Homes are the Stars in Cannes
Cannes’s glitzy and glamorous lifestyle has always attracted an affluent clientele from all over the world, but the popularity of rental property in the town has made it one of the best investment hotspots on the Riviera. The market has been steadily growing in recent years with price increases of 6.5 percent (2017- 2018), all year around rental demand, and the ability to let out for long periods, gives buyers a strong investment return.
The town is also the second largest convention city in France, hosting an average of 40 large conventions and international exhibitions per year. In addition to the Film Festival, events such as the International Boat Show or the International Firework Display attract about 244,150 visitors to the city each year, making its real estate particularly attractive for those looking to rent out their property.
The smaller size of Cannes – it has under 100,000 inhabitants – also means that owners aren’t affected by the French Government’s recent regulations on holiday lets. Compared to larger cities such as Paris, Nice, or Marseille, owners can rent their homes for longer periods and maximise their potential rental return all year around.
Tim Swannie, director of buying agency Home Hunts, comments:
“Cannes is the number one place to buy apartments to rent out on the French Riviera at the moment. France implemented a law (along with many other European countries) which limits owners on the number of days they can rent out their properties to 120 days per year for short term holiday lets. Owners who rent their properties out in towns and cities with a population over 200,000 are legally obliged to register with their town hall, so that the number of days they rent can be monitored and strictly regulated.
Cannes has a population of around 75,000, so owners there are not monitored and are not required to register or report their rentals. This is particularly interesting as central apartments in Cannes can be rented most of the year due to the very strong congress market. The summer holiday market is particularly busy from May to the end of September, but the conferences are on all year, generating a lot of potential rental return. When you put that together, Cannes makes a lot of sense for investors.”
What you can get in Cannes:
This 3-bedroom apartment, currently on the market for €1,890,000, is located only minutes away from the Croisette and the Palais des Festivals, guaranteeing a strong potential rental return for its owners. The home offers 125m2 of renovated living space, including a large open plan living and dining room, a fully equipped kitchen, a dressing room and a laundry room. You can find high resolution imagery of the property here, and you can find more details here.
For more information visit www.home-hunts.com, or call: +44 (0)208 144 5501.