Monday, May 14, 2012

Summer rental season hits Cannes

The Cannes Film Festival marks the beginning of the summer property rental season in the South of France, with wealthy private individuals and corporate groups busy booking top class accommodation so they can enjoy all that this prestigious area has to offer.

Jonathan Gray, Director of the Beauchamp Estates Cannes office, said: “Bookings have increased by almost 20 percent compared to 2011, and we are hoping that before the end of the Film Festival it will reach 30 percent. Prices, however, have remained very similar to last year. The rental market for the summer season seems to be stronger than previous years, which can be explained by an air of caution amongst international buyers who are waiting to see how the European countries deal with the economic crisis. It is therefore easier for them to rent in the meantime, and in turn this means premium rents can be achieved by those renting out their properties during this season.”

As an indication of the premium prices achievable during the 11 day duration of the Film Festival, landlords can expect to rent out top quality properties such as a four-bedroom villa in Cannes (pictured) for between €20,000 and €25,000 (S$32,300 to S$40,350). The usual price for the two-month summer season is €35,000 (S$56,500) per month or €17,500 (S$28,250) for two weeks, the minimum rental available during this time.

“Most of the tenants in this top end market still tend to come from Asia, Eastern Europe, the UK, northern Europe and the GGC region,” added Gray. “Surprisingly we are also now seeing the return of the Americans.”

View the original article here

Source Form Channel News Asia

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