With the film festival under way, Cannes is in its annual froth of red-carpet antics and directorial debuts. Far from being an occasional state for the bling beachside town, its role as host for corporate gatherings has become almost the norm. This once glamorous hotspot is now largely a convention centre, with events such as the real estate summit MIPIM and the International Advertising Festival dotting the calendar. This has pushed it down the pecking order of desirable playgrounds in which to own property on the French Riviera.

Cannes — described as a “fading pearl” by Stuart Baldock, of the Côte d’Azur office of the buying agent Property Vision — has become a place to buy for investors chasing rental revenue. All those conventions make it easy to let flats and villas for the entire summer.

Nice, in the neighbouring bay, offers high-end properties with a similar ritziness to Cannes but with a more genuine, diverse atmosphere. The areas of Saint-Paul de Vence and La Colle-sur-Loup, inland from Nice, are in high demand, Baldock says. They offer smart but not extravagantly priced homes for families looking for a laid-back Riviera lifestyle.

Bordering the two dominant urban areas of Cannes and Nice are the clifftop and waterfront homes of Saint-Jean-Cap-Ferrat and Cap d’Antibes. These homes are the most luxurious by far and are owned by the European jetset (there are supposedly only three waterfront houses on Cap d’Antibes that are not owned by Russians). But although there is nothing for sale for less than €2 million (£1.8 million) on Cap Ferrat, Cap d’Antibes is more of a mixed bag, with numerous three-bed villas with modest swimming pools.

For high-flyers looking to invest in property, the solidity of the Riviera is comforting. The regulatory strictures of buying in France, combined with the allure of the Côte d’Azur, mean that this coastline has substantial value. Proof of the area’s enduring appeal is that at a time when estate agents are not feeling particularly bullish, Winkworth has just opened an office here, between Cap d’Antibes and Juan-les-Pins.

Although many expats in the British enclave at Valbonne, inland from Cannes, are staying put, some are selling because they recognise the increased spending power in Britain that selling a property in euros will now give them. Those trying to sell are still prone to asking too much, according to Baldock. Buyers, meanwhile, are becoming increasingly willing to meet in the middle. Jean-Claude Caputo, of the Nice-based Savills Riviera Estates, says: “People were coming with ridiculous offers — everyone has been trying to get a bargain, but now I think both buyers and holiday tenants are becoming more realistic again.”

Caputo is having little trouble letting one impressive villa, pictured above, in Cap Ferrat — the unfortunately named “Cview” — which has been decorated as if it were a boutique hotel, with themed rooms. The house has five-star service levels, managed by a duo who used to look after the holiday homes of Dolce and Gabbana. The cooking is exquisite and there are all manner of bling gadgets, such as a funicular to take you from the bottom to the top of the garden (actually quite useful for transporting drinks to the pool), a swimming machine so you can do imaginary lengths in a titchy indoor pool, and a heightadjustable outdoor swimming pool floor, so you can change the depth for children, or make the pool vanish to create a large (white marble) terrace for parties. It costs from €40,000 a month out of season (October to April) and up to €300,000 a month in July and August.

Caputo also manages sales for a new development on Cap Ferrat. The scheme is something of a one-off because the peninsula brims with detached belle époque houses built in a grand Florentine style, many of which remain within private walled estates. Cap Ferrat is regarded as having some of the most expensive holiday homes in the world.

Both the reputation and the views of the Cap are dominated by the gardens of Villa Leopolda, built in 1902 for King Leopold II of Belgium and now owned by the heiress Lily Safra; the vast, terraced garden cascades down from the top of the peninsula and shrouds the villa from view. The Russian billionaire Mikhail Prokhorov reportedly put in a €500 million offer on the property last year, securing it with a €39 million deposit, but cancelled the deal, prompting Safra to donate the deposit to charity.

Across the peninsula is the beautiful Fiorentina estate, which occupies its own tip of land, Pointe SaintHospice. Another, more high-profile oligarch is said by local agents to have put in two unsuccessful offers, both of which were worth several hundred million euros. Savills is selling a minimalist three-bedroom house with a rooftop spa bath for €4.95 million. It has views towards the Fiorentina and is right in Saint-Jean village.

The nearby Inspiration development looked after by Caputo, which sits below the Leopolda to the south west, is on course to complete this summer. The project comprises nine terraced villas, all with pools, two of which are for sale at € 5.5 million each. Both have four bedrooms, three bathrooms, a 215 sq m sitting room, three parking spaces, a 190 sq m terrace and a rooftop pool. The villas are a ten-minute walk from the harbour and beach and have excellent views down to the sea.

CONTACTS

Savills International: 020-7016 3740 www.savills.co.uk/abroad

www.propertyvision.com

www.riviera-estates.net

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