Is buying a property in Cannes a good investment?

Last updated on December 7, 2023

Yes, the analysis of the French Riviera's property market is included in our pack

If you've experienced the luxury and glamour of Cannes, you may have looked into real estate opportunities to secure a property in this prestigious city, enjoying the exclusive lifestyle and the annual festivities of the French Riviera's iconic destination.

Is it a good idea though? How is the real estate market there? Are prices going up or going down? Do people make profits on their real estate investments? What about the rental demand?

We'll answer all these questions for you! When building and updating our property pack for France, our team has been researching and surveying this area. Actually, lots of customers are interested in investing there. So we thought it would be a good idea to add some information about it in our pack.

Why do property buyers like investing in Cannes?

Cannes, nestled in the heart of the French Riviera, has long been a magnet for property buyers seeking a blend of luxury, culture, and picturesque scenery.

Its allure stems from several unique attributes that set it apart from other real estate markets, particularly in its blend of glamour, history, and natural beauty.

One of the key factors that make Cannes so attractive is its world-renowned reputation, largely influenced by the annual Cannes Film Festival. This event, which began in the late 1940s, not only catapulted Cannes into the global limelight but also established it as a hub of cultural and artistic significance.

This reputation for glamour and prestige is a strong draw for buyers seeking properties that offer more than just a physical space, but a connection to the world of cinema, luxury, and global culture.

Comparatively, when you look at other areas in the French Riviera, Cannes stands out for its perfect balance of urban amenities and natural beauty. While places like Nice offer a more urban environment and St. Tropez exudes a more laid-back, beachy vibe, Cannes strikes a harmonious balance. It boasts beautiful beaches, a bustling city center, and is close enough to rural areas and vineyards, providing a diverse experience that caters to a range of preferences.

The question of whether Cannes will remain a hyped location for property buyers hinges on several factors. Its enduring appeal lies in its ability to reinvent and maintain its status as a culturally relevant and luxurious destination. The city continues to invest in its infrastructure and cultural offerings, ensuring it remains an attractive location for the affluent and those seeking a high-quality lifestyle.

This continuous evolution, coupled with its historical charm and natural beauty, suggests that Cannes will likely retain its appeal for the foreseeable future.

The typical profile of property buyers in Cannes is quite diverse, yet there's a common thread of seeking luxury and exclusivity. It attracts a mix of celebrities, business moguls, and affluent individuals from around the world. These buyers are often drawn to the prestige and lifestyle that Cannes offers, including access to high-end shopping, fine dining, and exclusive events.

However, every location has its drawbacks, and Cannes is no exception. One of the primary concerns for potential buyers might be the cost. Properties in Cannes are among the most expensive in the French Riviera, reflecting its status but also making it less accessible for some.

Additionally, during peak tourist seasons, especially around the film festival, the city can become extremely crowded, which might detract from its charm for those seeking a more tranquil or private living experience.

In essence, Cannes presents a unique blend of cultural richness, natural beauty, and luxury, making it a standout choice for property buyers.

While it does have its challenges, its enduring appeal rooted in its history, culture, and continuous evolution suggests that it will remain a sought-after location for those seeking a luxurious lifestyle in the heart of the French Riviera.

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Why is Cannes a nice place to live?

Cannes is more than just a glamorous tourist destination; it's a wonderful place to live, offering a unique lifestyle and culture.

The city is known for its luxurious atmosphere, but there's more to it than meets the eye.

Living in Cannes, you'd be immersed in a rich cultural environment. The city is famous for the Cannes Film Festival, which brings in a global mix of celebrities and artists, but throughout the year, there's a vibrant arts scene to explore, including galleries, theaters, and concerts.

The lifestyle here is often associated with luxury and leisure, with beautiful beaches, upscale boutiques, and gourmet restaurants at your fingertips.

The expat community in Cannes is quite welcoming, consisting of people from around the world. This diverse mix adds to the city's cosmopolitan feel, making it easier for newcomers to find their place and build a social network.

This is particularly beneficial if you’re moving from abroad, as you'll find many others who have made a similar journey.

However, the cost of living in Cannes is on the higher side, reflecting its status as a luxury destination. Housing, dining, and entertainment can be expensive, but many find the quality of life justifies the cost. It's a trade-off between cost and living in one of the most beautiful and culturally rich areas of France.

Safety in Cannes is generally good, with the city being relatively safe compared to other urban areas. Like any city, it's always wise to be aware of your surroundings, but residents can enjoy a relatively secure lifestyle.

In terms of amenities and facilities, Cannes is well-equipped. The city boasts high-quality healthcare facilities, including the Cannes Hospital (Centre Hospitalier de Cannes), known for its excellent care. For families, there are reputable schools, including the International School of Cannes, offering diverse educational opportunities. Shopping enthusiasts will enjoy destinations like Rue d'Antibes, a street lined with boutiques and stores.

