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On the French Riviera , Cannes is most famous for the glamorous film festival held every May. Its real-estate market, meanwhile, has been in the grips of another kind of drama.
After a decade of recession, the eurozone debt crisis and French austerity policies, the sale price of prime properties stands 30% below the peak levels of 2007, estimates Fred Lilloe, managing director of Knight Frank in Cannes. The fact that prices fell around 1% last year is being treated as good news—or better news, at least, than the annual…