Each spring between the glamorous locales of St. Tropez and Monaco, Cannes emerges as a beacon of Hollywood glamour for the famed film festival that spans 12 enchanting days in May. This event, a staple for nearly eight decades, transforms the city into a pilgrimage site for movie aficionados, according to Paris-based film producer Bruno Toussaint. Beyond the glitz, Cannes, a Riviera jewel with a modest population of 75,000, draws over three million visitors annually. This acclaim has not gone unnoticed, earning it the title of “world’s best destination for events” at the World Travel Awards consecutively.
The allure is undeniable, with its events and festivals creating a bustling market for Cannes rental apartments. Investors are drawn to the high returns, catering to corporate clients who, year after year, seek the same prestigious accommodations. Adrien Willing-Lamy, from the Beauchamp Cannes estate agency, shares insights into this lucrative market, where rentals like two penthouses for a week can exceed €200,000, showcasing the strategic significance beyond mere lodging.
In the wake of the pandemic, a shift towards permanent residency has been observed by real estate professionals. The market dynamics are intriguing, with properties in the prime segment fetching averages around €20,000 per square meter. Yet, amid this opulence, there remains a slice of Cannes that is accessible, as Michele Dropp and her husband Tony discovered. Their move from California to Cannes brought them to Petit Juas, a neighbourhood where the essence of Cannes’ vibrancy and tranquillity coexist.
As the market for high-end properties steadies, according to Savills’ Prime Residential Index, the narrative of Cannes’ real estate landscape continues to evolve. The city, celebrated for its dazzling events and the spirited quest for desirable Cannes Film Festival accommodation, also cherishes its quieter moments, presenting a dual identity that captivates both the elite and those seeking a slice of serene Riviera life. Amidst this, substantial investments and developments, such as the revitalisation of historic hotels and the expansion of the old port, signal Cannes’ ambition to rival its luxurious neighbours.
Yet, beyond the spotlight, Cannes reveals its quaint charm, particularly appreciated during the quieter winter months. This duality, where the bustle of event seasons is counterbalanced by a tranquil, village-like atmosphere, underscores the unique appeal of Cannes. It’s a city that offers both the excitement of a luxury lifestyle and the warmth of a close-knit community, making it a sought-after destination for those looking to embrace the best of both worlds.