The prestige property market in Cannes, where it takes deep pockets to buy a slice

There just aren’t enough properties on the market today with olive trees, lavender fields, heliports, nightclubs and jogging tracks. Ditto spas adorned with relief sculptures of Roman Empire-era bathing beauties emptying their water jugs.

An estate in the village of Les Adrets de l’Esterel, overlooking the dazzling bay of Cannes, goes some way towards redressing this imbalance.

Set on 24 hectares, including sprawling lawns and a lake, the property offers 2000 square metres of living space, with 17 suites split between three houses. There are also five studio apartments and a one-bedroom unit.

It’s being marketed by Cote d’Azur Sotheby’s International Realty, with an asking price of 39 million euros, or about $63 million.

Cannes, on the French Riviera, is famous for rolling out the red carpet each year during its glamorous film festival – a boon to home owners wanting to cash in on short-term rental income.

The area was a modest fishing village until the 19th century, when it came to the attention of British elites eager to escape England’s harsh winters. Properties range from country houses and contemporary apartments to great estates, pied-a-terres and historic villas.

Current market

After the dizzying heights of 2007, prime property prices in the south of France fell off a cliff. Recession, the Eurozone debt crisis and French austerity policies combined to shave 30 per cent off house values, according to Knight Frank.

As a second-home hotspot attracting a high proportion of international buyers, prices are also at the mercy of other prime world markets. Last year, Savills Spotlight: Cote d’Azur described conditions as having reached a “high plateau”.

With so many luxury homes for sale, it’s a buyer’s market. Younger, wealthy purchasers are on the rise.

Can Australians buy in?

“Australians are welcome to buy!” says Frederic Barth, chief executive of Cote d’Azur Sotheby’s Realty.

Notary fees usually add about 7 per cent to the purchase price. Other costs include agent fees and a smorgasbord of taxes both ongoing and one-off, including council tax, capital gains tax, wealth tax and France’s notorious inheritance regime.

What you can buy for …

$34 million

La Favorite, a majestic sea-view property in Cannes consisting of a Belle Epoque villa flaunting a contemporary renovation, a guest house and caretaker’s residence.

$32 million

A two-storey chateau in Cannes with six bedrooms and a basement wine cellar, set on more than 1.5 hectares of landscaped grounds. Includes furniture and pool.

$6.9 million

A 186-square-metre penthouse apartment near the Promenade de la Croisette, featuring three bedrooms, three bathrooms, four balconies and a huge south-facing living room.