from Paris, 1 hour 30 from London, 3 hours from Oslo, 3 hours 30 from Moscow and 6 hours from Dubai, Cannes benefits from a strategic position. 90 % of clients targeting the Croisette are investing in second residences, convinced of their long-term value. The majority, company directors or captains of industry, are aged between 40 and 60 : they buy here as they would in Monaco or Saint-Tropez, motivated by the prestige of the address. While they usually prefer the stretch between the Martinez and Majestic Barrière, they sometimes allow themselves be drawn by the beautiful apartments in the Palm Beach sector for its quietness and fabulous sunsets. Penthouses enjoy all the advantages of private villas without their disadvantages. Very discreet with their (often private) elevators, they usually boast a small pool or a jacuzzi surrounded by shrubs and plants.
“Record prices are obviously scored by rare surface areas, ie. more than 150 m2,” explains Frédéric Ernandes of the John Taylor agency. Last year, a Russian industrialist acquired a split-level apartment on the top floor, at the very heart of the Croisette, with living space of 152 m2 and 70 m2 of terraces, for 7,650,000 € following a minor negotiation. 50,000 € per sqm. is a rare figure in France, a price hitherto more regularly applied in Monaco. Traditionally, the Croisette sees spikes of up to 30,000 € per sqm., the sum paid for two immaculately renovated apartments facing Port Canto, sold by John Taylor. The simple mention of this seafront boulevard in Cannes acts like a calling card, a top-notch label. In real terms, it is the promise of a lifestyle in the Riviera sun, between beaches, luxury boutiques and trendy restaurants.
