Toulouse, an attractive job centre

With 437,715 inhabitants, 891,000 within its greater urban area, the fourth largest commune in France after Lyon and before Nice can now claim to be a technopolis at European level. It also scores the highest growth rate in the country, which it owes to the quality of its living conditions and its geographic location.

The “City of Violets” is home to industries specializing in aeronautics, space and information technology such as Thalès, Airbus, Siemens and Freescale (ex-Motorola). Thanks to centres in Purpan and Rangueil/Larrey, and very shortly the “Canceropôle”, the healthcare sector is just as important. Surrounded by agricultural counties including L’Ariège, L’Aude, L’Aveyron, Le Gers, Le Lot, Le Tarn and the Hautes-Pyrénées, the capital of “département 31” is the only real pool of jobs in the region. Executives, engineers and technicians thus flock here, not motivated alone by the title of France’s second city for the quality of life obtained by the “Pink City” in 2005 and 2008. The student population, accounting for 97,000 registrations each year, is just as flourishing. 45 % of the town’s residents are in fact under 29 years old.

“People from neighbouring “départements” choose villages on the outskirts with train services and properties that are still affordable, or move right into the town itself,” says Martial Vigier of the Eurim agency. Some neighbourhoods have escaped the crisis. Les Carmelites, for example, attracts affluent families drawn by the village spirit, friendly atmosphere, local shops and excellent schools. Thanks to three public car-parks, they avoid the problem of parking which is chronic in the city centre. Old apartments here in good condition range from 4,000 to 4,300 €/m2. In the historic heart of town, the price-bracket is wider, reflecting the diversity of the accommodation itself. For instance, an apartment in need of refurbishment in Le Capitol can be had for 2,000 €/m2, while tastefully renovated properties can reach 5,700-6,000 €/m2 on Rue Saint-Antoine-du-T, Rue Boulbonne, Rue Croix-Baragnon, Place Wilson or Place St-Georges. The lack of elevators and the deteriorated condition of shared premises, which are common currency, naturally drive prices down. Between the Jardin des Plantes and Canal du Midi, Le Busca is popular among fans of private mansions and houses of character : the top end of the range easily attains 1.4 to 2 million euros. One also finds Basque-style villas and swimming pools at La Roseraie, to the north-east, posting prices of 3,000-3,200 €/m2. Built a decade ago on the “B” Metro line, La Cité de Borderouge offers apartments from 2,500 to 3,000 €/m2. On the left bank of the Garonne, Saint-Cyprien, famous for the Museum of Modern Art but also for its food market, should rise in value thanks to the future Cancéropôle, especially as it lies on the road to the Blagnac Airport, Colomiers and Tournefeuille, a village becoming more and more popular. Curiously, Martial Vigier claims to be satisfied with activity in the 450,000-900,000 € bracket, because “at these levels, clients are rarely confronted by prohibitive mortgage conditions. For first-time buyers, things are more complicated : many prefer to rent accommodation while waiting to see what the future will bring”.

“State intervention in banks, lower interest rates and lower prices are giving activity, which was sluggish in the third quarter of 2008, a new lease of life by strengthening households’ solvency,” confirms Gilles Perrottet of Guy Hoquet l’Immobilier. Les Minimes, just four metro stops from Wilson on the B line, shows an overall drop of 10%. Apartment blocks built in the 1960’s are feeling the pinch. Today, anyone interested will pay 1,400-1,500 €/m2 with refurbishment to look forward to. With a budget of 2,000 €/m2, buyers could set their sights on smaller residences built in the same period, while for 2,600-3,000 €/m2 they could afford a recent residence with park and pool, or an individual house for 2,500-4,000 €/m2. Our estate agent mentions the recent sale of a house of 122 m2 for 325,000 €, opening out to an intimate garden complete with garage, all requiring expenditure of another 100,000 € for renovation work. The few homes erected in the 19th century with grounds of 2,000 m2 almost never appear on agencies’ files. “In Les Minimes, most transactions do not exceed the 3,000 €/m2 mark,” says Nicolas Casta of Groupe Elience. Experiencing a boom since the arrival of the metro in June 2007, this locality lures those who can’t afford La Côte Pavée, a neighbourhood on the hills to the east, middle-class but beginning to age. Just further on, properties in Lalande began to rise out of the ground in 1999. Many building permits are being issued. Lower costs and high rental potential convince investors solely motivated by the profitability factor, at around 7 % for an apartment with 1+ or 2 main rooms. They pay about 70,000 € for such acquisitions and recuperate, in addition to tax benefits, 400 to 430 € per month in rent excluding char-ges. In the town centre, an identical apartment would cost 120,000 to 130,000 € and bring in 530-540 € per month. Its cost would, however, be offset by its undeniable potential as a long-term asset. “Apartments acquired at the end of the Perissol or Besson schemes are particularly well-placed. Bought cheap and rented over the entire period, they benefit from prices as advantageous to sellers, sure of making a considerable profit, as buyers, likely to get a bargain.”

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