The up-and-coming area south of Montpellier

If the centre is extremely popular and the north has surfed on a wave of success for several decades, development of the southern part of Montpellier continues to progress as the capital of L’Hérault constantly spreads out towards the Mediterranean…

Served by tramline 1 and (very soon) by tramline 3, Port Marianne, situated just after Antigone to the south of the Prefecture of “département 34”, offers a modern, go-ahead image. Basking amidst sunshine, natural greenery and water, Lattes, founded 2,600 years ago, is made up of three urban entities : the centre, Maurin and Boirargues. The protected nature reserve of Le Méjean, administered by the “Conservatoire du Littoral” since 1985, consists of woodland, marshes, ponds and beds of reeds. Very busy until the 3rd century A.D., the port made a comeback in the 12th century after a long break in its activity. If the commune is not right on the sea, it is now very close to it via Port Ariane and the River Lez, which serves as a link. Built in the 1990’s, the harbour area offers blocks of apartments and a good number of restaurants.

“Mostly designed by architect Ricardo Bofill in the spirit of Ancient Greece, Antigone saw the light of day in 1977 and was completed at the turn of this century with the creation of the Olympic pool and Emile-Zola mediatheque. Separated from the very central Place de la Comédie by the Polygone shopping centre, the address soon proved to be extremely pract-ical,” says Carlos Montoro of the Elyse Avenue agency. 2-bedroom apartments here range from 220,000 to 280,000 €. The same accommodation costs from 250,000 to 300,000 € at Richter, a locality then occupying about 30 acres of land around the Faculty of Economic and Social Sciences, the football stadium and a concert hall. In the greater southern area, 42 % of purchasers are locals, 16 % first-time buyers, 26 % from outside the region and 16 % investors. The latter are looking for a yield of 6 % net, a sound long-term investment rather than just a return, even though prospects of Scellier tax advantages are highly appreciated.

“Just a short distance from the coast road, the airport, the future TGV station and large shopping centres such as Odysseum, Port-Marianne accounts for the majority of demand within Montpellier,” reveals Michel Audigier of Cap Immo Languedoc. In keeping with the municipality’s desire to encourage new installations in the area, there are more apartment buildings than individual houses. Built three to nine years ago, apartments cost from 4,000 to 5,000 €/m2, depending on their orientation and views, which everyone wants to be of the Bassin Jacques-Cœur. New developments frequently exceed this price-range, already high. The address is very popular among workers transferred to the region, seniors from northern France or the region around Paris, and foreign holiday-makers, more interested in large surface areas despite the fact that they are looking for second residences. Even traditional enthusiasm on the part of the locals for the historic centre or Hôpitaux-Faculté to the north tends to fade in favour of this new neighbourhood. A fair estimate of a property’s value guarantees a very quick sale. The famous penthouse - of approx. 150 m2 prolonged by a terrace of 250 m2 and marketed at around 900,000 € - has many fans. The only fly in the ointment is the shortage of available properties, all categories combined.

“A 5-minute drive from the Place de la Comédie and the sea, Lattes benefits from an excellent geographical location. Close to the Med, it offers a high quality life-style while taking advantage of the amenities offered by Montpellier. An additional asset which should be reinforced by the service soon to be provided by tramline 3,” explain Julie Roger and Ludwig Daizis of Solvimo Lattes. One of the major attractions offered by this locality is the existence of villas, whose prices dropped during the crisis : now valued from 350,000 € - living space of 100-110 m2 with a garden of 300 m2 - to 1 million euros and more - the sum required for 250-300 m2 in grounds of 1,000-1,500 m2, not overlooked. La Vasque, a landscaped marina in Venetian style, is known for its charm. Three- and four-storey buildings and the four 9-storey blocks of apartments offer units comprised of 2 to 5 main rooms, costing from 3,000 to 4,800 €/m2. The market is seeing a visible comeback and a certain frenzy on the part of buyers which can’t be met by the current stock.

“The first residences in La Vasque were built ten years ago. At first, clients hesitated before committing themselves. But very soon afterwards, the apartments sold without any difficulty,” recalls Audrey Guibert of Groupe Concept Immobilier. Furthermore, the development, sought-after as a main residence as well as for investment purposes, has maintained its value regardless of the crunch. Among her most recent sales, Aud-rey Guibert cites a one-bedroom apartment of 47 m2 in Le Danieli, facing south-east towards La Vasque, with a cellar and garage. The new owner, an investor who paid 180,000 €, is earning monthly rental income of 668 €, excluding charges. At the rear of the same residence, another client acquired a studio of 30 m2 for 90,000 €, now rented out at 405 € per month. Also in Lattes, a 3-bedroom apartment of 70 m2 with a garage and parking place was snapped up by a family for 237,000 €. The address attracts investors because, as well as providing a pleasant setting and the same differential between purchase prices and rental returns as that obtained in Montpellier, it symbolizes the future of the most important town in Le Languedoc-Roussillon.