Townhouses in Nîmes, a highly diverse sector Located on the main

Avignon/Arles/Marseille/Montpellier/Perpignan axis, Nîmes is home to 150,000 year-round residents, 1 million or more in summer, drawn by its Roman monuments and the “feria”. The typical Nîmois townhouse is ideally suited to current trends : migration towards the south, a preference for living within walking distance of all amenities and a desire for individual housing.

Characterized by influences from Spain, the Camargue, the Cévennes and Provence, “France’s little Rome” has excellent road, rail and air connections. “At the crossroads of history and human relations”, as per Christian Liger’s description, it fully deserves the “City of Art and History” label. L’Ecusson, whose career was launched in the Age of Antiquity, was the first “urban area” in this town surrounded by seven hills. Within it, the “Maison Carrée”, a building over 2000 years old, now rubs shoulders with the “Carré d’Art”, a vast square building in glass designed by by British architect Norman Foster. “More expensive than an apartment, the townhouse can be compared with new developments of terrace houses, often enjoying the benefits of a garden and garage,” says Alexandre Thome of the agency C21. “There are still, however, fans of old stone, buildings of charm and character in central locations, ready to pay 150,000-200,000 €, the price-range targetted by the majority of today’s buyers.” Mostly built on several floors, townhouses attract 30 and 40 year-olds in search of a bargain. When heavy-duty renovation is required, prices are, indeed, very appealing. When the building is to be split into apartments, the rental yield soars. This estate-agent is currently offering one such example priced at 150,000 €, transformable into four 1-bedroom apartments of 35 m2 each, which can be rented out at 420 € per month. The cost of the work involved should not exceed 40,000 €.

“Clients looking for this type of property want to be within walking distance of the town centre but are not attracted by modern co-owned apartment blocks. A property’s value then depends on its address, condition and appointments,” add Jérôme Marouani and Jonathan Bensoussan of Patio Immobilier. Currently, a house of 155 m2 in need of some refurbishment in a garden of 838 m2 with pool on Rue Ménard, is on offer at 525,000 €. Near Les Halles, La Maison Carrée and the Northern hill, this select address justifies much of its estimated value. Overall, homes under 200,000 € are selling well. Those priced from 230,000 to 500,000 € pose more of a problem, as prospective buyers targetted by this bracket have been more seriously affected by the crisis. Above the half-million level, there is higher potential, though only properties in line with market rates are likely to find buyers. The eastern side of Nîmes posts more affordable prices. Jean-Jaurès and Montaury, less built-up, are the most appealing areas in this sector. Finally, the highly-prized Ménard-Lampèze neighbourhood lies between the hyper-centre and the countryside, not far from the Tour Magne. Among their recent sales, our estate-agents mention a townhouse of 80 m2 opening out to a courtyard of 25 m2 towards Richelieu, sold for 148,000 €, and another of 110 m2 in need of modernization with a garden of 525 m2 in the lower part of Camplanier, sold for 245,000 €. Recently, a buyer paid 265,000 € for a building plot of 500 m2 on Rue de la Lampèze, with a house that he razed to the ground once the deed was signed, giving building rights for 200 m2. This example illustrates once again the importance of aiming for a prime location.

“The townhouse is looked upon as a sound investment as long as it comes with a garden and garage,” says Bastien Floutier of the Norman Parker agency. It often happens that a buyer, armed with the proceeds from the recent sale of a villa in the countryside, will set his sights on old buildings, dotted around the boulevards and much easier to maintain. High-quality properties start at 300,000 €, while the cheapest houses in North-Gambetta, Richelieu and Saint-Charles - 80 m2 needing total renovation - start at 100,000-110,000 €. The price differential speaks volumes about the diversity of the various types of townhouses available, in terms of configuration, location and appointments. Some, without any outdoor amenities, are over 100 years old and do the best they can with dark, narrow streets and small windows. Others meet modern standards of comfort. But unlike “pavillons” on estates on the outer ring of the town, they have not suffered a significant drop in value. In fact, these “pavillons” with a starting-price close on 250,000 € are of more interest to first-time buyers, unfortunately only able to afford 200,000-220,000 €.