Cannes Buy-to-Let

As detailed previously, Cannes has a buoyant buy-to-let market - especially profitable for property owners who cater for the short-term stays required by the business market - as not only do you earn excellent rental income from congress attendees - but you can also use your apartment yourself for much of the year !

Whether you wish to purchase a Cannes property for personal use or for buy-to-let purposes, Attika International will source a selection of the best apartments in Cannes and we will send our selection to you along with a general return on investment estimate for such properties along with advice on the costs (including any required renovation and furnishing), general taxation issues and the expected rental yield.

You can then decide which properties are of interest and if you wish you can arrange to view the apartments with Judith or Nelly from our Cannes office. After visiting, should you wish to have exact estimates of the renovation and furnishings this can be organised by our Interiors department.

Investors should also seek advice on inheritance and taxation issues which could come into effect once they have purchased the property and it has started generating income. Attika International will recommend financial advisors who specialise in the various related issues.

Once you have made a decision on which apartment or apartments you wish to purchase, a price has to be agreed and a preliminary contract or a ‘compromis de vente’ can be signed by both parties. You then have a seven day "cooling-off period" in which you are able  retract your offer without reason and without any penalty by means of a registered letter to Attika International.

After the seven day cooling-off period has expired the contract become binding to both parties. The final exchange normally takes place two months after the signature of this contract. Attika International or the Notaire can be given the power of attorney if so required (it is best to organise this whilst you are in France).

Once you take possession of your property, you can - if you wish -hand over the management and marketing of the apartment to Everything Cannes which  is our sister company specialising in corporate & holiday rentals in the centre of Cannes. Please feel free to visit our site www.everythingcannes.com to find out more.

Everything Cannes also has a Cannes property management department which can take care of property maintenance for you by performing preventative maintenance inspections, mail box checks, inventory, rent rolls, project management and much more. To find out more, visit our management site www.property.everythingcannes.com

We are one of the only companies in Cannes who can offer our clients the complete package from finding a property to managing and letting it and we take great pride in our efficient and professional service.

For more information  or if you would like us to e-mail you our Cannes buy-to-Let brochure, please call us on +33(0) 4 925 925 93 or email us at info@attikainternational.com

What kind of returns can I expect from a Buy-to-Let in Cannes?

1. If you are looking to purchase an apartment for rental income & capital appreciation...

 In order to see maximum returns on investment, Attika International advises the purchase of a one bedroom, two bedroom  or three bedroom apartment in the centre of Cannes in the area know as “La Banane”, (the Southern half of Cannes so called because of its shape). The Number One location is the Cannes Croisette but prices here are very expensive and you can expect to pay anything between 8000€ and 18000€ per m². The most prestigious parts of the Croisette are the areas where the famous hotels are situated such as the Carlton, The Majestic and the Noga Hilton as well as the famous Palais des Festivals where the congresses take place.

The Rue d’ Antibes and the side roads running off the Rue d’Antibes going towards the sea are also excellent for rental and are significantly cheaper. We advise that investors wishing to see good rental yields should buy apartments in close proximity to the ‘Palais des Festivals’ as most business visitors wish to be within walking distance of the exhibition centre. Other features such as a lift, a balcony, sea view, concierge as well as the furnishings and overall condition will also increase an apartment’s rental value. The minimum expected rental yields that Everything Cannes rentals have calculated for apartments in this area are as follows: The expected revenue for the events & other periods

The price of property in La Banane
The price of property in this area can vary due to differing factors which are outlined above. The Number One location is the Croisette but prices here are very expensive and you can expect to pay anything between 8000€ and 18000€ per m². However on average you can expect to pay the following for a good rental investment in the most desirable areas:

Studio (approx 35m²):         from 150 000€ to 200 000€
1 Bedroom (approx 40m²):  from 230 000€  to 300 000€
2 Bedroom (approx 60m²):  from 350 000€  to 400 000€

2. If you are looking to purchase a villa for Capital appreciation and Rental Yield...

Cannes is internationally renowned for being one of the most popular destinations for the world’s jet-set. Cannes has always been a glamorous place to be seen, but the Cannes Film Festival put the town firmly on the map as a social hot spot and it has since become a favourite haven for the rich and famous - you can see this by the number of private jets that arrive regularly at the local private airport in Mandelieu!

Cannes is home to some of the worlds most prestigious villas - all of which enjoy complete privacy and sumptuous views over the Mediterranean Sea. Due to very strict building restrictions the demand for these wonderful villas outstrips supply and hence gives rise to high capital appreciation. Today the increase in prices is being sparked by interest from Russian and Middle Eastern buyers.

These villas also have great letting potential as tenants will often stay for a minimum of one month during July and August. Rental yields will vary however you can expect a 4-5 bedroom villa to let out for around 40 000- 60 000€ per month in the summer months. At the extreme top end of the market villas have been know to rent our for as much as 200000€ per month!!

In order to ensure good capital appreciation and obtain the maximum rental yield possible then we advise that you buy in the following areas: La Californie, La Basse Californie & Super Cannes. These are the very best areas and are highly sought-after.