Saint-Jean-de-Luz, a coveted address

This very well-known seaside resort enjoys a place of honour on the Basque Coast. Stylish architecture, a pedestrian town centre, pleasant beaches with surveillance in the summer season... Its delightful life-style is widely appreciated.

A quiet, peaceful atmosphere reigns in Saint-Jean-de-Luz. Close to Bayonne, Biarritz and the Basque countryside, the commune offers a wealth of activities focusing on well-being : cycling, surfing and other seaside pleasures, golf and fishing... It is also a town known for culture, including an international festival for young movie directors in Oct­ober, all giving added appeal to the town. Occupying an area of 19 sq. km, Saint-Jean-de-Luz has 13,250 res­idents, of whom 53 % live here year-round. In the case of both permanent and holiday homes, the number of buyers remains pretty constant.

Saint-Jean-de-Luz is the only town on the Basque Coast where property prices rose 2 % in 2013,” says Stéphane Ortiz, who manages the sector for the Groupe Carmen Immobilier. And what about today’s climate ? “2014 has so far confirmed the trend in 2013, that’s to say a real lack of offerings in the face of constantly growing demand.” The market inside the town, comprised of the roads from the station as far as the beach and the Sainte-Barbe and Aïce-Errota neighbourhoods, mainly consists of family-owned holiday homes and year-round accommodation monopol­ized by retirees from the Paris, Bordeaux and Toulouse regions, and even the Côte d’Azur. They apprec­iate the quality living conditions between nature and the ocean, and the human size of this seaside resort offering a full range of year-round amenities - many shops are even open on Sundays. Clients usually know the town very well and have wonderful memories of holidays spent here. “This asymmetry between supply and demand is, of course, an undeniable draw for buyers : they know they are making a real­ly sound investment,” adds Stéphane Ortiz.

The heaviest demand is for apartments with one or two bedrooms which, in satisfactory condition, cost from 6,000 to 6,200 € per sq. metre, a quote that can easily rise if the property comes with a parking place. Highly sought-after and inevitably rare, town houses are pegged at around 1 million euros. “Apartments on the front row with views of the ocean are naturally the most highly-prized,” comments Ramine Nouri, manager of the Côte Basque Immobilier agency. Among his most recent sales, he mentions a 1-bedroom apartment of 58 m2 on the seafront, in need of renovation, which sold for 599,000 €, ie. 10,100 € per sqm. In the centre, prices are lower, as evidenced by two apartments recently sold at 4,400 € per sqm. “As these two properties required renovation, they were proposed at attractive prices which are lower than those posted by new apartments (about 6,000 € per sqm.), even including 1,000 € per sqm. in renovation costs,” points out Ramine Nouri.

“The scarcity of available properties benefits the surrounding areas,” explains Pierre Deglaire, manager of the Coldwell Banker agency. “In Ciboure, Socoa, Urrugne and Ascain, one can find properties offering good value for money. With a budget ranging from 600,000 to 800,000 €, you can set your sights on a house of approx. 170 m2 with a garden, close to the ocean and enjoying a lovely view of the mountains.” On the immediate outskirts of the town, the price of houses thus ranges from 4,000 to 7,000 € per sqm. versus 7,000 to 10,000 € in the hyper-centre. It’s hard work becoming a property-owner in Saint-Jean-de-Luz, a task that requires lots of patience. This narrow market is, however, synonymous with a sound investment. Even if it needs renovating, a property here is thus an excellent prop­osition over the long term.

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