Largely devoted to the cultivation of the vine, the peninsula lying north of Bordeaux is home to communes such as Blanquefort, Saint-Laurent, Saint Hélène, Castelnau and Pauillac. Their popularity depends on the distance separating them from Bordeaux and employment pools in the CUB (greater urban area of Bordeaux).

Blanquefort and its 15,150 inhabitants are keen to preserve their rural environment : the wine producing châteaux dominate the landscape, hardly urbanized at all, and the Parc de Majolan is an attraction for those fond of walks. Castelnau with 3,800 residents, a population which has grown by 17.58 % in the space of a decade, stands between the CUB and the Landes de Gascogne, not far from the ocean. Its shops, services and associations are considerable assets. Not far from the tip of La Grave, Saint-Laurent is not very built-up : of its 33,735 acres, 25,935 are occupied by the forest, grain fields and vineyards, which allow for the marketing of 42 wine labels. Sainte-Hélène has the great advantage of being 30 km from Bordeaux and 16 km from Lacanau. On the left bank of the Gironde, the port of Pauillac hosts an oil terminal and components of the famous A380 Airbus. With 37 estates and 18 “Grands Crus Classés en 1855”, the local economy here is also traditionally based on wine. Between the estuary and the valleys, the locality benefits from a truly enchanting setting.

“Due to the crisis, stocks have built up and prices are negotiated 20 % below those posted,” says Dominique Lefort-Hostalier of Arsac Immobilier. The star product - ie. new houses (built since 2000), with four bedrooms, at least two bathrooms and picture windows leading out to grounds of 800 m2 or more with a pool or its possibility - has retained its value at around 240,000-260,000 € in the Castelnau area. While they still manage to draw a few unrepentant fans, old stones, requiring costly up-grading and maintenance, deter the vast majority of buyers. The starting-price - for 60-80 m2 with a garden of 800 m2 - is around 170,000 €, with desirable examples bearing price-tags from 300,000 €. Thanks to today’s various tax incentives, building plots have been selling well, particularly towards Castelnau,
Sainte-Hélène and Avensan, in Moulis depending on the neighbourhood, though significantly less in the area around Listrac. Land costs 110-120 €/m2 and plots from 90,000 to 100,000 € sell without difficulty.

“The average budget for buyers in Le Médoc - retirees, middle-managers or workers employed on site, at Blanquefort, Mérignac, Saint-Médard or Bordeaux, a 45-minute drive away -, is between 220,000 and 230,000 €, which equates to living space of 85-90 m2 in good condition with a garden of 700 m2,” says Jean-Paul Dubernat of the agency of the same name. New homes cost about the same, but benefit from less generous grounds. The crisis has mainly affected “pavillons” built in the 1970’s, 1980’s and 1990’s : properties to renovate are not competitive compared with the budget required to acquire a plot of land and build a villa meeting one’s specific needs. Nowadays, real estate is no longer the acquisition of a lifetime, but merely an object of consumption. Potential buyers visit, analyze, compare and reflect, focusing on the debt they are about to incur in rather uncertain times. As green and countrified as one could wish, Le Médoc is full of pleasant villages within easy reach of the capital of the Gironde, which is served by three different routes. “The address should be even more attractive following the introduction of the tram, scheduled for 2012,” adds our specialist. Generally speaking, vineyard estates are not offered for sale through traditional agencies, with the exception of small units in Bordeaux Supérieur, which appeal more for the charm of their buildings than for prospects of profitability. You in fact have to travel to the upper part of Le Médoc to find this type of vineyard estate. And occasional residents prepared to pay 500,000-600,000 €, the price-bracket for such properties, are not falling over each other’s heels right now.

“The main feature of Pauillac, Lamarque and Cussac is the lack of available land and therefore an unusual offering of older properties, really appealing in terms of prices,” notes Brice Descudet of Pauillac Immobilier and Saint-Laurent Immobilier. Such opportunit-
ies do not leave investors indifferent, as they are pretty sure of getting a self-financed product thanks to declining prices and interest rates. “These are the lowest levels throughout Le Médoc, and they are genuine bargains,” adds our estate agent. First-time buyers target communes on the railway line, Margaux, Moulis and Pauillac. Among his recent sales, Brice Descudet mentions a renovated house of 140 m2 (four bedrooms) in grounds of 4,200 m2, sold for 245,000 € after just one week of advertising, another of 160 m2 in need of refurbishment with grounds of 750 m2 which sold for 165,000 €, and a third of 90 m2 in good condition with a garden of 500 m2 in the middle of a village, for 154,000 €. Local workers in Le Médoc with a relatively modest financial capacity like Saint-Laurent, where they benefit from large tracts of land. Margaux is comparable to Castelnau, 25 % more expensive than Pauillac and Saint-Laurent. In fact, Listrac marks the boundary between the two markets, simply influenced by their proximity to the Prefecture of “département 33”, its attractions and facilities.