Bordeaux hyper-centre : quality and stylishness

This highly-prized city in the Gironde appeals to both the actively employed, retirees, French and foreign buyers. Whether for its charm, quality lifestyle or accessibility, Bordeaux chalks up on-going success. Its most highly sought-after address is the hyper-centre, a neighbourhood brimming with history...

While the hyper-centre of Bordeaux was traditionally comprised of the “Golden Triangle”, its perimeter has undergone extensive transformation. According to Fabrice Révolat, Director of Révolat et Associés, Bordeaux draws various types of buyers : “While it’s true that a large part of our clientele is comprised of Parisians, that does not mean a general exodus. Though Bordeaux certainly offers a quality lifestyle, rarely found in large cities. Buyers also include pre-retirees wanting to be closer to amenities in the centre, and investors mainly acquiring buildings consisting of several lots. We see a few first-time buyers, looking for smaller properties”. With average prices revolving around 5,000 € per sq. metre, the hyper-centre is inevitably rather expensive. In neighbouring areas, prices can be significantly lower, as Fabrice Révolat explains : “On the perimeter of the Golden Triangle, other neighbourhoods are regarded as the “centre of Bordeaux”, including Les Chartrons, Saint Paul and Croix Blanche. In this last area, properties can be found up to 2,000 € per sqm. cheaper than in the Golden Triangle”.

Based since the 1930’s on Place Tourny at the lower end of Cours Clémenceau, the Agence B. Lafaye specializes in properties at the heart of Bordeaux, while also radiating outwards to cover the entire Gironde. Right from the start, this agency has focused on high-end homes, and its Director and owner Bruno Lafaye confirms that the city centre is full of them: “This neighbourhood is mainly comprised of historic properties dating back to the 17th and 18th centuries. Apartments here are usually really beautiful, very stylish, especially on the first, or so-called “noble”, floors. They benefit from balconies, wood panelling and old parquet floors. This type of quality is sought after by our buyers, always set on authenticity”. According to Bruno Lafaye, one comes across different buyer profiles depending on the surface area required : living space of 200 to 300 m2 is mainly sought after by the actively employed, aged from 45 to 60, with older clients preferring smaller properties of around 100 m2. Depending on where the client comes from, one can also observe a difference in the location required : “Most of our foreign buyers are from England or northern Europe : they prefer to be on the banks of the river, while locals from Bordeaux tend to opt for more central addresses in the Triangle and Les Grands Hommes”.

According to Pascal Boulonne, co-manager of La Bordelaise de l’Immobilier : “Today, given the rise in property prices in the hyper-centre of Bordeaux, it is becoming difficult to attain respectable yields for our investor clients. Which does not, however, prevent buyers from taking risks, betting on the market’s rapid progression and under­lying capital gains. Even if rental returns are not what they used to be, our clients aim for long-term investments, and the hyper-centre is still the best place for blue-chip properties. We are now seeing a real scarcity of availabilities at the heart of the city, whose wide appeal ensures that Bordeaux’s property market is not affected by the crisis seen elsewhere”. The trend towards acquisition of year-round homes gives precedence to properties with outdoor areas, though offerings are extremely rare. Both old and new residences are in high demand, and Pascal Boulonne says that clients are prepared to take on extensive renovation work : “We often come across buyers who do not hesitate to restructure the living space in the apartments they acquire, the aim being to gain in spaciousness and light. It is also true that, most of the time, these bourgeois apartments with charm and character have not been treated to any transformation over the years : today’s trend is to modernize them, even split them up and do away with some of the walls”. While Bordeaux is already a highly-prized adddress, the arrival of the LGV in 2017 should stir yet more interest in its property market and bring a fresh influx of

potential buyers.