Cannes - a favorable ground for buying elite real estate

Cannes - a favorable ground for buying elite real estate

Elite housing transactions in Cannes resumed after correction of prices, said an expert of luxury real estate agency Barnes. The number of foreign investors is not reduced. "Today, 60% of buyers in Cannes are foreigners, and 50% - from Eastern Europe," said the representative of the agency.

Every year Cannes is in the spotlight of the film festival, fame and popularity are brought by numerous international conferences and congresses.

However, the price level in Cannes remains high: square meter of real estate costs €5,595 in average and many offers are just over €1 million.

"In early 2013 villa of 200-250 square meters with a swimming pool has been the subject of negotiations between €1,2 million and €1,7 million," said the representative of Barnes. A beautiful property of 300m2 with a land plot of 2,500m2 and a sea view costs from €3 million.

Fashion trend in the property market in Cannes is renting a luxury villa with a swimming pool in summer. Prices may rise "up to €50,000 per month in summer".