Bordeaux : turnaround in the market ?

While city-dwellers remain fond of old stone in the hyper-centre, a growing number of buyers are setting their sights on the near periphery, in search of a property with an outdoor area. In parallel, offerings are on the rise…

Near the Atlantic Ocean, Bordeaux offers a lifestyle of remarkable quality, backed up by an efficient transport network and several pools of employment. It is also well-known for its numerous "écoles supérieures" and university centres. Thanks to the democratisation of teleworking, buyers from Paris and other large towns in France are thinking about moving to Bordeaux to work there from home for part of the week.

From this perspective, the TGV is a real asset for the city. Co-managed by Nathalie Andria and Pascal Boulonne, La Bordelaise de l’Immobilier specializes in sales in Bordeaux intra-muros.

"Our activity is spreading more and more towards the edge of the city. Today, demand focuses on properties with outdoor areas, though real city-dwellers fond of the convenience offered by the hyper-centre may well abandon this criterion. Since the start of the Covid crisis, sales volume in the centre of Bordeaux has declined. Prices remain pretty much stable, though we are seeing the start of a reversal in the market as supply now exceeds demand. Interest rates are still, however, remarkably low. By way of example, we are currently offering in the Caudéran neighbourhood - on the immediate periphery of Bordeaux - a penthouse apartment that meets current search criteria : on the top floor of a residence with a lift, it offers living space of approx. 100 m2 and a terrace of over 140 m2. With two parking places included, it is up for sale at 595,000 €."

Pascal Boulonne - la Bordelaise de l’Immobilier. (05 56 38 03 03)

Our specialist also mentions that, while buyers are traditionally keen on fine old stone in the historic centre, their demands are now more stringent. Nathalie Andria adds that the first ring around the town, home to the neighbourhoods of Bouscat and Caudéran, is also the subject of steady demand. "Benefiting from the tram and still proposing substantial stone residences, these neighbourhoods draw families in particular, wanting to live close to renowned schools. There are many buyers from within the region, though our foreign clientele is still marginal." For these estate agents, the rental investment market is now marked by a kind of wait-and-see attitude, due to provisions for rent control that are soon due to come into force. Otherwise, in new developments, starting prices range from 5,500 to 8,000 € per sq.m, depending on their location and the quality of their appointments.

Demand here is nevertheless lower than for older properties. Backed by a sound reputation and an excellent network of local connections, the agency J’Habite en Ville-Khépri has devoted itself for the past 15 years to sales, rentals, property management and trusteeship, mainly focusing on the most highly-prized areas in the centre of Bordeaux.

"Still lively, the market is suffering from imbalance between supply and demand. Buyers are faced by scarce offerings and sometimes need a lot of patience. Apartments extended by outdoor areas are particularly highly sought-after, even more so since the pandemic," explains Emmanuel Coustaud.

Emmanuel Coustaud - J’Habite en Ville - Khépri (05 56 51 73 01)

Large bourgeois apartments with price-tags from 800,000 to 1 million euros, but neither a balcony nor a terrace, currently draw less interest. "Parisians still form part of the agency's clientele. It is not rare that we orchestrate a transaction for a client who has just sold a property in Paris, deciding to acquire a pied-à-terre in the capital, but making Bordeaux the family's main home." By way of example, Emmanuel Coustaud mentions the recent sale of a large house of 230 m2 in the Fondaudège neighbourhood. After only two visits, it sold for 1.2 million euros to a Parisian family. Perfectly serene, Emmanuel Coustaud notes that the Bordeaux market, after a very euphoric period, seems to be stabilizing with prices which, while still on the rise for the most desirable properties, is recovering its cruising speed and brighter prospects.

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