Cannes in Le Suquet, the charm of the old town
In Le Suquet, demand remains steady says Régis Masselot of Estate Service

Cannes, a town of 70,600 inabitants, is 8.8 kilometres long and 4.5 km wide. After Mont Chevalier to the west, Le Suquet, which culminates at an altitude of 60 metres, offers a magnificent view over the city, the Deep Blue Sea and the Lérins islands.
The very colourful Forville market is in full swing down below. Dotted with plane-trees, the Allées de la Liberté run parallel to the Mediterranean, as far as the Quai Saint-Pierre and the Jetée Albert Edouard, where sailing enthusiasts moor their magnificent yachts.
“The authentic quarter, which dates back to medieval times, has retained a village spirit,” says Régis Ramette from the John Taylor agency.
“Older accommodation is characterized by narrow houses built on several levels. The ground floor houses the dining-room and kitchen, the first floor, the lounge, and on the third floor, two bedrooms. The stairs are steep, the windows small, there are no elevators or parking places. Gardens, a rare commodity around here, are worth their weight in gold.” Well-informed and determined, the client ignores these minor inconveniences, giving precedence to architectural character and walking distance to the beaches and Rue d’Antibes. 60 % of acquisitions consist of main residences, 40 % of holiday homes.

The English, Belgians, Dutch and Scandinavians are very fond of old stones. More than any other, this heterogeneous site displays important price differences. Without a panoramic view and with unattractive entrances, apartments start at 150,000 €. Last year, a unit of 90 m2 under the roof and facing the port, fully renovated and equipped with spearhead home automation found a taker for more than 1.5 million euros. The average transaction ranges from 300,000 to 400,000 €, the amount usually need-ed for a 3-roomed apartment. As for individual housing, it starts at 500,000 €, with foreigners readily succumbing to the charm of the famous Tropezian terrace. There are still a few properties left for renovation.

Le Suquet is as active as the “Banane”, though the latter offers more products for sale and and at traditionally higher starting prices . “The shortage, combined with strong demand, contributes to steady prices. If values have not shown any particular trend towards the downside, despite an unfavourable economic climate, selling times have increased from 30 to 60 days. After some hesitation, the number of concrete sales seems to confirm some growth, boosted by lower interest rates,” says Régis Masselot of Immobilière Mer et Montagne.

Le Suquet is a centre of liveliness. Rue Saint-Antoine and Rue Meynadier, with their shops and good restaurants opening onto secret patios, are still busy a large part of the day. The Forville market not only assures the promotion of Mediterranean and Provençal flavours, but also encourages a friendly atmosphere. Shops, a school and medical centre... Nothing is missing. The Musée de la Castre and a spa complex built by Sofitel attract many visitors. In this haven for elegant Yuppies, the segment of commercial leases is decidedly ultra-profitable. Former fans of stock markets are not hesitating to invest their money in stone and mortar. They come from all over Europe, and immediately focus on the area close to the Palais des Festivals and Plages du Midi, targetting the seasonal rental market. In summer, 1-bedroomed apartments can be rented for 500 € per week, 2.5 to 3 times more during the numerous congresses.

Companies accommodate their executives in these flats, whereas they prefer to lodge their clients on the Croisette or the central “Banane” neighbourhood, addresses that are 15 to 20 % more expensive.