Cannes is a city to behold, with its beauty nested away at the edge of the majestic Tyrrhenian Sea in the French Riviera, at the south of France. Its unique features of class, luxury, sophistication and exceptional beauty have helped maintain a steady price of properties within its real estate industry. A significant portion of the properties available in this city are furnished villas for sale and apartments for long-term rental representing a relatively stable market as income can be generated from these properties over a long period of time. The prices of properties in any region are very important when considering buying a property or a long-term let apartment.
Property prices in different areas of Cannes
As with every other city in France, there are specific areas and neighbourhoods which are more luxurious, thus having higher prices of properties. An example can be taken from the cobbled roads of Le Suquet with its well-preserved architecture seen it the captivating and strategically positioned castle, church and museum. The prices of properties in Le Suquet based on the trends in 2019, are between €6,079 and €6,718 per square meter. The promenade of La Croisette, with its beautiful streets housing several hotels with casinos, high-end shops as well as beautiful beaches, leading to the cape of Palm Beach, offers long-term let houses and villas for sale with prices of properties averaging about €6,398 per square meter.
There are also areas like La Califonie, offering a panoramic birds-eye view of Cannes from the top of its pristine hills, where the rich architecture and style gives its properties a unique value leading to apartment prices of about €4,300 to €8,000 per square meter. The prices of properties in La Califonie are very similar to those observed in the city centre which strategically connects the exclusive beaches to the heart of Cannes and provides a venue for the Cannes Film Festival. The upscale and upbeat nature of this neighbourhood makes it an ideal site for restaurants, bars, art galleries promoting culture in France. It also provides a conducive location for several exquisitely furnished studios for long-term let, stylishly designed apartments for long-term rental purposes, tastefully planned houses for sale and luxury villas for sale.
Two-year trend of prices of properties in Cannes, France
A more wholistic view of the trends in prices of houses in Cannes reveal a cumulative increase of about +1.27% over the past two years which though remaining positive at +0.85%, the rate of growth in prices slowed in the last year. This reduction continued as an analysis of the prices of properties especially houses for rent in Cannes over the previous six months shows that there was a decrease of -1.75% especially in the last quarter of 2018 when prices of houses located in Cannes seemed to take a drastic downward turn between September and December. The prices of properties dropped by -0.5%, -1,8% and -1.5% consecutively in the months of October, November and December. This discouraging turn of events seem to have been alleviated in the early part of 2019 as the average prices of properties including long-term let apartments and houses for sale in Cannes have experienced consistent growth in this first quarter.
Growth rate in prices of houses
Studies and trends show that the overall prices of houses in Cannes have increased in the past three months with a cumulative rise of +3.42% in the prices being observed. This growth stems from the individual systematic growth of +0.9% in January 2019 when the average prices of houses for sale rose to €6,511 per square meter from €6,454 per square meter in December 2018. An even larger growth of +1.6% was obtained in February 2019 as the trends in the prices of houses seemed to surge from €6,511 per square meter in January 2019 to a €6,612. This growth has been steady through this year and the prices of properties for March 2019 are maintaining this rising force at +1.0% growth over February, leaving the prices of houses for sale at €6,675 per sqm so far.
Changes in the prices of apartments
Apartments in Cannes seem to have experienced the same fate as houses in the city although the reduction in prices of apartments was more pronounced over the past year when they took a dive in the downward trajectory by -0.71% and reduced further by -0.94% in the last few months of 2018. Fortunately, an upturn of prices of properties has been observed in apartments in the city of Cannes between February and March 2019 leading to a collective growth of +2.03% in the last three months. This is a relatively quick recovery from the decline of -0.3% experienced in January 2019 when the prices fell from €5,999 per sqm in December 2018 to €5,981 per sqm. Apartment prices in Cannes have made a significant jump of +1.4% in February 2019 to €6,067 per sqm from the exceptionally low prices in January 2019, after which the growth seemed to continue in March 2019 albeit at a lower rate of +0.9% making the apartment prices an average of €6,121 per square meter. Evaluators are therefore optimistic that these rising trends would remain throughout the year.
Average prices of properties in Cannes
With these regional and monthly trends being taken into consideration, it is possible to make a calculated average of the prices of properties per square meter in Cannes giving an evaluation of €6,400. The assessment of long-term rental properties is largely reliant on the physical location of the properties being considered while noting that the total amount or cost of properties also differ based on their styles, sizes, furnishings and finishing. This means that the price of a furnished studio or apartment would not be the same as that of a house or villa in the same region. Additionally, significant consideration should be given to the characteristics of the property as some of the amenities included may vary with each house. It is also possible for long-term rental apartments to be offered at cheaper prices than holiday or vacation homes, so you may want to consider getting a long-term rental apartment or just decide to buy a furnished villa. Whatever you choose, you can find available long-term rental houses or apartments and villas for sale in Cannes.