Steady demand for Marseille 8th

Together with the 7th, it is the most highly-prized arrondissement in Marseille. The 8th boasts an offering of top-notch housing comprised of Haussmann apartments, “bastides”, rehab­ilitated town mansions and prestigious villas.

Lying between the Prado beaches to the south and following the angle formed by the first and second Prado as far as Place Castellane to the north, the 8th district of Marseille is particularly renowned for hosting the city’s best schools, such as the Lycée de Provence, Lycée Notre-Dame de Sion and Lycée Périer. Split into 10 neighbourhoods including the typical “villages” of Les Goudes and La Pointe Rouge, it is also home to prestigious monuments such as the Cité Radieuse designed by Le Corbusier, the Statue of David and the Borély Museum. Since November 2013, the Prado South toll tunnel (1.90 €) has provided residents with fast access to the main motorways. Another appealing argument for this arrondissement which draws local, national and foreign buyers.

”2014 has admittedly started out at a gentle pace, though potential buyers show real determination. We are, in fact, beginning to see a lack of top-quality properties and can even talk about a shortage. Some clients, even with bud­gets of several million euros, do not have much choice, even less so if they require a sea view, a rare commodity, except towards the Roucas beach,” explains Pierre Criquet, director of the Rond Point Immobilier agency situated on the Prado. “Haussmann apartments with the most sought-after addresses - Rue Paradis and Boulevard Périer - are the most representative properties on the market. With living space of 220 to 250 m2, elegantly renov­ated, they are highly-prized as they are close to shops and schools : they are pegged from 750,000 to 850,000 €, ie. a little more than 3,000 € per sq. metre . As for prestige villas, they range from 2 to 2.5 million euros, and more if they offer a sea view.” This is the type of villa also prop­osed by Barnes Provence Littoral, an agency based since 2007 in Aix-en-Provence whose team of seven agents focuses on Le Pays d’Aix, the shoreline of Marseille and the Var coast. “People hoping to acquire this type of property mostly come from the region of Marseille, but also the region around Paris (we have handled some important sales with this clientele, properties with sea views, as well as pieds-à-terre, in turnkey condition) or from abroad - foreigners are very keen on a sea view,” comments Claude Leonetti, consultant for Barnes. “Over the past few years, we noticed that properties had been over-valued. Owners have therefore had to adjust their prices to keep them in line with the market : which is why we are seeing a downward trend. Even so, the first quarter of 2014 has proven to be much more positive than 2013, a rather quiet year.” The most typical properties accounting for this upturn in activity ? “The new development of high-end apartments we are proposing on the Corniche : their prices are high, though justified by spectacular views.”

Also focusing on the 8th arrondissement, especially the “Carré d’Or” or “Golden Square”, the beaches, Saint Giniez and Vieille Chapelle, Stéphane Itty is the manager of Connexion Immobilier, opened in 2012. Its portfolio mostly contains apartments - those with 2 or 3 bedrooms being the most widely sought-after - but also meets strong demand for houses. “Our clientele mostly consists of young families and retirees looking for main homes, preferably villas, but also clients in search of holiday homes,” explains our expert, who also confirms demand outstripping supply in this arrondissement and the trend for declining prices mentioned by other professionals in this sector. “We are witnessing an adjustment in prices : sellers are now more inclined to follow our advice regarding the market value of their properties. As for buyers, they need, more than ever before, to compare before making their decision, as they are afraid of more price declines and problems when it comes to re-selling over the longer term.” All in all, and des­pite the hesitancy demonstrated by some clients, 2014 has begun on a positive trend, much more so than 2013, for this flagship arrondissement in the Phocean city, synonymous with a classy life-style and a blue-chip investment.

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