The Carlton Riviera, a luxury residential development attached to the Carlton Hotel in Cannes, France has sold out in just 30 days, according to the agents

British, Russian and Indian as well as a few locals make up the international mix of purchasers, and according to James Price of sales agents Knight Frank. “The phenomenal rate of sales shows that despite the general perception of a depressed market, property in the right location and at the right price will sell.”

Prices started at around $700,000 for a one bedroomed apartment. Which just goes to show - location, location, location still applies, especially on a development such as this one where the credit crunch did not have any impact. Mostly cash buyers I suspect.

The Intercontinental Carlton is situated in the center of La Croisette and is the unofficial home to the movie industry during the Cannes film festival.

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AFFLUENT HOMEOWNERS FOCUS ON LOCATION, LOCATION, LOCATION ACCORDING TO THE 2008 COLDWELL BANKER PREVIEWS INTERNATIONAL® LUXURY SURVEY

Top of the list of desires is a Private Island location with being near a beach being more than double in demand than any other location for a second home. High-End Homeowners Still Aspire for a Dream Home; 17 Percent Have Considered Moving to Obtain a Specific Zip Code and 85 Percent Expect Home Prices to Increase Over Next Five Years.

PARSIPPANY, N.J. (July 24, 2008) – Homeowners at the highest end of the real estate market still have a dream house in mind and zip code does play a factor in where some call home, according to the 2008 Coldwell Banker Previews International® Luxury Survey. Top locations for a dream home among those surveyed were on an island (27 percent) or in a rural country setting (22 percent), followed by the suburbs (18 percent) or an international destination (18 percent). Additionally, 17 percent of those surveyed confirmed that they have considered moving expressly to obtain a specific address or zip code. Eight percent of respondents actually admitted to having been influenced to purchase a property to “keep up” with friends or family. More on Coldwell Banker International Luxury Survey - Location is All Important