Desirable homes in Montpellier

With a thousand years of history to its credit, the capital of Languedoc-Roussillon is an example of well-controlled urban development unique throughout Europe. Renowned for its economic dynamism and a rich calendar of events, the 8th largest city in France chalks up the strongest population growth in the country. Inevitably, its popularity has an impact on its property market.

Fans of charm and old stone appreciate the 70 courtyards of private mansions and the narrow medieval streets with their boutiques. The oldest university for medical studies still active in the western world is, in fact, here in Montpellier, 2 hrs 30 by car from Barcelona, 4 hrs from Geneva, 3 hrs 15 by TGV from Paris. In three decades, the population has tripled. From 80,000 intra-muros in 1979, it now totals 245,000 with a further 391,162 residents in the greater urban area. 43 % are under 30 years old. The prefecture of L’Hérault is clearly far from lacking in attractions. It encourages and assists company creation in the service sector, the development of tourism and the boom in “grey matter”, which makes an essential contribution to its economic wealth. Information technologies, healthcare, biotechnologies, the environment and agronomy all provide a considerable number of jobs.

“L’Ecusson, that’s to say, the historic centre, is the trendiest part of town, known for its restaurants, cafés and shops,” say Mathieu Hottegindre and Sébastien de Vreese of the Mat & Seb agency. Mainly from within the area, investors pay around 100,000 € for studios in 1900’s buildings. The most desirable examples, offering sizable surface areas, can fetch as much as 120,000 €. Very hard to find on agencies’ books, these little gems are in high demand. It’s not so much their rental yield, of around 4-5 %, that motivates buyers, but their long-term asset value and the certainty of rapid turnover should one want to re-sell, and even capital gains over the medium term. Young and senior executives on good salaries set their sights on this address as their main home. Fond of city life, they go out a lot, rarely use their cars and usually leave as soon as they start a family. Their budgets range from 300,000 to 500,000 €, as is true of those looking for second homes. Probably due to the agency’s rather glamorous and decidedly trendy positioning, Mat & Seb chalk up 20 % of their sales in the “pied-à-terre for pleasure” segment. Just as active on the cultural scene as it is for night-life, the area is surfing along on a wave of fashionability, comparable to that once offered by the centre of Aix-en-Provence or the 1st, 2nd and 3rd “arrondissements” of Paris. The square metre is pegged on average at 3,300-3,500 €, with wide fluctuations depending on the property’s condition, location, view, brightness, as well as the existence of an outdoor area, parking place and elevator, all of which are unfortunately scarce commodities in L’Ecusson. Parisians, a 3 hr 15 train-ride away, are very enthusiastic about this charming spot, urban, casual and festive all at the same time, an enthusiasm shared by the English, Irish and Belgians.

“L’Ecusson has a glossy image both nationally and internationally,” says Patrice Gabellini of the agency

OGGI & DOMANI (34000)

">Oggi & Domani. He recalls the sale in 2009 of five apartments to a Frenchman living in Mexico and says that he is currently maintaining contacts of the same kind in Hong Kong and the USA, with people wanting to prepare for their retirement by investing in the centre of Montpellier and renting to students. Thanks to the multiplication of public transport, it is both fast and easy to reach the various university faculties. The most modest studio of 20 m2, costing from 80,000 to 100,000 €, brings a monthly income of at least 420-450 €. As soon as one considers a 2-room apartment, the yield drops sharply. Seniors from outside the region also come to enjoy a peaceful life in a town on a human scale in the South of France, offering a highly strategic location. Patrice Gabellini also covers the first and second rings around the centre. Le Jeu de Paume and Gambetta in the first propose highly-prized residential addresses, benefitting from vast surface areas. Quality housing does not change hands very frequently. Much more affordable, the neigh-bourhood known as Figuerolle is very pleasant as long as one accepts the idea of a wider mix of residents. Then, the very autonomous Boutonnet/Beaux-Arts offers a real neighbourhood atmosphere. Residences built 20 or 30 years ago rub shoulders with more recent offerings and townhouses of 70-120 m2 with little gardens of 100-200 m2, popular among families. Depending on their category, 1- and 2-bedroom apartments range from 2,600 to 3,200 €/m2, houses from 3,200 to 3,300 €/m2.

Argence & Deflandre focuses more on a type of property than a particular area. The two partners deliberately place high-class villas and apartments in mint condition in their files, scattered around the entire urban area. The apartments targetted, much sought-after by a clientele from outside the region, range from 250,000 € - the sum required for a 2-bedroom apartment - to 900,000 € - bringing a new top-floor apartment of 130-150 m2 extended by terraces of 100-200 m2, over towards Port-Marianne or Aiguelongue. As for villas, they bear price-tags of 500,000-700,000 € to 1 million euros and beyond. The lower bracket concerns townhouses of 150 m2 with small gardens. In this case, the client is paying for convenience and proximity. The upper echelon concerns properties of 200-300 m2 offering top-notch comfort and interior decor in mature grounds of 1,500-2,000 m2, in Saint-Gély-du-Fesc, Castelnau-le-Lez, Montferrier-sur-Lez or Saint-Clément-de-Rivière. “Highly coveted, the region’s capital has been relatively spared from the financial crisis,” concludes Fabrice Deflandre. “Setting its sights firmly on the future, Montpellier has succeeded in embarking on a new century while nurturing its image, carefully managing the spread of new housing and urban planning for its new neighbourhoods.”