The infrastructure in Cannes is also commendable. The roads are well-maintained, utilities are reliable, and internet connectivity is generally excellent, catering to both residents and the influx of tourists and business travelers. This makes it easy to stay connected, whether for work or staying in touch with family and friends.

Cannes' location is another perk. It's easily accessible from other parts of the French Riviera, making it a convenient base for exploring the region. The city is well-connected by train, with the Gare de Cannes providing regional and national services.

For international travel, the Nice Côte d'Azur Airport is just a short drive away, offering flights to major cities across Europe and beyond.

Public transportation in Cannes includes buses and taxis, making it easy to get around without a car. The city is also quite walkable, especially in the central areas, which adds to its charm and convenience.

How much does it cost to buy real estate in Cannes?

If you need a detailed and updated analysis of the prices, rents and yields, you can get our full guide about real estate investment in France.

Buying a property in Cannes can be quite an investment, with the market offering a diverse range of options.

From apartments to houses and luxury villas, the types of residential properties available cater to a variety of tastes and budgets.

In Cannes, apartments, especially those with sea views or located near the Croisette, are in high demand. The allure of a Cannes apartment is often its combination of luxury, convenience, and stunning views.

Luxury villas, often located in the hills surrounding Cannes, are also sought after for their privacy, space, and exclusivity.

The property market in Cannes is a mix of new developments and resale properties. While there is a significant amount of historical and well-established properties, recent years have seen the rise of modern, luxury developments. These new properties often come with amenities like swimming pools, gyms, and security services, appealing to those looking for contemporary living spaces.

As for the price range, it can vary widely depending on the type and location of the property. Generally, prices in Cannes are among the highest on the French Riviera. For a standard apartment, prices per square meter can start from a few thousand euros and can go much higher for luxury properties or those in prime locations.

Villas and large houses, particularly those with sea views or in exclusive areas, can command significantly higher prices.

Over recent years, property values in Cannes have shown a trend of steady appreciation. This is largely due to Cannes' enduring appeal as a luxury destination, combined with its limited space for new development, which adds a premium to existing properties.

Looking ahead, there are several factors to consider when predicting the future of Cannes' real estate market. First, any upcoming city planning changes or major developments could impact property values.

For example, if there are plans to develop new luxury complexes or to enhance city infrastructure, this could make Cannes even more attractive to potential buyers, potentially driving up property values.

Another aspect to consider is the global economic climate, which can influence the luxury real estate market. Cannes, being an internationally renowned location, is often affected by global trends.

Specific factors that indicate a potential increase in value include the city's ongoing popularity as a tourist destination, its limited space for new development, and its status as a symbol of luxury and exclusivity.

If these factors remain constant or grow, it's likely that property values in Cannes will continue to rise.

Where is the best area to buy a property in Cannes?

When considering where to buy property in Cannes, it's important to understand how different areas offer distinct atmospheres, types of properties, and pricing.

Cannes is diverse, with each area having its own unique charm and characteristics.

The most prestigious and sought-after area in Cannes is undoubtedly La Croisette. This famous waterfront avenue is lined with luxury apartments offering stunning sea views. Properties here are among the most expensive in Cannes due to their prime location and the cachet of living in such an iconic area.

La Croisette is perfect for those who want to be in the heart of Cannes' glamour, close to high-end shops, fine dining, and the famous Cannes Film Festival venues.

Another notable area is Le Suquet, the old town of Cannes. Here, the atmosphere is more traditional and quaint, with narrow winding streets and historic buildings. Properties in Le Suquet are typically smaller apartments and townhouses, offering a more authentic French Riviera experience.

Prices here can be more affordable compared to La Croisette, making it a good option for those who prefer character over modern luxury.

For those looking for more tranquility and space, the Californie area is a great choice. Located on the hillsides above Cannes, Californie is known for its luxurious villas and estates, many of which offer panoramic sea views. The area is more residential and offers a quieter lifestyle, yet is still conveniently close to the city center.

Properties in Californie can be quite pricey, but they offer larger living spaces and often come with amenities like private pools and gardens.

An up-and-coming area in Cannes is Le Cannet, located just north of the city center. Le Cannet has been gaining popularity for its charming historic center, lower property prices compared to central Cannes, and its developing arts and cultural scene.

Buying property in Le Cannet could be a wise investment, as the area is becoming more sought-after but still offers more affordable options than the city's more central districts.

However, it's advisable to be cautious about certain areas, particularly those that are further from the city center or the sea. While these areas might offer lower property prices, they might not have the same level of amenities, may be less accessible, and could potentially offer a lower return on investment.

