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Anybody consider Cannes

Discussion in 'French Property' started by mickthepropertyguru, Apr 3, 2008.

  1. mickthepropertyguru

    mickthepropertyguru New Member

    Which a huge number of festivals every year and excellent returns predicted and received, would this not be an ideal investment ?
    A studio in an exclusive part would set you back eur 130,000 - 150,000 but i have hear of rental yields in excess of 8 %. Has anybody invested here ?
     
  2. ady1231

    ady1231 New Member

    Hi;

    These prices are in Nice, cannes you would have to start at about 180k. Yields seem to be good for a short term rental.

    I am looking seriously at nice now , see my post, still looking for someone who owns there, to be able to tell me all about it!

    I beleive south of france, is safe, i already have mortgage accepted for LTV 85%!

    Any help appreciated.

    Cheers
     
  3. DC

    DC New Member

    I used to live near to Cannes, nice place, I dont think the yields will be good as property price is high, also Film festival etc, is only a few days a year, so yes for a week is busy rest of the time, nice lifestyle but for buy to let, there are better places in my opinion. Lower price, higher yielding, next you will be on to St Tropez.
     
  4. Damian George

    Damian George New Member

    hi guys,

    my wife and i thought about cannes for a while and we contacted these guys

    Invested Interest Ltd

    they seamed switched on - didnt buy though in the end
     
  5. neustria

    neustria New Member

    The Cote d'Azur should be expected to hold out better than other parts of France. This said I certainly wouldn't jump into the French property market right now until the price purge is finished. The Cote d'Azur might be the last to respond to dropping prices elsewhere, but when it does, it could "catch up" quite quickly. There is downward price pressure everywhere, so why buy into this market now? Better to watch it for the next few months to see what happens.
    Neustria
     
  6. Damian George

    Damian George New Member

    There are some markets that always do well - think Cannes is one of those places as is London, Paris and New York - Yes it is slow but while the pitts, Beckhams and F1 in Monaco it will be of interest
     
  7. neustria

    neustria New Member

    If by doing well you mean "do not drop (too much)" then perhaps you have a point. But I thought that the whole point of this game was to make money, not lose as little of it as possible.
    I sold an appartment in Aix-en Provence a few months ago and there the downturn was perceptible. Aix, as you know, is one of the most sought after (and expensive) cities in the south of France. The city is now getting hit.
    London, especially the upper end of the market, is also under pressure, because the golden boys who made this market are now loosing their jobs.
    On Long Island in Greater New York desperate real estate agents are organizing "Foreclosure Tours" using buses rented for the occasion. Prospective buyers are taken from one foreclosed house to another. Latest news is that only one 'tourist' has so far put in a bid.
    As before said, I would still wait for this thing to blow over before jumping into any of these markets, and this could well take awhile.

    Neustria
     
    Last edited: Jun 2, 2008
  8. svrunner

    svrunner New Member

    watch out if it is a Residence Loisirs or Residence de Tourisme
     
  9. Cannes Flat

    Cannes Flat New Member

    I've just bought a one bed in central Cannes and rental income is very good if you're not greedy. Best to buy as new as possible to keep fees and upkeep down.
     
  10. Damian George

    Damian George New Member

    Hi Cannes Flat,

    If you evey need to buy euros let me know

    Cannes is always going to be a hotspot and where you can rent your apartment out for 6 weeks a year and cover your costs

    Regards
     
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