Apartments in Toulouse : a buoyant market

While the “Rose City” sees itself as a melting-pot for diverse and varied influences, it fiercely defends its Occitane identity. As it proudly asserts : “With its feet in the soil and its eyes gazing at the stars, Toulouse has succeeded in inventing its future”. As a “pioneer in the aeronautical adventure”, it builds satellites and the Airbus A380, attracting a population which seems ever younger and more ambitious.

Also known as the “City of Violets”, the birthplace of Carlos Gardel and Claude Nougaro is home to 430,000 people, 850,000 in the urban area, 100,000 students and 10,000 researchers. They focus on robotics, IT, nanotechnology, biotechnology, the agrifood industry and healthcare. Every year, 26,500 newcomers settle in its greater urban area. Standing at the crossroads of Le Gers, Le Lot and L’Ariège, not far from the Mediterranean and the Pyrenees, Toulouse has a role to play at European level. And the capital of Occitanie is careful to nurture its quality life-style. In April 2008, it was ranked by the magazine “Le Point” as France’s second most pleasant city. It flaunts the banner of its historic buildings and natural heritage. As exemplified by Le Capitole, the Basilica of Saint-Sernin, Les Jacobins, the Cathedral of Saint-Etienne and the widely appreciated Canal du Midi. The fourth largest city in France with its third largest university evolves around the Garonne, giving a place of honour to gastronomy and the cult of the oval ball.

Françoise Maurel of CIT Immobilier describes the town’s historic centre with unfeigned enthusisasm : “A magnet for students, young workers, shop-keepers and senior citizens fond of outings and entertainment, the centre keeps its promise as a sound rental value and capital gain in the event of resale”. Le Capitole, with its long façade of 128 metres completed in 1759, serves as the nerve centre of this town in the Haute-Garonne. The University of Social Sciences, Institute of Political Studies, Business School and Pierre de Fermat secondary school, acclaimed by local families, are all within easy walking distance. One investor has just acquired a 1-bedroom apartment of 35 m2 in need of a lick of paint in a “chartreuse” for 135,000 €. The Capitole neighbourhood is indeed symbolic of Toulouse, though connoisseurs set their sights on mansions in Saint-Etienne, which are snapped up like hot cakes as soon as they benefit from elevators and parking facilities. Exceptions aside, prices range from 4,000 to 5,000 €/m2. Cinemas are dotted around Place Wilson. Despite recent construction of new residences, Saint-Georges offers a certain charm. Neighbouring areas appeal to retirees from the region in search of cultural activities. Recently, a client from Pau paid 250,000 € for a 1-bedroom apartment of 60 m2 in a residence of quality on Place Occitane. The market is buoyant despite a shortage of properties in general, and good value for money in particular.

“A 10-minute walk across the Pont Neuf and Pont Saint-Pierre takes you to the hyper-centre from Saint-Cyprien, a neighbourhood on the banks of the Garonne,” explains Jacques Luce of the agency Arc Immo. “Served by the metro line crossing Toulouse from east to west at République and Patte d’Oie, Saint-Cyprien is also near the ring road. The address is proving to be very convenient for people working on the west side of Toulouse, notably in the aerospace industry.” The turnover of people observed in this area has led to appreciable rehabilitation of its housing. Tower blocks built in the ’sixties rub shoulders with residences facing the river, which have risen from the ground over the past 15 years and are priced around 4,000 €/m2. A couple of retired Parisians recently paid 480,000 € for a 3-bedroom apartment of 120 m2 with two terraces and a garage, while a client from Toulouse acquired a 2-bedroom apartment of 77 m2 with a terrace of 14 m2 for 340,000 € after selling his house on the outskirts. Older buildings, set further back from the river, are less expensive. A 2-bedroom apartment of 70 m2 near the market is worth 210,000 €. In the case of apartments, the sq. metre ranges from 2,600 to 4,000 € depending on the age and style of the building concerned. Investors tend to acquire small units, sure of obtaining a gross return of about 6 %, but also hoping to benefit from their asset’s appreciation over the longer term.

“Not everyone, however, can afford Saint-Cyprien. Les Sept Deniers then offers an attractive alternative. This suburban site is relatively close to the ring road. The bus service connects it with the rest of the town,” says Nicolas Deisieux of Deisieux Immobilier. Many new developments are seeing the light of day, pegged at 3,000-3,200 €/m2 as compared with the 2,500 €/m2 required on average for older apartments. First-time buyers working for Airbus or in the Blagnac activity zone, a 5-minute drive away, are happy to pay from 120,000 to 140,000 € for an apartment with 2 main rooms or 170,000 to 200,000 € for 3 main rooms. Apartments here probably generate less movement than individual houses. In coming years, Croix de Pierre could benefit from the impact of the recent opening of the “cancéropôle” and the imminent arrival of the tramline. For the time being, the sq. metre costs around 2,000-2,200 €.

“If you live in Les Amidonniers, it only takes a 15-minute walk to reach the Place Capitole along the banks of the Garonne or the Allées de Brienne,” adds Dominique Bergougnan of DB Immobilier. One of this locality’s strong points lies in fast and easy access to employment pools in western Toulouse. The neighbourhood offers lots of shops and a very diverse array of accommodation. Extremely popular, the residence Le Bazacle, inaugurated in 1995, ranges from 2,800 to 4,700 €/m2, depending on the apartment’s condition, orientation and view, sometimes of the gardens, sometimes of the river. A simple 2-bedroom apartment of 60 m2 that needs freshening up, and which does not enjoy the prestige of this address, now costs 180,000 €, a price comparable to those currently posted in Saint-Cyprien. Some fear the noise from the Allées de Brienne and Allées de Barcelone. Others love the view of the canal and buildings of real charm, unfortunately without parking facilities or elevators. Buyers increasingly expect the kind of customized service that Dominique Bergougnan firmly intends to provide.

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