Keeping pace with Aix’s property market

Radia Amar - 05 December 2016

Price adjustments, new neighbourhoods under development, a continuing desire to acquire a year-round home… The property market in this town in Provence is clearly evolving, underpinned by visible dynamism.

Both an asset management consultancy and an estate agency, ALS Gestion Privée, founded in 2008 by Aline Sans, serves as an observatory for Aix’s property market. “Following a “wait-and-see” period, there is now renewed interest in the market,” she explains. “Prices have seen downward adjustments for all the various categories of properties, and mortgage rates are still at record lows. With a rise now announced, buyers are being spurred into action. Our clients are mostly looking for permanent homes taking the form of apartments within walking distance of the town centre.” Young first-time buyers with budgets ranging from 150,000 to 200,000 € set their sights on a large apartment with 1 main room, or one with 2 main rooms, in 1960’s/1970’s residences in neighbourhoods such as Saint-Donat, Brunet, Le Pigonnet or Saint-Jérôme. Couples and young families are looking for pleasant 2-bedroomed apartments priced around 300,000 €, like one of 75 m2 with 3/4 main rooms on Boulevard Gambetta, which just sold for 280,000 €. Others in search of houses for the same budget opt for properties requiring modernization on the periphery of the town centre : one example of 120 m2 to renovate, at the heart of the village of Lambesc, just found a taker at 280,000 €. “In this price range, whether for houses or apartments, supply is pretty scarce in the face of high demand,” adds Aline Sans.

”The market has indeed picked up quite significantly. Transactions are going through at a steady pace, especially as sellers have made an effort to lower their prices,” says Pierre-André Scandolera, manager of the Agence Comeri specializing in properties around, and at the very heart of, the town centre. The agency also has a branch in Bouc-Bel-Air, presenting properties in Luynes, Callas, Cabriès and Bouc-Bel-Air. “Most of the sales we handle involve year-round homes. The town centre is popular among retirees and local families often acquiring their second, larger home.” Benefiting from comfortable budgets and often paying cash, retirees insist on apartments with terraces in select residences with lifts and garages. “The stock of available properties meeting these criteria is limited within the perimeter enabling buyers to reach the town centre on foot. On average, one can expect to pay from 6,000 to 6,500 € per sqm. for recent or impeccably renovated homes. The most sought-after addresses are Les Allées Provençales, Le Parc de la Torse, and Résidence 48/52, a prime location on the prestigious Cours Mirabeau. Here, the price of an apartment can attain 8,000 € per sqm. Attracting less interest, apartments to renovate in the town centre lacking the required facilities post prices around 3,500 € per sqm. “As soon as they need to use a car, many people working locally decide to move out from the centre, giving priority to the lack of parking problems, quietness, larger outdoor areas, and prices 20% lower on average,” adds Pierre-André Scandolera. New residential areas are seeing substantial development : new residences in the agglomeration of La Duranne in the south-western part of the commune propose 1- and 2-bedroomed apartments for about 5,000 € per sqm. What about the top end of the market ? “Properties priced from 1.2 to 2 million euros are mostly of interest to a wealthy Parisian clientele. After selling their homes in the capital for around 10,000 € per sqm., they are more inclined to spend about 7,000 € per sqm. when they fall for a property here.”