Renting Properties Soars During Cannes Film Festival, Benefiting Property Owners financialy
The Glitzy Price Hike of Lavish Villas and Flats During Cannes Film Festival Pales in Comparison to Other Events
By Christine Lejoux | Real Estate Editor
Picture this: The glamorous 78th Cannes Film Festival kicks off this May 13th, running through the 24th, and with the influx of populace tripling the city's size for these spirit-filled eleven days. As the prestigious cinema stars flock from every corner of the globe, the burning question remains - where will they rest their heads? For high-profile productions, the answer typically points towards established giants like the Carlton or the Martinez. These hotel powerhouses offer the added advantage of nightly reservations, which is convenient for the transient star who might only be in Cannes for a brief stay, as luxury villas and flats often come with a one-week minimum rental requirement.
Ornella Messina, a high-end seasonal rental manager at the Barnes agency, pinpoints two types of properties in high demand during the festival: villas hosting opulent brand events and exclusive soirées, and flats nestled in the immediate vicinity of the Croisette, providing both lodging and workspace. Take, for example, this exquisite apartment, situated just 25 meters from the sandy shore, boasting 130 square meters (nearly 1,400 square feet) and four cozy bedrooms. Michael Claes, a realtor at Expertimo, says this lavish abode will set renters back approximately 800 euros per day, or 8,800 euros for the entire duration of the festival.
However, prices can—and do—get even more astronomical! Family-owned real estate titan Magrey & Sons offers accommodations mere minutes away from the Palais des festivals in the range of 2,500 euros to a whopping 25,000 euros per week. Other agencies choose not to publish their prices, requiring potential renters to "consult" the agency for the specifics. It's worth noting that online listings from places like Ornella's often reflect prices for the low season, so they can significantly increase during the festival period. In fact, according to the Kretz agency, an average nightly price multiplies by 2.5 during the two weeks of the festival, averaging 927 euros.
Upgrading to a penthouse (rooftop apartment) of 240 square meters (nearly 2,600 square feet) with a sizable terrace, picturesque sea and festival palace views, and high-end finishes, will set renters back a cool 25,000 euros per week at Magrey & Sons. But the ultra-luxury market in Cannes during the festival truly enters an "another dimension," according to Arnaud Charnallet, head of the ERA MAC Immobilier agency in Cannes La Bocca. Here, it's not unheard of to shell out a staggering 100,000 euros for a stunning villa boasting ten bedrooms, overflowing flower bouquets, an Olympic-sized pool, mesmerizing vistas, a hired chef, yoga instructor, gardener, and more.
Despite its glamorous aura, the Cannes Film Festival isn't the most lucrative event for Cannes real estate investors. Arnaud explains that "attendance has decreased a bit, and production companies are tightening their purse strings." The Cannes Lions, the advertising and internet festival slated for June 2025, dominates as the most profitable for luxury rental investments, followed by the Mipim real estate fair in March and then the Cannes Film Festival. In fact, Michael Claes reportedly engaged in a video conference yesterday with some New York-based Lions attendees, who expressed their intention to rent a 600 square meter villa with five suites in June, for approximately 5,000 euros per day. Bonus tidbit? This property is also up for sale at a hefty eight million euros. Keep your eyes peeled if one of the future tenants takes a shine to it!
Realtor tip: For the most up-to-date and accurate rental pricing information during the festival, reach out to local real estate agents or property management companies that specialize in luxury rentals in Cannes.
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- The rental prices for villas and flats during the Cannes Film Festival can significantly increase, with some high-end properties costing approximately 800 euros per day.
- For those seeking a more luxurious experience, a penthouse in Cannes could cost up to 25,000 euros per week during the festival.
- The Cannes Lions, an advertising and internet festival, is reportedly a more profitable event for luxury rental investments compared to the Cannes Film Festival.
