La Californie, the most highly residential neighbourhood in Cannes
In the second half of 2016, Cannes, still affected a few months ago by the international economy, reported five property transactions at prices over 20 M €, including three in La Californie, and one of around 37 M €, the second highest ever after the property on the Lérins Islands. Signs of a rebound in the market ?
“The real Californie stretches from the Avenue du Roi Albert to that of Maréchal Juin, and from the Avenue de Vallauris to the Résidence Saint-Michel to the east. Its historic heart is Roi-Albert, once prized by White Russians and the English aristocracy,” explains Jean-Christophe Hym of the Agence Europa. Luxury properties built at the time, Saint-Michel, Montjoli and Sémiramis, have been converted into apartments, but have kept their parks and amenities. Apartments are in fact drawing fresh interest from the French, stocks have grown and prices are holding steady. Our specialist mentions the recent sale of a renovated apartment of 95 m2 enjoying a panoramic view of the sea, in L’Apollo, a soundly-built residence with an indoor pool, priced at 1.2 M €. Close on 12,000 € per sq. metre, now a coherent ratio for a high-end property, which would have fetched 15,000 € per sqm. in 2007. An equivalent apartment in need of restoration and offering only a glimpse of the sea now costs from 8,000 € per sqm. With the exception of Soligny, Le Mariposa is seen as the most select residence. Prices in the Alexandre-III neighbourhood, just below La Californie, flatter, near shops, but with fewer sea views, range from 8,000 to 10,000 €/m2. For villas, La Californie remains the most prestigious enclave in Cannes. There are no houses to be found here, even without a sea view, under 2 M €. French buyers looking for a holiday home recently acquired a house of 250 m2 in Provençal “mas” style, in perfect condition, in grounds of 2,700 m2, with a view of the bay, priced at 4.7 M €. Beyond 5 M €, the market is sluggish, though activity picks up again over and above 10 M €.
“Le 87 Soligny found its vocation in 2016, with three sales orchestrated by John Taylor, one by Magrey & Sons, and real interest in its famous penthouse,” reveals Sylvain Boichut, sales manager for John Taylor. Pegged at about 20,000 € per sqm. on average, with spikes up to 27,000 €, its prices remain the highest in La Californie. “Le 87 Soligny meets current standards in terms of construction, heat and sound insulation, home automation and interior decor. Its nine apartments benefit from a spa with sauna, hammam, gyms and massage rooms with private coach, a swimming pool and a panoramic solarium, a concierge and 24/7 security service. Each apartment comes with two parking places for vehicles with 5-metre wheelbases. Turnkey delivery (fitted and furnished) and hotel-style comfort make a real difference. Cannes is apparently seeing the return of an affluent clientele, rather timid since the departure of East Europeans. La Californie comes just after the Croisette, in terms of prices, socio-professional profiles, and the number of enquiries.”
“La Californie is highly coveted mainly by buyers of second residences, drawn by its quietness and lush vegetation just 5 minutes from the Croisette, its south-facing orientation, and views of the bay and Lérins Islands,” says Sophie Peirano of the Knight Frank agency. “Not forgetting the wide choice of properties ; apartments, villas, penthouses, both new and old, large or more intimate residences.” She mentions one apartment of 110 m2 which recently sold for 1,390,000 €, facing the Med, in Le Saint-Michel. While the core of demand in the case of houses lies in the 3 to 6 M € bracket, she also confirms an upturn in activities for properties above 10 M €.
