The people of Bordeaux have long been drawn to their town centre. Both laid out around their Gothic-style churches, Saint-Pierre and Saint-Michel have lots of fans, just like Saint-Paul. Not only do they play host to the loveliest squares in this, the capital of the Gironde, they also offer a varied choice of accommodation with a wide range of prices.

Built in the 14th and 15th centuries, the Eglise de Saint-Pierre stands on the ancient site of the Gallo-Roman port, which was filled in in the 12th century. In the 18th century, thanks to initiatives undertaken by the stewards of Boucher and Tourny, the historic heart of Bordeaux acquired its modern-day appearance : the medieval walls were torn down, the Place de la Bourse and Rue Fernand-Philippart were embellished, and the Place du Parlement was laid out. Louis XV houses, decorated with gargoyles, moldings, wrought-iron and stone balconies, testify to a certain architectural taste. Built from the 14th to 16th centuries, the Basilique Saint-Michel, listed as an historic monument in 1846 and included as part of UNESCO’s world heritage in 1998, features a free-standing tower 114 metres high. Tramline C takes one to the liveliest part of town. The market is in full swing on Monday and Saturday mornings, and people stroll around the many boutiques, recalling the days when sailors unloaded their cargo of timber down below, blacksmiths and armorers worked on iron, meat and fish dried “in situ” and all classes of society mingled happily together.
“Tourists love Saint-Pierre and the Place du Parlement, an essential part of their tours. Students fill the bars, restaurants and the Utopia art-and-experimentation movie house. Not bothered by noise, they are quite happy to take the 20-minute ride to Talence, the university centre,” says Marc Jacques of the agency J’habite en Ville. Completely refurbished, living accommodation here provides all the guarantees of a protected neighbourhood. Some people complain about the lack of elevators and garages, others appreciate the inner courtyards, spacious interiors, high ceilings and appointments with lots of character. The 30 % of investors who complete the 70 % of first-time buyers benefit from a return of 5 %, but also an excellent long-term asset. Marc Jacques explains, however, that properties, estimated on average around 2,800 €/m2, actually sell between 2,400 and 2,600 €/m2. Appointments, the address and facilities provided by the building sometimes allow for peaks at 3,000 €/m2, excluding exceptions. Slightly cheaper, Saint-Paul, an area as peaceful as one could wish, home to the Palais des Sports, attracts older buyers looking for large apartments. The recently-renovated Fernand-Lafargue, and Sainte-Colombe, currently undergoing the same treatment, have the wind in their sails. On Sundays, everyone in Bordeaux sets off for Saint-Michel for the flea-market, though not so many locals want to live there. InCité, the SEM which manages the housing here, is landscaping and revitalizing the historic centre, encouraging low-cost rentals and assisted home-ownership, pre-empting if need be. An apartment of 160 m2 opening out to a terrace of 80 m2 just sold for 380,000 €, and apartments in need of restoration cost 1,700 €/m2. A profit margin is certainly there, especially as the area in the immediate proximity of the station has drawn interest for a project at European level.

“Today, the intra-muros part of town attracts lots of people without any specific target areas,” says Marie-Laure Lanaverre of Lanaverre SA. “The young like its lively neighbourhoods and get around easily thanks to the tram. Older people, usually from other regions of France, recognize our quality of life. In fact, there’s an excellent ambiance here.” Saint-Pierre has found its bearings, its style and atmosphere. In its search for identity, Saint-Paul confronts more difficulties. As for Saint-Michel, it still encounters a certain reticence, not necessarily well-founded, and despite the modernization of Victor-Hugo and the future pedestrianization of the Rue des Faures. Indifferent to what people think, its residents would not forsake the place for anything. Marie-Laure Lanaverre points to bargains and promising prospects over the medium term, but regrets the mediocre quality of communal premises. She disting-uishes 3 types of customers for the centre of Bordeaux : those seeking their first acquisition here, with budgets of up to 250,000 €, people who have just sold their properties, able to pay 300,000 to 350,000 €, and investors, particularly well-informed and determined to attain a gross return of 5-6 %. The crisis has led to longer waits before sales are completed. However, more demand than supply sees that prices remain stable.

Katia Pawletko of Citya Bordeaux seems to agree with this analysis. Saint-Paul tops out at 2,500 €/m2, while Saint-Pierre posts records at 3,400 €/m2, the amount required, for example, for an impeccable apartment overlooking the Place du Parlement. Between the two, Cours Alsace-Lorraine forms a symbolic barrier marking the difference in prestige, even though disparities are tending to fade. The municipality is working on a revival of Saint-Michel and creating more green spaces. Types of accommodation range from rented buildings, systematically sold under the 2,000 €/m2 mark, to Place Camille-Pelletan, a very highly-prized spot with renovated facades and open views, selling around 2,500 €/m2. Families, once accustomed to quiet villages on the outskirts of the town, are rediscovering the advantages of urban life. Middle-class Bohemians choose Sainte-Croix where a freehold property of 126 m2 requiring refurbishment costs 212,000 €. This dynamism also includes the market for 1-bedroomed apartments under 130,000 € : by expanding the sound-credit base, lower interest rates are in fact making it easier to reduce existing stocks.