2nd chances like these don’t happen very often – especially in Paris and Cannes7th June 2013
At the top end of the French market, prime new-build properties above €1m don’t hang about for long, especially in Paris and Cannes. The reason? There is simply very little new-build available.
In Central Paris only a few hundred new-build properties are built each year within the 20 central Arrondissements and in Cannes the pool is even smaller. This means that when a high-end new-build development comes along in a good location, property is sold at a frenetic pace.
This was the case with two particular developments in 2012. The project in Paris was positioned on the River Seine, close to the Notre Dame and in Cannes it was on the exclusive ‘Le Point’ spit of land which protrudes from the famous Croisette promenade. Both were high-end, both had superb locations and both sold quickly as a result.
So it has been rather surprising to see two of the best units from these developments return to the market, giving investors a highly rare second chance. The new-build penthouse in Paris boasts a 70sqm private roof terrace affording stunning views over the Seine. Each bedroom has its own balcony overlooking the private gardens, another rarity for Paris. €3.33m is the asking price; steep but worth it.
In Cannes, the property is a one-bedroom apartment. This project sold out within just two weeks at the end of 2012 and the one-beds were the most popular. With Cannes being Cannes, luxury one-bed pied-a-terres are a commodity in continuous demand. Its south-facing exposure, balcony, sea views, pool and underground parking command a €750,000 price tag. Again steep, especially for a one-bed, but with an assured €1.8k p/w rental during the May film festival and at least €2k p/w during summer, the property will be quite an income generator.
It won’t be long before both properties are gone again, and it wouldn’t surprise me if the same person bought both.