Cannes ‘buzzing with excitement’

The town of Cannes on the French Riviera offers superb BTL prospects, claims on company…

According to IMOinvest, property prices are rising in towns along the French Riviera irrespective of the credit crunch, with demand being sparked by Russian and Middle Eastern buyers.

The famous town of Cannes has benefited from the foreign influx, and is experiencing outstanding rental yields at the moment.  This sleek, sophisticated town has been welcoming the rich and famous jet setting crowd for many years. In fact, all along this dramatic coastline where resort names conjure up the glitzy world of the mega rich one is in awe of such names as Nice, St Tropez, Antibes, Villefanche sur Mer, and of course Monte Carlo, soon to host the 2008 Formula 1.

The Cannes Marina is about to see an additional 130 places and the famous Film Festival has grandiose schemes to increase by over 10,000 sq metres which is anticipated to boost the economy by an estimated billion euro!

Demand outstripping supply

Benoit Maunie, Sales Director of Imoinvest International, commented: “This is a positive, forward thinking and highly motivated area with new structures popping up every month together with programmes to attract tourism and foreign investment.

“This is a region buzzing with excitement yet the urbanisation of the coastline and sound management of natural resources together with the coastline protection law with strict decrees on planning permission ensures its continued appeal.

”Part of the reason that this is such a good investment town is its international appeal due to its breathtaking countryside, glamorous promenades, designer shops, exhibitions, gourmet restaurants and overall ambience of joie de vivre. This is the most visited region of France, after Paris, the French Riviera is a renowned business Centre which makes it, in any season, an excellent buy-to- let investment.

”Due to building restrictions the demand far outstrips supply, which is superb for capital appreciation. High end, luxury mansions have great letting potential as tenants often stay for a minimum of a month during the high season.

Superb rental opportunities

Mr Maunie added: “For those looking for a sound investment but not of the high echelons of a detached villa, then in order to see maximum returns on investment it is best to purchase an apartment in the Centre of Cannes.

“A 4/5 bedroom villa can let out for around 40,000/60,000 euros/approx £32,000/£48,000 per month. At the extreme top end of the market villas have been known to rent out for as much as 200,000 euros/approx £60,300 per month!

“The famous Croisette does offer properties but these are over 8000 euros whereas the Rue d’Antibes district is superb for rental. Buying a property in close proximity to the Palais des Festivals also makes financial sense, as most business visitors wish to be within walking distance of the exhibition Centre.

“Buyers looking for rental investment should also take into account, lift, balcony, sea views, concierge as well as furnishings to increase the apartments “rental value”.