Mazamet, at the foot of the Montagne Noire

Nestling in the regional nature park of Haut Languedoc, in an area embellished by lakes and forests, this town in Le Tarn with 10,000 habitants, 27,000 in its urban area, has more than one string to its bow : a very lovely architectural heritage and excellent value for money, compared with Castres and communes on the outskirts of Toulouse.

A refuge during the wars of religion, Mazamet specialized in producing textiles in the 18th century before becoming the world capital for the treatment of sheepskins 100 years later. Today it is focusing on a policy to refuel its economy and the development of “green tourism”. The various lakes allow for a wide range of nautical activities while the topography is an invitation to fans of hiking. In parallel, companies of international renown are moving in, basing their decision on good rail and air connections via the airports of Castres-Mazamet and Toulouse. As part of the greater urban community, the site, which hosts a branch of the Chamber of Commerce and Industry, is in fact the Tarn’s largest private research centre.

“Due to the limited stock of housing and lack of new developments, the area has shown good resistance to the crisis over the past 18 months,” says Fabienne Pélissou of Jacques Pélissou Immobilier, based in the locality since 1976. Negotiations are perhaps tougher, but the range up to 130,000 € is doing well with first-time buyers. For a townhouse of 90-100 m2 with a garden of 500 m2, ie. the property obtainable for this kind of budget, the monthly mortgage payment attains, or is just above, the rent they would have to pay. Properties in the price bracket from 160,000 to 280,000 € have been somewhat harder to place since the recession was officially announced in the autumn of 2008. Faced more by a lack of confidence than any real loss of employment or dwindling stock market assets, buyers here are less inclined to take the plunge after witnessing the euphoric hours of the property market in previous years. The few sales that are concluded result from willingness on the part of the sellers to reduce their prices by 10-15 %. The high end of the market - living space of 200 m2 in grounds of at least 1,500 m2 and costing around 350,000 € - draws the interest of self-employed professionals and managers of SMEs. A segment which has not accounted for more than a handful of transactions in the space of a year : it seems a long time since 50 year-olds treated themselves to a home in the sun, in anticipation of retirement. Even less active, the market for apartments, of interest to seniors and investors, is characterized by a wide range of prices. Our estate-agent mentions, for example, the recent sale of an apartment of 66 m2, fully renovated and benefitting from a terrace, for 130,000 €, while this surface area, without a terrace or comfortable amenities, normally tops out at 65,000 €. For a similar budget, Mazamet offers more space and charm than Castres or the periphery of the Rose City. Not to mention better value for money. Moreover, some buyers, determined to take advantage of its natural and architectural heritage, are opening guest houses or leisure centres.

One of the recent sales concluded by Stéphanie Goulley and Thierry Jumeau of Century 21 Montagne Noire concerned a “pavillon” of 150 m2 with a garden of 500 m2 at 138,000 €, acquired by a young couple employed in Mazamet. The category in fact ranges from 900 to 1,100 €/m2. Our estate-agents also cite an apartment building in need of refurbishment, consisting of four apartments and a shop, all occupied, sold for 140,000 € with a gross return of 10-11 %. In fact, investors will not even visit unless they are sure of a yield of 10 %. This high return on an investment offsets less enticing prospects of long-term appreciation than those offered by large towns. One buyer paid 170,000 € for a single-storey villa of 115 m2 in a garden of 650 m2, while another paid 700 €/m2 for a 4-bedroom apartment of 155 m2. Old houses and farmhouses to renovate find buyers at low levels. If charm is still an attraction, the work involved is prohibitive for most people.

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