Film sector buying Real Estate in Cannes to avoid costly rentals.15 June
Rising hotel and rental accommodation costs in Cannes are pushing more people in the film sector to buy property in the city to avoid wasting money on expensive rentals, reports Athena Advisors. According to figures from the Cote d’Azure tourism board, the price for four and five star accommodation increased by 16% over two years (2010 to 2012) with an expected 5% increase for 2013.
“Some film companies send out dozens of employees each year with many staying for up to a month to prepare,” comments Nicholas Leach at Athena Advisors. “Film stars buying in Cannes is nothing new as many have the means to do so, but film companies investing in the area is a growing trend. Just for executives accommodation costs can reach well into the €100,000’s so if you spread those costs over 10 years or more, investing in real estate starts to make real sense.”
“The companies who buy in Cannes normally use the property as a company retreat throughout the year for its employees and clients,” added Leach. “Most company purchases take place well above the €1m mark, with apartments close to the Palais des Festivals and large villas just outside the city being most popular.”
The Cannes Film Festival is the biggest event on the French Riviera each year and last year more than more than 30,000* film industry professionals alone to the city for just two weeks. The festival has become an important showcase for European films and is increasingly a popular venue for film producers to launch their new films and attempt to sell their works to the distributors who come from all over the globe.
Own a front row seat to the Cannes Film Festival…
Two, two bedroom apartments have recently returned to the market in one of this year’s fastest selling project in the Cote d’Azur. The location is simply unbeatable, opposite the Palais des Festivals and with jaw dropping views of the Mediterranean Sea. These apartments are in the heart of Cannes, with its numerous first class entertainment, dining and shopping amenities.
“New-build properties are very rare in Cannes, especially along the Croisette promenade, which makes these two bedroom apartments unique to start with. Combine this with the fact that they’re overlooking the Palais de Festivals and it’s easy to see why they were so popular.”
Perfect as a pied-a-terre to visit throughout the year or also as an superbly positioned rental property, these apartments represent an extremely rare chance to own a brand new property in one of the most sought after locations in Cannes. Each property is being completed to the highest of specifications in order to cater for the demanding clientele which frequent this part of Cannes city.
Stark white minimalist interiors and extensive glazing exploit the views and light. Both apartments offer good-sized open plan living-kitchen areas which lead on to private balconies looking out across the Mediterranean. Fixtures and fittings are of the highest standards and both come with parking included.