Cannes, nestled on the French Riviera, is a city rich in history related to its old town, Le Suquet, and its elegant boulevards like the promenade de la Croisette. Its geographical location offers incomparable beauty with the Alps rising in the background and the Mediterranean Sea to the front. Cannes is famous for its international film festival, bringing together the most prominent actors and movie lovers from around the world. Living in Cannes means immersing yourself in a blend of history, glamour, and Mediterranean extravagance.
Real Estate Market in Cannes
The exclusive real estate market in Cannes is generally strong, influenced by its status and global popularity. The demand for luxury apartments and houses in Cannes remains consistent, creating a competitive market. Despite potential fluctuations, the political and economic situation in Cannes remains stable, thus supporting the health of the real estate market.
Costs Associated with Buying a Luxury Property in Cannes
In general, a buyer must pay an average real estate commission of 5% to the agency when buying a house in Cannes. Sellers, in turn, can expect to pay a similar commission. In addition, buyers must take into account several additional costs, like the transfer duty, notary fees, and potential construction inspection or legal fees.
Taxes and Duties in Cannes
The transfer duty in Cannes is about 6% on private properties. As for the wealth tax, it amounts to 1.5% on the private possession of a house.
Mortgages and Financial Conditions in Cannes
The conditions for obtaining a mortgage in Cannes depend on various factors, but banks generally require that the borrower have sufficient income to repay the loan and that the value of the property is higher than the amount of the loan.
Life in Cannes
Cannes offers upscale residential areas, including La Californie and Le Croisette. The city also provides easy access via various roads and railways. Cannes is located about 33 kilometers from Nice, the nearest major city. The international airports of Nice and Cannes are a short drive from the city.
Education and Institutions in Cannes
Renowned educational institutions in Cannes include Skema Business School and the International College of Cannes.
Attractions and Amenities in Cannes
Cannes offers an attractive Mediterranean climate with hot summers and mild winters. In terms of sports and outdoor activities, Cannes offers a multitude of water sports, golf, hiking, and much more. The city is full of luxury shops, quality hotels, renowned restaurants, exclusive nightlife venues, and casinos. Cannes also hosts many cultural and sporting events each year. Nearby hospitals and clinics include the Cannes Hospital Center and the Oxford Clinic.
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