Apartments in Biarritz

A real magnet for surfing fans, the magnificent ocean owes its international character to an extremely busy airport, an illustrious golf-course, thalassotherapy institutes, luxury hotels and boutiques. On the property market, seven clients out of ten are looking for 2-bedroomed apartments in prestigious buildings.

The green hills roll down to the Atlantic, while buildings in Biarritz recall its hours of glory in the days when Napoleon III presided over the construction of the Hôtel du Palais. The town’s 300 acres of woodlands flirt with the cliffs, the Grande Plage, Côte des Basques and Port-Vieux. The famous pierced rock known as the “Rock of the Virgin” has become a symbol, recognized by surfers from around the world ever since Peter Viertel introduced the sport to the region. Many famous names, including Victor Hugo and Sacha Guitry, have also fallen to the charm of this commune, now home to 30,000 residents.

“Until April 2009, the market remained tense, with limited demand, lengthy decision-making and systematic bargaining,” reveals Jean Anetas of Mateilles Immobilier. The segments which suffered most from the general lack of interest included small surface areas at prohibitive prices and properties on the outskirts. Today’s clients are just as demanding, but now seem more relaxed. 2-bedroomed apartments are popular among seniors from outside the region, determined to move into town and representing 25 % of the clientele, and occasional residents fond of central addresses, accounting for two-thirds of the buyers. When shown the price grids, many of them make downward adjustments to their expectations and agree to move away from the popular seafront areas. A very small percentage of the locals return “intra-muros” after selling their villas. However, most take advantage of competition from new developments in nearby areas, traditionally less expensive. An apartment on the first or second row offering top-notch appointments can cost as much as 10,000 €/m2. A basic apartment with a distant view of the ocean ranges from 3,500 to 4,800 €/m2, or from 3,300 to 3,800 €/m2 if the sea is not part of the decor. In the historic centre, a high-class residence with terraces and garages costs 5,500 €/m2. The ratio of townhouses, a popular commodity, is lower than that of apartments, which doesn’t affect their vitality. These prices discourage investors, well aware that they will only make low returns. Like Saint-Jean-de-Luz, Biarritz draws buyers of properties intended for their own personal enjoyment.

“The proximity of shops and the Miramar beach is an advantage for Saint-Charles, where apartments range from 5,000 to 6,000 €/m2,” explains Angel Sanchez of Angel Biarritz Immobilier. Willing to pay 7,000 €/m2, those who enjoy a seaside atmosphere choose the Côte des Basques and Beaurivage. The bar “Les 100 Marches” is packed in July and August. The centre, revolving around Place Clémenceau, and Les Halles, a profusion of cafés and boutiques, both play host to prestigious buildings bearing price-tags of 5,000-6,000 €/m2. In the southern part of Biarritz, Milady, also estimated at around 5,000 €/m2, benefits from a fabulous stretch of sand and generous Nature. The jet-set head for the golf-course and Le Blue Cargo, a restaurant right at the water’s edge. A mere swing from the greens, a few residences at 4,500-5,000 €/m2 rub shoulders with a good many villas, generally proposed from 800,000 to 1.5 million euros. Congress attendees, evenly spread over the calendar, also contribute to the success of Biarritz.

From June onwards, Michel Pastre of Finance et Futur Immobilier noted a resurgence of interest following a significant decline in prices and mortgage rates. Currently, the Spanish are selling and the British are making a hesitant comeback. A handful of Russians in search of luxury recall the historic ties that bound their compatriots to the town of Biarritz, with the French however still forming the majority of the clientele. Two types of apartments are doing well : those with 2 or 3 main rooms priced between 300,000 and 500,000 €, and the top end of the market at around 1 million euros. For that amount, buyers expect an elegant road situated between the Casino and Saint-Charles neighbourhood and, most importantly, a sea view. The middle-of-the-range is struggling for lack of a target clientele. The Côte d'Azur with its many boutiques and other trendy establishments possibly puts Biarritz somewhat in the shade, though the latter responds with quality living conditions and a high level of security. Michel Pastre is certainly optimistic, while admitting that things are not clear-cut over the short term.

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