Aix-en-Provence, a market under pressure

Declining prices, mortgages hard to obtain... France’s property market is hurting, and even addresses such as Aix-en-Provence are feeling an impact. Though there where some see a crisis, others are looking for good opportunities.

With numerous communes steeped in charm and history, the region around Aix offers many addresses prized by its local clientele, young retirees from northern France and the Parisian region, rental investors, and a few foreign buyers looking for second homes in Provence. An area with a rich terroir and a legacy of architectural gems, these communes surrounded by greenery offer magnificent panoramic views between mountains and Mediterranean forests.

Specializing in Aixois real estate for several years, Luc Paccioni launched the Aix Provence Immobilier agency in 2016, selecting villas, houses and properties of character, as well as high-end apartments in the town and surrounding areas : Eguilles, Saint-Cannat, Rognes, Puyricard, Le Tholonet, Luynes... At the end of the summer, he will open a new agency in Pertuis to propose properties all over the Luberon.

“In the past six months, Aix’s property market has been characterized by a significative drop in prices, of around 5 to 10 %,” explains Luc Paccioni. “Furthermore, 50 to 70 % of mortgage applications are currently rejected by banks. The stock of available properties is thus expanding, and even new developments are finding it hard to round off their sales programmes. Only owners with a pressing need to sell agree to present their properties at our estimated prices, while those who can wait often prefer to withdraw their properties from the market and observe its evolution.”

Only buyers with a significant deposit and those who can pay cash, often following the sale of a property in Paris or a northern town, have succeeded in completing their plans for acquisition over the past few weeks. The result is a livelier market for high-end and outstanding properties with desirable addresses such as Le Tholonet or Les Pinchinats, and in the Luberon, which seems to be an area less affected by this downward trend. By way of example, Luc Paccioni mentions a superb 19th-century “mas” in Cucuron, at the heart of the Luberon. 35 minutes from the Aix-en-Provence TGV station, this spacious property of 290 m2 offering tasteful appointments and noble materials stands in 17.3 acres of grounds with a pool and pool-house, 3.7 acres of vines, an olive-grove with about 300 trees, a meadow, and a small wood of green oaks. Offering four bedrooms with their own bathrooms, this exceptional property is on offer at 2,100,000 €.

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