Price per Square Meter in Cannes 2024

Cannes, synonymous with glamour and prestige, attracts numerous buyers every year, drawn by its exceptional living environment and long-term investment potential. Indeed, Cannes boasts a particularly dynamic and selective real estate market. Property prices in Cannes are among the highest in France, reflecting the strong demand for properties in this sought-after city on the Côte d'Azur. In this article, we will explore in detail the factors influencing the price per square meter in Cannes and analyze current market trends.

But what is the actual cost of a pied-à-terre in this iconic city?

Variable Prices per Square Meter

While the average price per square meter in Cannes is high, it does not reflect the reality of a highly heterogeneous market. Indeed, prices can vary significantly depending on location, property type, condition, and amenities.

Apartments in Cannes: A Wide Price Range

The average price per square meter for an apartment in Cannes is €6,068*, but this average conceals a much more nuanced reality. Prices can vary greatly based on numerous criteria:

Location: The most sought-after neighborhoods, such as La Croisette, Palm Beach, or La Californie, have prices well above the average.

Condition of the property: A fully renovated apartment equipped with the latest technology is valued much higher than one that needs renovation.

Amenities: A pool, terrace, sea view—each additional feature has a cost.

Floor level: Top floors, often offering unobstructed views, are generally more expensive.

Residence: The standard of the residence, presence of a caretaker, or access to specific services also affect the price.

Thus, apartments can start at €6,000 per square meter in less touristy areas or for properties needing renovation, while the most luxurious, seafront ones can exceed €25,000 per square meter, even reaching €30,000.

Houses in Cannes: A Niche Market

The market for houses in Cannes is smaller but just as dynamic. Prices per square meter range between €10,000 and €25,000, with significant variations based on the following criteria:

Size: Large villas with expansive gardens are naturally more expensive.

Location: Residential areas, particularly the highly prized Californie neighborhood, house the most prestigious and costly properties.

Amenities: High-end facilities like pools, spas, and gyms make these pied-à-terre highly prestigious and consequently expensive.

View: Clear views, sea views, and lack of overlooking neighbors add to the price.

Terrain topography: Flat land, sloping terrain, or terraced land can impact the cost.

Accessible garages: Easy-to-access closed garages are also a valued feature.

Average Prices by Neighborhood in Cannes

Certain areas in Cannes stand out for their particularly high prices due to their prime locations (near the sea, for example) and luxurious, residential neighborhoods. These areas promise a sustainable investment, notably:

La Croisette: Synonymous with luxury and prestige, La Croisette hosts the most famous palaces and exceptional private residences with luxurious seafront apartments.

Palm Beach: This residential neighborhood offers a privileged living environment, facing the beach and benefiting from exceptional renovation.

La Californie: Located to the west of Cannes, La Californie is a highly sought-after residential area for its tranquility and panoramic views of the bay. Apartments and villas are highly sought after in this neighborhood, home to Cannes' finest residences.

La Banane: Situated between La Croisette and the national road, La Banane is highly prized despite the frequent absence of sea views. Its attractiveness is due to:

- Proximity to the sea and the lively center of Cannes: Residents and visitors enjoy easy access to the beach and the city's main attractions.

- High rental yields: Thanks to numerous conventions (MIPIM, Cannes Film Festival, Lions, Tax Free, ILTM) and increasing off-season tourism, real estate investments in this area are particularly profitable.

La Croix des Gardes: Less popular with foreigners, the La Croix des Gardes neighborhood remains a charming residential sector offering stunning sea views, attracting clients seeking tranquility and a peaceful living environment.

These sectors concentrate the most exclusive and expensive properties in the Cannes market.

Factors Influencing Prices

Several factors explain the price variations per square meter in Cannes:

Location: The most sought-after neighborhoods, such as La Croisette, Palm Beach, and La Californie, have prices significantly above the average.

View: A panorama of the Cannes bay, the Lérins Islands, or Cap d’Antibes significantly increases a property's value.

Floor level: Top floors or corner apartments, with their unobstructed views and brightness, are generally more expensive.

Condition of the property: A renovated apartment or house equipped with quality materials is valued higher.

Amenities: A pool, garden or park, large terrace or rooftop terrace, tennis court, SPA, sauna, hammam, and garage are elements that increase a property's price.

The Most Sought-After Properties in Cannes

In Cannes, prestigious properties attract a discerning clientele seeking luxury and comfort. Here are the most sought-after types of properties:

Renovated sea view apartments: These turn-key properties are among the most prized in Cannes.

Proximity to the city center: Living close to the shops, restaurants, and beaches of Cannes offers an unparalleled comfort of life.

Prestigious neighborhoods: Croisette and Californie: These areas are synonymous with prestige in Cannes.

Renovated houses with sea views: These properties offer exceptional living environments, combining architecture and luxury comforts, with stunning sea views meeting the highest buyer expectations.

Gated communities for security: Security is a key criterion for many luxury property buyers. Gated communities with enhanced security are particularly sought after by those wishing to live in a secure and private environment.

Pool: A pool is often a must-have feature in luxury properties in Cannes, whether within a house or an apartment on the top floor or a rooftop villa.

Investing in Cannes: A Tailored Project

Most Popular Investment Areas

While Cannes offers many attractive neighborhoods, two stand out particularly for investors seeking luxury properties:

La Californie: A renowned residential area known for its tranquility and elegance.

La Croisette-Banane: The beating heart of Cannes, symbolizing pure luxury.

High Rental Yields: A Major Asset

The rental demand in Cannes is particularly dynamic, especially for high-end properties. Seasonal rentals, highly developed, generate substantial income, particularly during peak tourist periods (Cannes Film Festival and the high season that lasts a significant part of the year).

Seasonal rentals: Properties in the Californie and Croisette-Banane neighborhoods are particularly popular with an international clientele.

Year-round rentals: For investors looking to secure their income, year-round rentals are also an interesting option.

Potential for Added Value: Betting on Renovation and Sea Views

Acquiring a property in Cannes, especially in the Californie and Croisette-Banane neighborhoods, represents a long-term investment. To maximize the potential for added value, it is wise to prioritize the following properties:

Properties requiring renovation: An apartment or villa needing some renovation work often offers a better price-quality ratio. By investing in high-end renovations, the property's value can be significantly increased.

Properties with sea views: A sea view is a crucial selection criterion for buyers of prestigious properties. An apartment or villa with a panoramic view of the Cannes bay will enjoy significant added value upon resale.

Do you want to invest in luxury real estate in Cannes? Côte d'Azur Sotheby's International Realty will assist you with your project. Leveraging our local market expertise, we offer a wide selection of properties meeting the highest standards.

Contact us now for a free property appraisal or to discover our exclusive offers.  

*Article written in July 2024 - Sources: Seloger & MeilleursAgents