Biarritz, an on-going courtship

The N°1 commune in the Basque country, Biarritz has real power of seduction, even at international level. The Canadian Four Seasons group has been selected to run the prestigious and palatial “Hôtel du Palais”, inaugurated in 1905. The only establishment to have won the “Palace” designation along the entire west coast of France, this development in its history should bring even more media coverage in its wake…

Based on Avenue de Verdun in Biarritz since December 2015, the Agence Laforêt presents properties all over the commune, ranging from a pied-à-terre costing less than 100,000 € to prestigious residences exceeding 1 million euros. “Exclusively French, our clients are looking in equal shares for permanent and holiday homes,” says manager Grégory Chabaud. “The very rare contacts we have had with foreigners this year, mostly from Switzerland and the Middle East, focused solely on properties intended for investment purposes.” As thin on the ground as ever, offerings within the town of Biarritz are relatively opaque in terms of prices. “There are lots of agencies, but available properties are becoming increasingly rare. Many estate-agents don’t hesitate to overvalue properties in order to obtain mandates. Many prices on display are thus well above the actual sales price. And sellers are rather vague when asked to estimate their homes as precisely as possible.” By way of example, Grégory Chabaud mentions the recent sale of a 3-bedroomed apartment of 82 m2 with a garage in the neighbourhood of La Rochefoucauld. In need of a revamp, this property benefiting from a pretty terrace with an open view finally changed hands at 295,000 €. “A year earlier, another agency had it on offer at 380,000 €. Inevitably, it didn’t sell.”

”In fact, supply is clearly outstripped by demand,” confirms Pierre Deglaire of the Coldwell Banker agency, specializing in high-end and prestige properties. “The most highly-prized properties such as apartments on the oceanfront can no longer be found under 10,000 € per sq. metre, even without a terrace. Houses within walking distance of the town and beach are just as highly sought-after. Buyers looking for this type of home need a budget of at least 900,000 €,” adds our expert, who has just orchestrated the sale of one such example, ideally located and benefiting from a garden with a pool. It found a taker at close on 2 M €, ie. over 6,000 € per sqm. Despite periods alternating quietness and euphoria in terms of new enquiries, the property market in Biarritz is doing well, borne along by the positive aura that wafts over the commune. “Structural amenities are very good, Biarritz benefits from excellent media coverage, and the arrival of flagship hotels such as Four Seasons, soon to take over the reins of the Hôtel du Palais, also give a boost to commercial premises, with luxury brands all set to open new boutiques. New technologies introducing different channels for tourist consumerism, such as renting rooms or private homes, for instance, encourage investors to target the best urban locations. In the summer season, they can hope for a rental return of around 5 %.” In Biarritz, the sun is shining more brightly than ever.

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