Also, areas that are too close to major tourist attractions might be less desirable for those looking for a quieter lifestyle, as they can be quite busy, especially during peak tourist seasons.

Here is a summary table to help you visualize better. If you need more detailed data and information, please check our property pack for France.

Area	Atmosphere	Property Types	Relative Pricing
La Croisette	Glamorous, Heart of Cannes	Luxury apartments	Most expensive
Le Suquet	Traditional, Quaint	Smaller apartments, Townhouses	More affordable
Californie	Tranquil, Residential	Luxurious villas, Estates	Pricey
Le Cannet	Up-and-coming, Cultural	Varied, More affordable options	Increasing value

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Is there a strong rental demand in Cannes?

Cannes, a city synonymous with luxury and culture, indeed has a strong rental demand.

This demand is multifaceted, catering to both short-term and long-term rental markets, each with its unique characteristics and clientele.

The short-term rental market in Cannes is particularly vibrant, largely driven by the city's numerous events and festivals, the most notable being the Cannes Film Festival. During these events, there's a high demand for rental properties, with a target demographic that includes celebrities, business professionals, and tourists.

These renters often look for properties that offer luxury and convenience, such as well-furnished apartments in central locations like La Croisette or Le Suquet. They prioritize amenities like high-speed internet, modern interiors, and proximity to event venues or the beach.

On the other hand, the long-term rental market in Cannes attracts a different demographic. This includes expatriates, business professionals working in the area, and sometimes retirees looking for a serene place to live. The profiles of these potential tenants vary, but they generally seek stability and comfort.

They are often interested in apartments or houses in residential areas like Californie or Le Cannet, where they can enjoy a more relaxed lifestyle away from the tourist hustle. These renters value properties with good security, parking facilities, and proximity to local amenities like schools, shops, and public transport.

A key to reducing vacancy in Cannes, especially for short-term rentals, is to have properties that offer the right mix of luxury, location, and amenities. Properties with sea views, outdoor spaces like balconies or gardens, and modern conveniences are particularly attractive. For long-term rentals, factors like neighborhood safety, proximity to daily conveniences, and a sense of community are significant.

Regarding potential returns on investment, properties in Cannes can offer attractive yields, although this greatly depends on the property type, location, and how well it's managed.

Short-term rentals, especially during peak event periods, can command high rental prices, offering significant returns in a brief period. Long-term rentals might have lower yields comparatively but provide a more consistent income stream.

Properties that are increasingly in demand and could potentially give better yields are those located in central Cannes, close to major attractions and event venues for short-term rentals, and those in quieter, residential neighborhoods for long-term rentals.

Modern apartments in central locations are particularly lucrative for short-term rentals, while comfortable, well-connected homes in residential areas are sought after for long-term leases.

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Is it easy to buy a property as foreigner in Cannes?

Before we answer the question, please know that we have an article dedicated to the experience of buying real estate as a foreigner in France.

Buying property in Cannes as a foreigner is relatively straightforward, with France being known for its openness to foreign investment in real estate.

There are no specific regulations or restrictions that exclusively apply to foreign buyers, which makes the process quite accessible. However, there are certain aspects of the purchasing process and potential risks that foreign buyers should be aware of.

The purchasing process in Cannes typically involves a few key steps. First, once a property is selected, a pre-contract, known as a "compromis de vente," is signed by both parties. Then, there is a cooling-off period, usually 10 days, during which the buyer can withdraw without penalty.

After this, the process moves towards finalizing the sale, which includes various checks and the signing of the deed of sale ("acte de vente") in the presence of a notary.

One primary risk associated with property investment in Cannes, as with any real estate investment, is the market's volatility. While Cannes is a prestigious location, property values can fluctuate based on economic conditions, changes in local property laws, or shifts in the desirability of certain areas.

Additionally, maintenance costs, especially in older or larger properties, can be significant and should be factored into the overall investment.

A classic pitfall for foreign buyers in France, and Cannes in particular, is underestimating the importance of local regulations and practices. For instance, there might be specific rules regarding property renovations or historical preservation in certain areas.

Furthermore, the French legal and administrative processes can be complex and are conducted in French, which can be a barrier for non-French speakers.

Working with a local real estate agent and a lawyer is highly advisable. A local agent can provide invaluable insights into the Cannes real estate market, assist in finding properties that meet your criteria, and navigate local practices.

A lawyer, on the other hand, can help with legal due diligence, ensuring that all aspects of the property and the transaction comply with French law.

Common exit strategies for property investors in Cannes include selling the property after its value appreciates or renting it out, either for long-term leases or as a vacation rental.

Cannes, with its high demand for rentals, especially during the festival season and summer months, can offer lucrative rental opportunities.