Nîmes, a town undergoing extensive change

Nîmes is home to close on 150,000 residents within a perimeter of about 39,900 acres. Awarded the label “Ville d’Art et d’Histoire”, it offers over 1,000 acres of public parks and gardens and 2,965 acres of forest land. Its Roman origins constitute the main asset of this town in Le Gard. Determined to preserve its soul and pleasant life-style, Nîmes works hard at controlling its development.

Construction of the Maison Carrée, Les Arènes, the Castellum Divisorium and the Roman centre dates back 2,000 years. Over the past few decades, renowned architects have been entrusted with the design of new buildings : Norman Foster signed his name to Le Carré d’Art, Jean-Michel Wilmotte to renovation of the theatre and Les Halles, Jean Nouvel to Némausus, a modern interpretation of council housing. The town’s population is getting younger and looks forward to enjoying a new, embellished urban setting. Les Allées Jean-Jaurès are being treated to a makeover, striking a harmonious balance between mineral and vegetal. A complex of about 19.75 acres, including 2.5 acres of gardens, is being built over towards Arènes-Feuchères as a prolongation to the historic centre. Hoche-Sernam is witnessing the extension of the university, while rehabilitation is underway on the northern part of Gambetta. Finally, the 1st north-south line of the “tram’bus” is scheduled for introduction this year.

Nîmes offers undeniable attributes, starting with a strategic location : less than 3 hours from Paris on the TGV, a 3-hour drive from Spain and Italy, and 1 hour from the beaches. Yves Vilhet of the Agence du Midi (L’Adresse network) mentions a marked return on the part of investors, representing 40 % of today’s buyers, determined to take advantage of bricks and mortar as a safe alternative-refuge to bank savings. Yield ranges from 5 to 7 %. Recently, a locally-based investor paid 240,000 € for a small building comprised of a 2-bedroom apartment, two 1-bedroom apartments and a studio, bringing in total rent of 1,500 € per month, and another building with seven units, for 370,000 €, bringing 2,000 € per month. Since 1985, the historic heart of town has been given a facelift. Companies from outside the region took advantage of the Malraux tax incentive scheme. Today, the area is functional, pleasant and easy to live in. Then more and more people are looking for second homes in this prefecture of the Gard, intending to settle there permanently when they retire. Two such clients from Marseille and Paris, for example, are ready to pay from 150,000 to 200,000 €. 50 % of buyers are looking for main homes. A young couple of first-time buyers paid 190,000 € for a house of 80 m2 with a garden of 400 m2 and a garage, over towards Castanet. Finally, a retiree parted with 580,000 € to acquire a villa of 200 m2 in Font-Chapelle, offering refined appointments in grounds of 2,000 m2 with a pool. In 2011, the number of contacts fell, though the ones remaining turned out to be more serious and better qualified. They all have a project up their sleeves and a precise idea of their financing capabilities. Furthermore, prices have dropped by 5-7 %, depending on their type, and the majority of transactions are concluded under the barrier of 300,000 €.

“The commune is benefitting from several up-grading projects. The famous Esplanade de Feuchères is being revamped. Already popular, this area is pegged at around 2,300 €/m2,” says Antoinette Rémond of Century 21 RBI Cité Romaine. Old buildings in Gambetta/Croix-de-Fer, formerly poorly maintained, are now seeing an extensive wave of demolition-reconstruction, giving a second life to the address which now posts prices of 1,600-1,800 €/m2 on average. There is always a gap between the rehabilitation period and the acceptance of a new image on the part of residents. In parallel to improvements of its general appearance, Jean-Jaurès, with prices at around 2,200 €/m2, is being endowed with underground and above-ground parking facilities. Quai de la Fontaine, La Cité Foulc, Préfecture and Carnot, mostly offering apartments, are considered safe havens. L’Ecusson, the historic centre, draws the interest of investors especially due to its proximity to university faculties. A studio of 20 m2 costs 45,000 €, another of 25 m2, 57,000 €, the latter bringing 400 € per month as a furnished rental. Fans of town houses head for Les Amoureux/Beausoleil, a popular neighbourhood between the station and the ring-road. A renovated “pavillon” of 115 m2 with a small garden of 300 m2 and equally small pool will find a taker at 260,000 €. On the hills, gardens are very much larger. By way of example, one seller is asking 268,000 € for a house of 130 m2 in need of total restoration, in grounds of 2,000 m2.

“The latest sales orchestrated by the Cabinet Foncia Languedoc Provence et Foncia Desimeur are especially revealing of the current trend,” comments François Hentz. An investor from within the region paid 66,000 € for a 1-bedroom apartment of 40 m2 on Quai de la Fontaine. A first-time buyer paid 125,000 € for another of 46 m2 with a terrace and garage in Les Costières. A self-employed professional got his hands on an apartment of 150 m2 in need of refurbishment in a bourgeois building in the Préfecture neighbourhood, for 285,000 €. A house of 130 m2 in Les Amoureux/Beausoleil left the files for 230,000 €. Finally, a building consisting of 13 apartments, close to La Coupole, caught the eye of a buyer at 630,000 €, due to its yield of 6.32 % and the promise of excellent long-term appreciation. The business represented by investors makes up in some ways for the recent withdrawal of first-time buyers from the market. Most transactions in Nîmes range from 50,000 to 250,000 €. Activity is still something of an up-and-down affair, highly sensitive to the national and international economy, and also the coming elections. In terms of prices and clientele, the town is comparable to Béziers. It proposes investment solutions to which people from Le Gard, Marseille, Avignon and Montpellier do not remain indifferent.

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