Lyon Presqu’île and 6th district, prestige in the town centre

Forming part of the territory listed in UNESCO’s World Heritage in 1999, the Presqu’île has a very long past dating back to the Age of Antiquity : the tale of man’s conquest of a river. The 6th is traditionally regarded as the most select “arrondissement” in the city. With handsome bourgeois buildings and private mansions, it gives pride of place, like the Presqu’île, to shopping streets.

The Romans occupied the Presqu’île d’Ainay on the slopes of La Croix-Rousse back in ancient times. In the Middle Ages and during the Renaissance, Rue Mercière was the main merchant street, also adopted by printers. The Town-hall, Abbaye Saint-Pierre and Hôtel-Dieu were built in the 16th century, while many religious buildings began to dot the landscape, the churches of Saint-Bonaventure and Saint-Nizier, and the Basilique Saint-Martin d’Ainay. Large-scale urban development began in the 19th century. The huge Place Bellecour was connected to Les Terreaux. Today, the medieval streets and alleyways contrast sharply with avenues built in the Napoleonic era. The Presqu’île is home to one of the largest pedestrian areas in Europe, the Théâtre des Célestins, the Opera-house, Musée Saint-Pierre, the head offices of several banks and the Palais de la Bourse. Boutiques and cinemas rub shoulders with cafés and restaurants. A long-term project currently focuses on the southern tip of the peninsula, aiming to exploit the confluence between the Rivers Rhône and Saône. The 6th “arrondissement” is recognized by its wide boulevards, Avenue Foch, Rue Duquesne, the Boulevard des Belges, facing the Parc de la Tête d’Or or the Cours Vitton, popular for window-gazing. Nearly 50,000 residents share an area of approx. 930 acres. This highly-prized world is mainly composed of bourgeois buildings and private mansions. The station of Les Brotteaux accommodates an auction house and “L’Est”, one of Paul Bocuse’s five brasseries. With bus services, the metro (lines A and B) and tramway (line 1), the neighbourhood plays host to the Cité Internationale, Palais des Congrès, Interpol, the casino, several consulates, the Hôtel du Gouverneur Militaire, an intermediate and two secondary schools.

“The Presqu’île is fast becoming the most popular site in Lyon for residential purposes and the service sector. One symptomatic observation : it finds favour with students, self-employed professionals, private and professional investors,” says Jean-Pierre Dabreteau, Associate Director of La Régie Limouzi. This popularity has an inevitable effect on prices, which rose by 20 % between 2010 and 2011. Small surface areas can now fetch as much as 5,000-7,000 €/m2, with an average price of around 4,000 €/m2. Below this level, one can only find properties lacking in any stylishness or in need of restoration. Some investors give priority to long-term value, accepting a maximum return of 4 %. Others acquire entire floors that they then resell, split into smaller units. There is a severe shortage of availabilities. Correctly estimated and priced between 100,000 and 250,000 €, properties sell within a week. For an apartment of 100 m2, the starting price in a residential setting is 400,000 €, which is beyond the scope of many buyers. There is also a serious lack of commercial premises and rented accommodation. From an initial portfolio of 1,500 lots, Limouzi now proposes less than 30. The Presqu’île also has a popularity poll in terms of specific neighbourhoods : Ainay, Célestin, the Quai de Saône and Saint-Nizier top the bill.

Pierre-André Lichtfouse of Sélection Immobilier has noticed growing interest in the address on the part of foreign clients. They appreciate its closeness to all amenities, its rich architectural heritage, the cultural facilities and possibilities for entertainment. Capable of paying from 200,000 to 400,000 € for second residences, these pre-retirees or retirees are looking for 1- or 2-bedroom apartments. Those still working take the bull by the horns and settle with their families in homes costing up to 500,000 €. Very few properties offering real quality for money are to be found in estate agency files. Despite the popularity of this little enclave, the lack of elevators, views, light or quietness should ideally be reflected in the prices asked.

“The popularity of the 6th “arrondissement” dates back a good long time, though nowadays it shares the limelight with the Presqu’île, and posts the same prices,” says Marine Delaigue of Solvimo. By way of example, she mentions the recent sale in this prestigious district of a 4-bedroom apartment of 148 m2 for 647,000 € (4,350 €/m2) and a 1-bedroom apartment at 4,800 €/m2. As in the case of the Presqu’île, inflation is rearing its head. Another change : the buyer profile is becoming less marked than in the past. Little by little, Parisians, a clientele with high purchasing power, are replacing Lyon’s traditional middle-class buyers. One sale out of every four no longer depends on the buyer obtaining a mortgage. And despite the high starting prices, 40 % of sales concern first-time buyers able to make a substantial down payment and benefitting from excellent income from their jobs. The time it takes to complete a transaction does not exceed one month. In the 6th and also the 2nd “arrondissements”, the buildings are old, almost always deprived of a garage and sometimes an elevator, disadvantages often offset by their classiness. “The 6th, how-ever, has a specific feature,” adds Marine Delaigue. “The actual buildings are separate from the land they stand on, which is generally subject to long-term leases, the majority coming to an end. Given that the co-ownerships cannot afford to buy them back, they are renewed for a shorter period of about 30-40 years. This is seen as a mere detail by local buyers, but is unacceptable in the eyes of people from outside the town. Even so, the 6th is still an excellent investment, an address that never loses its value, even in times of crisis.”

These articles might interest you :

Update on the borderline market

Whether in Le Pays de Gex or Upper Savoy, the real-estate market on the border with Switzerland is still in good shape. For both new and old properties, buyers have a wide choice. Possibly a little too wide ?…

 

Le Pays de Gex, a privileged location

At the gateway to Geneva with its airport and international institutions, Le Pays de Gex appeals for its natural, quiet and residential setting. Benefiting from efficient transport networks, shops and amenities, this area in the north-eastern part of...

 

Annemasse, a very buoyant market

An average-sized town with 32,000 residents, Annemasse offers the advantage of a convenient location on the Franco-Swiss border, 2 km from the canton of Geneva. Its very lively property market mainly revolves around acquisitions of year-round homes b...

 

Le Pays de Gex, a market in its own right

Lying in the midst of luxuriant landscapes between the Massif du Jura and Lake Geneva, Le Pays de Gex offers immediate proximity to the border with Switzerland as its N°1 feature. This strategic location endows its with a unique and persuasive argume...

 

The Franco-Swiss region known as “Le Pays de Gex”

Between the Jura mountains and Lake Geneva, the main assets of Le Pays de Gex are its magnificent green scenery and, above all, its immediate proximity to the cantons of Geneva and Vaud. A strategic position, boosted by very efficient transport netwo...

 

La Chautagne, an authentic region

At the north-western tip of the département of Savoy, La Chautagne consists of 8 communes on the banks of Lake Bourget, the largest natural lake in France.