Arcachon’s property market : lively and promising
Yann Cohignac - 18 July 2014
A tourist destination which has long been highly prized, Arcachon will be only 2 hrs 30 from Paris by 2017 thanks to construction of a new LGV station. The popularity of this “town of all four seasons” does not seem likely to fade...
A seaside resort facing the Atlantic which has been a real must since the 19th century, Arcachon (population 10,000) has a particularly active property market. “It is the only sector in the département which is not seeing any drop in prices,” reveals Nathalie Foulon, manageress of the Agence Carnot Immobilier, an agency founded at the heart of town in 1967 (taken over in 2004), with two more addresses in the neighbourhood of Les Abatilles and on the neighbouring commune of La Teste-de-Buch. With most of her transactions involving holiday homes, Nathalie Foulon says that : “Prices are high and will rise further with the arrival of the LGV. Investing here thus offers some very good prospects”. In the town centre (Ville d’Eté neighbourhood), the price per sq. metre for new apartments ranges from 6,000 to 7,000 €, whereas old apartments cost from 4,000 to 10,000 € per sqm, “depending most particularly on their distance from the beaches”. For example, a 1-bedroomed apartment in good condition with a parking place and cellar sells for 220,000-240,000 €. “In the case of houses, most enquiries are for 3-bedroomed holiday homes with small gardens of 400 to 500 m2, whose prices range from 600,000 to 700,000 €.” Two types of buyers contact Nathalie Foulon : “Those aged around 45 are only looking for holiday homes, whereas for those aged over 55, the acquisition is destined to become their main home when they retire”.
Julie Lemoine directs and manages Moulleau Immobilier, a neighbourhood FNAIM agency based at the heart of the highly-prized Le Moulleau since 2008, and specializing in prestige properties : “Given the relative scarcity of properties in Le Moulleau, we have also developed our activity over the past two years in Le Pyla-sur-Mer (a seaside resort on the commune of La Teste-de-Buch) and the neighbourhoods of Pereire, La Ville d’Hiver and Les Abatilles”. In her opinion, Arcachon is no longer a simple seaside resort : “Lively year-round and benefiting from modern facilities, the commune is seeing its proportion of main homes rise each year. As far as we are concerned, we have gone from 80 % of transactions involving holiday homes - and the service sector - two years ago, to 40 % today”. Another trend shows steady prices, “and even on the rise” in Le Moulleau and Le Pyla for properties near the beaches, with views of the sea. “Though for homes more than 800 metres from the ocean, there is some bargaining.” A 1-bedroomed front-row apartment of over 30 m2 with sea view, rare but in high demand, now costs 260,000 €, while oceanfront villas range from 4 to 12 million euros. “Those with more modest budgets head for Les Abatilles, where you can still find small pretty houses from 500,000 €.” Julie Lemoine’s typical client is Parisian, aged around 55, and a self employed professional. Though she also receives lots of enquiries from residents of Bordeaux and wealthy foreigners (Russian, German and Chinese).
Pascal Videau runs the Agence du Bassin, an agency opened in 2012 focusing 50 % of its activity on new properties in Arcachon (mostly at the upper end of the range) : “Proving that demand is very high here, about ten developments are, or soon will be, available, including one which alone consists of about 100 apartments. So by September, 250 to 300 new apartments will be up for sale”. They are pegged at around 7,000 € per sqm, “or even 8,000 € for those with a view of the Bassin”. For old apartments, Pascal Videau quotes prices revolving around 5,000 € per sqm. For houses, “prices are rather high, especially in the centre, where offerings are very limited. They are now stabilizing thanks to these new developments, though they will inevitably rise with inauguration of the LGV”. For the time being, the starting price, ie. for a house of 80 m2, is 450,000-500,000 €. Over the past few years, Pascal Videau has also noticed a rising number of year-round acquisitions by “retirees or those nearing retirement, who come looking for security, tranquillity and the protected environment offered by Arcachon. Often from the Paris, Lyon and Bordeaux regions, these buyers now comprise the largest part of our clientele”.