Pey-Berland neighbourhood of Bordeaux : a sound investment
Yann Cohignac - 20 January 2016
A lively and historic neighbourhood with lots of shops at the heart of Bordeaux, Pey-Berland is known to be a particularly coveted property market. Demand certainly outstrips supply, resulting in very steady, and even rising, prices.
Taking its name from Pierre Berland, an archbishop who founded the University of Bordeaux in 1441, the very central neighbourhood of Pey-Berland is a perfect example of well-integrated architecture. The rehabilitation of the square of the same name, successfully completed a few years ago, blends harmoniously with the rich surrounding heritage, including the Saint-André Cathedral (built in Gothic style from the 12th century onwards), its separate bell-tower (La Tour Pey-Berland, built in the 15th century, now a listed historic monument and part of UNESCO’s World Heritage), and the Palais Rohan (built in the 18th century, in Louis XVI style), now the Town-hall. Benefiting from two tramlines and largely pedestrian (all of Place Pey-Berland,) the area also enjoys the liveliness of shopping streets and friendly cafés. Not forgetting its very attractive Museums (Fine Arts and Decorative Arts).
Sometimes very old and always very stylish, the buildings in this neighbourhood are very highly sought-after. “Demand here clearly exceeds supply. Properties are soon snapped up, prices remain particularly stable, and are even on the rise,” says Emmanuel Coustaud, property consultant for the agency J’Habite En Ville (sales, rentals, management/ syndic and corporate real estate, in the Saint-Pierre, Saint-Paul, Alsace-Lorraine, Pey-Berland, Saint-Michel, Sainte-Croix, Mériadeck, Les Quais and Victor-Hugo areas). Prices in fact range on average from 4,000 to 5,000 € per sq. metre. “The most widely sought-after apartments are those with 1, 2 or 3 main rooms. For example, we recently sold a 1-room apartment of over 25 m2, in need of renovation, for 130,000 €, and a 2-bedroomed apartment of over 65 m2 requiring a revamp, with an outdoor area, for 262,000 €.” A fully renovated 4-bedroomed apartment of 145 m2 also recently found a taker at 505,000 €.
“Pey-Berland is a highly-prized neighbourhood where there are far more potential buyers than properties up for sale. Prices have thus been rising for the past few years,” confirms Katia Pawletko, in charge of sales for Citya Bordeaux Immobilier (handling sales, rentals, management and syndic activities, the Citya Immobilier group has 130 agencies in France, four of them in Bordeaux Métropole). “Most demand is for studios, 1- and 2-bedroomed apartments, with prices generally around 4,900 € per sqm. We recently handled the sale of a 2-bedroomed apartment of 60 m2, for example, priced at 280,000 €.” Fine old appointments that have been carefully preserved, such as fireplaces, parquet floors and moulded ceilings, are highly sought-after, as are attractive communal areas. “On the other hand, the majority of client requests do not include parking facilities, lifts, terraces or balconies, which are known to be very rare.” Katia Pawletko’s clientele is comprised of buyers looking for year-round residences, others in search of a pied-à-terre, and rental investors.