The most exclusive neighbourhoods in Cannes
France boasts the highest number of visitors in the world, and after Paris the Côte d’Azur is its second most popular destination. An ideal compromise between urban Nice and seasonal Saint-Tropez, Cannes has long cast its spell on wealthy Europeans. From fishing village to Festival City…
According to a survey carried out by Knight Frank and Citi Private Bank, Cannes ranks sixth amongst the world’s most expensive cities. In the top five, one finds four mega-cities, London (1), New York (3), Tokyo (4) and Hong-Kong (5), plus the Principality of Monaco (2) on account of its tax benefits. Hardly surprising news for anyone, least of all local estate-agents. Nuances can, however, be made within the observation. France’s second busiest congress town after the capital has as many different facets as neighbourhoods. When talking about the most highly-prized areas, one isn’t referring to the market for the local residents or main residences. One is alluding to a showcase for luxury, that of palatial hotels, casinos and prestigious boutiques, that of the Croisette and La Californie, that of the International Film Festival, adored by the media. Signs of the national slowdown disappear as budgets soar. Better still, there’s a lack of properties costing 15 million euros or more…
Jean-Christophe Hym of the Europa agency stresses two essential factors in determining prices : the location and a view of the Med. Around the seafront and the centre, there are three hills : La Californie and Super-Cannes to the east, La Croix-des-Gardes to the west, with Le Pezou, also called Oxford, Terrefial, the Chemin des Collines and Corniche du Paradis to the north-east. In a perfect axis with the bay, the last two are home to exceptional properties. The oldest on the Corniche, “Le Paradis Terrestre”, recently transformed under the supervision of Gilles Pellerin, stands next to a superb contemporary property signed by architect Marc Barani. Renowned for its huge properties, the Chemin des Collines plays host to the “Palais Florentin et Palais Oriental”, the villa of the Emir of Qatar and “Le 2 Juin”, a reference to Jordan’s national holiday. Here, transactions ranging from 12 to 14 million euros are run-of-the-mill. In the upper part of La Californie, one discovers the “Château Louis XIII”, “La Tropicale” and “Bagatelle”, a residence of 4,000 m2 in the midst of a luxuriant park of about 4.2 acres. In Super-Cannes and La Croix-des-Gardes, more classic houses of 250 m2 in grounds of 3,000 m2 with an azure-blue view are priced from 2.5 to 6 million euros depending on amenities, and between 4 and 5 million euros on average.
As for apartments, La Californie has nothing to envy of its neighbours. It proposes high-class residences with gardens, pools, sea views, even tennis courts, at an average price of over 12,000 €/m2. “Mariposa”, “Sémiramis”, “Champfleuri” and “Saint-Michel” top the list. Slightly less prestigious and not so quiet, apartments at La Croix-des-Gardes change hands at 9,000 €/m2. The Croisette has won its letters of nobility since the time it was known as the “Chemin de la Petite Croix”… To the point of topping the bill with prices starting at 12,000 €/m2, again according to the manager of the Europa agency. An apartment of 230 m2 in perfect condition, in the very select stretch between the Majestic and Carlton hotels, is currently the subject of a preliminary sales agreement at 6.7 million euros, ie. close on 30,000 €/m2. A figure that leaves one pensive…
“It was at La Croix-des-Gardes that Lord Brougham settled in 1834 and, in his wake, all of England’s aristocracy. La Californie had to wait for the next wave, this time Russian, to rise from the ground. Today, bordered by the Boulevard Saint-Michel to the east, Boulevard des Pharaons to the north, Boulevard Maréchal Juin to the south and Avenue des Pins to the west, it is highly sought-after,” says Franck Magrey of Magrey & Sons. The people of Cannes, who can no longer afford to live in these exclusive neighbourhoods, now make way for Anglo-Saxons, Russians, Scandinavians and Middle-Easterners in their thirties and forties.
If the town’s architecture is composed of several persuasions, “Belle Epoque”, Provençal or Californian, there’s now a trend for contemporary styles and a marked lack of interest in rustic. Another development concerns apartment blocks, a sector which has undergone more expansion than detached villas. Two years ago, demand was shared out equally between the seafront and the hills. This year, the shoreline has been the focus of everyone’s attention. 80 % of buyers demand properties ready to move into. Many dream of penthouses, rare investments that generate added value. As for homes of charm - a townhouse in the residential part of Le Cannet or in the old town of Le Suquet -, they are initially appealing but have difficulty competing with more practical propositions.
“In the best parts of Cannes, there’s no drop in prices or activity,” says Sylvain Boichut of the John Taylor agency. Demand is steady and the stock of properties up for sale fails to meet it. Over the past three years, several famous properties have changed hands. A Russian client has just acquired “Bagatelle” for 22 million euros, a price beneath its real value, due to on-going proceedings concerning the former address of Khalifa. Previously held by the home of this Algerian businessman, the record has been broken with the sale of the “Palais Florentin et Oriental” comprising living space of 2,800 m2, for 31.5 million euros. 20 million euros had to be forked out for “Le 2 Juin”. “La Tropicale” is waiting for a taker, just like the “Palais Vénétien” ; 1,900 m2 requiring renovation with 600 m2 of annexes in grounds of 6.5 acres at Les Croix-des-Gardes, offered at over 20 million euros. Our estate agent firmly believes in rising values in Cannes’ first neighbourhood and hopes to see properties soon appearing here priced at 10 million euros.
It’s hard to address the top end of the market without mentioning a new-found professionalism. “At these levels of negotiaton, our task is not simply a matter of introducing buyers to sellers,” explains Sylvain Boichut. “After years of euphoria, both parties need to regain a certain level of confidence, though legal and tax advice, as well as after-sales service, are equally important.”
By Laetitia Rossi.
