Second residences in Aix-en-Provence

With 300 days of sunshine per year and a lifestyle whose reputation has spread well beyond the borders of France, Aix-en-Provence, a town both elegant and refined, still attracts many Parisian and foreign buyers hoping to acquire holiday homes here. Though not at any price…

From a charming small apartment hidden at the heart of the historic centre to a majestic property in quiet, leafy grounds, various properties of quality, embodying sound investments as well as acquisitions for personal enjoyment, comprise the market for second residences. “The pied-à-terre in the historic centre is the property the most widely sought-after by our clients looking for holiday homes,” says Laurent Creuset, director of the Era Immobilier agency. Mostly from Paris, these buyers with average budgets of 200,000 to 250,000 € are looking for small surface areas which can be rented out during the academic year to university students. “A studio of 20 m2 in a good location and in good condition can be rented out for about 500 € per month,” explains Laurent Creuset. The stock of properties which built up after the 2011 reform on capital gains has all been sold. Availabilities are therefore becoming more scarce, especially 1 bedroom apartments, with an inevitable impact on prices. In old Aixois buildings in the historic centre, apartments are pegged from 5,500 to 6,000 € per sq. metre. In the “allées” of Aix, in recent residences benefiting from terraces, lifts and parking facilities, they fetch from 7,000 to 8,000 € per sqm. “Even so, clients are not prepared to buy at any price. Which means that over-valued apartments stay in our files for several months,” says Laurent Creuset, mentioning a 1-bedroom apartment of 53 m2 on offer at 295,000 €, another of 51 m2 with a mezzanine at 275,000 €, and a stylishly renovated apartment of 41 m2 proposed at 315,000 €.

This slow pace of completions is also being felt in the case of high-end properties. “The number of sales has not dropped, but they are becoming more complex,” observes Sylvie Lehr Remazeille, owner of the John Taylor agency based in Aix-en-Provence since 1999. “It’s not rare that a property estimated at several million euros will take two years to sell,” adds our expert, who sometimes communicates by phone and E-mail for up to six months with potential buyers of Dutch, English, American or Russian nationality before even organizing a visit. Their main search criteria ? The property must be well-maintained, not require any renovation, and be in a quiet location without any direct neighbours. Proximity to the town centre is a further asset, while Provençal “bastides” built of stone still work their charm on this foreign clientele in search of local authenticity. “The acquisition of a second residence is in fact a wish rather than a need. Buyers are not in any hurry to find accommodation urgently. They therefore take their time finding the property that suits them best at a price they believe reflects the market,” explains Sylvie Lehr Remazeille. By way of example, she mentions a contemporary villa of 240 m2 in Eguilles, 2.5 km from the centre of Aix. On offer at 1,272,000 €, it is typical of the property which draws a clientele fond of modern architecture in the midst of nature. Another example, offering lots of character : a tastefully renovated master residence on the neighbouring commune of Lambesc. With its living space of 450 m2 giving a place of honour to exposed stone, it is on the market for 1,124,000 €. Finally, 4 km from Cours Mirabeau, a majestic “bastide” of 550 m2, enthroned on almost 20 acres of land, is up for sale at 7,370,000 €. When a property is truly irreproachable, a high price is justified on this market widely recognized as a sound

long-term investment.