Cannes, located on the French Riviera, is renowned for its luxury, prestige, and cultural events, including the world-famous Cannes Film Festival. Over the past decade, the city’s real estate market has undergone significant changes, reflecting both local characteristics and global economic trends.
Overview of the Real Estate Market
From 2013 to 2023, the Cannes real estate market showed steady growth, occasionally interrupted by short periods of stabilization. The recovery after the 2008 global economic crisis was slow, but starting in 2015, demand for housing increased significantly, especially from international investors. This fueled consistent price growth, particularly in premium properties located in prestigious neighborhoods.
Trends in Housing Prices
Property prices in Cannes have steadily risen over the past decade. In 2013, the average price per square meter was approximately €5,000. By 2023, this figure had increased to €7,500–€9,000 per square meter, depending on the area and property type. The highest demand remains in areas close to the Croisette promenade, where prices can reach €15,000 per square meter.
Apartments and properties with sea views are particularly sought after. Demand for such properties remains stable despite periodic market fluctuations, with proximity to the city’s cultural and entertainment hubs being a significant factor for buyers.
Rental Market
The rental market in Cannes is a vital segment of the real estate landscape. Thanks to a steady flow of tourists and international events like the Cannes Film Festival, demand for short-term rentals remains high. During the tourist season, luxury properties can command rents of €500–€1,000 per night, while long-term rentals are more affordable, averaging €25–€50 per square meter per month.
Impact of the COVID-19 Pandemic
The COVID-19 pandemic significantly impacted Cannes’ real estate market, as it did globally. The introduction of lockdowns in 2020 led to a decline in transaction volumes, with prices temporarily stabilizing. However, the market began to recover actively in 2021. Demand for spacious villas and houses with outdoor areas increased as buyers prioritized properties offering more personal space.
Market Segmentation
Cannes’ real estate market can be divided into two primary segments:
1. Apartments and Flats
In central areas like the Croisette, luxury apartments are consistently in high demand. Prices for these properties range from €300,000 for a small apartment to several million euros for spacious penthouses with panoramic views.
2. Villas and Houses
Luxurious villas, particularly in neighborhoods like Super Cannes and Californie, remain highly attractive to affluent buyers. Prices for these properties start at €2 million and can reach up to €30 million for exclusive residences with swimming pools, gardens, and sea views.
International Interest and Investments
Cannes has traditionally attracted foreign buyers, especially from the UK, Germany, Russia, and the Middle East. Its appeal lies in the city’s prestige, high quality of life, and the resilience of the local real estate market. In recent years, interest from Asian investors has been growing, adding further diversity to the market.
Future Prospects
The outlook for Cannes’ real estate market remains positive. Economic recovery and continued robust tourist inflows support strong demand. Infrastructure projects, such as improved transportation links and the modernization of public spaces, further enhance the city’s appeal to potential residents.
However, prospective buyers should consider global economic risks, such as changes in interest rates, and potential fluctuations in tourist numbers due to geopolitical factors.
Over the past 10 years, the Cannes real estate market has demonstrated consistent growth despite periods of global instability. The city’s prestige, prime location, and excellent infrastructure make it one of the most desirable destinations on the French Riviera. Whether for personal residence or investment purposes, Cannes remains one of the best options in Europe.
