Mérignac : a town experiencing a boom

Pursuing constant development since the 1950’s, Mérignac is now a lively and attractive town. While benefiting from its proximity to Bordeaux, its property market proposes much more affordable prices.

The second largest agglomeration in the Gironde after its neighbour Bordeaux (and the third largest in Aquitaine), Mérignac with over 65,000 residents is chalking up impressive growth in both its economic and pop­ulation figures. Hosting the head-offices of large comp­anies and several spearhead industries (Cultura, Galeries Lafayette, Dassault Aviation…), as well as Bordeaux’s airport (the 5th busiest regional airport in France), it is an important pool of employment. The town benefits from a tramway (since 2008, currently undergoing construction to extend the line), fast access to the A630 (the ring-road around Bordeaux), a hospital centre and about 30 nursery and primary schools, four intermediate schools and two secondary schools. Very pleasant, it is still undertaking more improvements (as in the town centre) and building new developments while preserving a delightful setting thanks, in particular, to its eight different parks. Mérignac in fact still boasts two vineyards within its territory.

Furthermore, 50 % of its accommodation consists of houses “often benefiting from generously sized gardens”, says François Asseo, manager of Century 21 ACO, an agency opened in 1997 which handles sales, rentals and property management (over 500 units under management and 2,000 for which it acts as an agent). “The quality life-style offered by Mérignac, together with its infrastructures, go-ahead approach and property prices that are more affordable than those in Bordeaux, have made it an alternative fall-back market to Caudéran (a neighbourhood on the west side of Bordeaux, on the other side of the boulevards)”. Prices are, in fact, surprisingly affordable : “For apartments, the price per sq. metre ranges from 1,500 € in 1950’s-1960’s residences, requiring renovation, to 4,000 € in new high-quality developments.” Houses cost close on 2,500 € per sqm, “though that can vary considerably, depending on the location and the size of the grounds”. The starting price is 200,000 € for living space of 70 m2. Most demand, however, is for houses with two or three bedrooms and gardens of 400-500 m2, priced from 250,000 to 280,000 €. “Traditional “échoppes” are also highly sought-after.” Mainly dealing with first-time buyers in their thirties, François Asseo describes a market which is becoming livelier following two quiet years.

”The area, which hasn’t experienced any decline in values, is currently buoyant and offers excellent prospects,” comments Michaël Malbec, general assistant manager of Foncia Transaction Location. As its name suggests, though contrary to the group’s traditional activity (asset management), the agency has focused for over ten years on sales and rentals. Mainly concerning year-round homes, its sales confirm a rather reasonable level of prices, so close to Bordeaux : “The most widely sought-after apartments are those with two or three bedrooms of 60 to 70 m2, priced from 150,000 to 180,000 €. In the case of houses, most demand is for three bedrooms with gardens of about 300 m2, costing up to 400,000 €”. For example, a “pavillon” in the Arlac neighbourhood, with three bedrooms and a garden, recently acquired for 300,000 € by a couple of young 40 year-olds moving to Mérignac for professional reasons. A typical transaction : “Our clients are usually aged from 25 to 45 and work in Mérignac or the surrounding area. Rental investors are rare. Sometimes private individuals preparing for retirement by means of a long-term asset. And given the prices here in Mérignac, we often deal with first-time buyers”.

David Argenti, manager of Axel Immobilier, also has very few investors among his clients : “Some of our buyers are looking for a modest investment for tax benefits, for instance, though the majority are private individuals. As are our sellers”. Mostly young and actively employed, their budgets range from 250,000 to 300,000 €, though sales may well concern much more expensive properties, such as a house designed by an architect pegged at 480,000 €. Founded in 1992, Axel Immobilier is a family-run agency handling sales and asset management. “So it often happens that we place properties on the market that we were previously managing.” 60 % of the agency’s portfolio consists of apartments, 40 % of houses. “We don’t handle new properties, only “old” ones. Though we only propose relatively recent examples with no renovation required.” Noting that prices have stabilized, David Argenti also mentions high demand for 1- and 2-bedroomed apartments. As for houses, those with four bedrooms are the most frequently sought-after.