Characterized by scenery mainly composed of farmland, Ustaritz, the former capital of the Basque province, is just 13 km from Bayonne and 7 km from Cambo. The latter, proud bearer of the “green resort” label, is 20 minutes from Anglet, Saint-Jean-de-Luz and Biarritz, whilst Bassussary is laid out around a magnificent 18-hole golf-course.

“Imagine the coolest, most pleasant and fertile valley, cut through the middle by a navigable river whose constantly blue water reflects the azure hue of the loveliest sky, framed by hills covered with vines and woods and part of the Pyrenees mountain chain,” wrote Dominique-Joseph Garat on the subject of Ustaritz. While agriculture is still omni-present, this commune with 5,520 inhabitants plays host to the headquarters of the Toffolo industrial group, a branch of Duhalde and the agro-food company Larroulet. Crossed by the River Nive, Cambo-les-Bains has made the thermal spa its main activity, rheumatology and respiratory disorders its main specialities, despite its long-established vocation for horticulture. About 1,000 people are in fact employed in this sector. Only 15 km from the border with Spain, in the midst of the AOC production zone for Espelette pimento, it is home to 5,850 residents and provides schools up to “collège” level. Finally, the Makila Golf Club is a considerable asset offered by Bassussarry, a luxuriant locality with 2,400 residents. “The majority of buyers in Ustaritz are looking for year-round homes,” says Florence Pourteau of Century 21 Les Alizés. First-time buyers working in Bayonne, Anglet, Saint-Jean-de-Luz, Hendaye, or even in the Landes, ie. a radius of 40 minutes by car around the Basque town, pay from 160,000 to 180,000 € for a 2-bedroom apartment with a terrace. Benefitting from a strategic location, the address is in fact perfect for couples obliged to travel to workplaces in opposite directions. It also serves as a fall-back market for the “BAB” (Bayonne, Anglet, Biarritz urban area). Here, a standard home of 120 m2 with a garden of 1,000 m2 costs around 300,000-320,000 €. The same example in Anglet would cost 400,000 €. This price difference does not apply to apartments, a market clearly underpinned by occasional residents and investors acquiring properties to rent out. A 2-bedroom apartment with a garage would thus cost close on 170,000-180,000 €, the same as in the “BAB”. Exceptions aside, 450,000 € is the top price paid for homes in this area. A sum corresponding to a rather recent villa of 170 m2 with grounds of 1,500-2,000 m2, not necessarily benefitting from a pool. People prepared to pay this price will not tolerate any defects and expect a certain level of prestige. Florence Pourteau says she is relatively satisfied with the first half of 2010, even if the high number of properties on offer means a lot more visits.

“The interest shown in investing is even more marked in Cambo. Such investments do not exceed 160,000 € and mostly concern studios and 1-bedroom apartments, leased out on a seasonal basis, a system definitely more profitable than year-round rentals," explains Inaki Jauregui. A yield of 6 % or more is looked upon as attractive. Prices here are much the same as in Ustaritz. In the case of year-round homes, the market for apartments beneath the 3,000 €/m2 barrier is more active than that for villas, often overpriced by their owners. Among his recent sales, this estate-agent from Square Habitat mentions a 1-bedroom apartment of 43 m2 in a recent residence with a pool, sold for 126,000 €, a terrace house of 65 m2 with a garage opening out to a garden of 100 m2 at 185,000 € (a highly sought-after product), and a farmhouse of 170 m2 in need of renovation with grounds of 1,200 m2, which found a buyer at 155,000 €, a property requiring further investment of almost 100,000 € for the work involved, which had generated a good number of enquiries. In all three examples, the buyers were in their thirties and worked in the Basque country.

“The top end of the market comes in the guise of elegant houses overlooking the fairways at Bassussarry," adds Pierre Deglaire of DP&P Consulting. One such property, with living space of 320 m2 and grounds of 3,200 m2, is currently worth 1,430,000 €, while another, of 350 m2 in identically-sized grounds, is pegged at 1,590,000 €. Had it not been for the crunch, these properties could well have been of interest to local notables, the self-employed or senior executives looking forward to retirement, with a passion for golf. Currently, however, the target bracket lies more between 750,000 and 1 million euros, a budget that potential purchasers prefer to spend in Biarritz rather than in this inland area, however pleasant it may be. For this type of property and at these prices, it seems that it will take a few more months before any real pick-up in the market can be confirmed.