Pau, an outstanding location
Radia Amar - 05 February 2016
Laid out around its royal Château, itself surrounded by a magnificent park, the second largest town in Aquitaine is home to almost 85,000 residents. Pau has just taken 6th place in the world ratings published by the American “Forbes” magazine for towns that are ideal for retirement...
A green town offering magnificent panoramic views of the Pyrenees, Pau stands on the banks of Le Gave, about 100 km from the ocean and 50 km from the mountains. It appeals for its historic centre, now pedestrian, virtually non-existant delinquency, shops and amenities of high quality. Proud of their town, the “Palois” add a touch of sparkle to the commune by holding a good number of cultural, sporting and commercial events in all four seasons. In addition to retirees, members of the local working population and investors are also attracted to properties here offering good value for money. With a lively business scene, the commune plays host to the Campus de Total - Aquitaine’s N°1 industrial site -, the headquarters of Euralis and the Safran group. Airbus, through its susidiary Volt'Air, is also locating the assembly plant here for its electric planes : a 20 million euro investment, creating several dozen jobs in the Béarnais airport zone by the end of 2017.
“Despite a 2015 that turned out to be rather sluggish, Pau’s property market is looking forward to improvement, mostly due to the Malraux scheme, which offers more promising prospects,” says Gilbert Danan of Access Immobilier, an agency specializing for the past decade in high-end properties at the heart of town and on its nearest outskirts. Comprised of the Boulevard des Pyrénées, Place Clémenceau and Rue Henri Faisans, the historic centre is very popular among French and British retirees looking for cosy apartments offering a pleasant urban lifestyle, as well as local families. The most sought-after property is a penthouse or large top-floor apartment benefiting from a terrace. Buyers are, however, confronted by scarce availabilities. Among his most recent sales, Gilbert Danan mentions an apartment of 250 m2 boasting a vast outdoor area, which just sold for 630,000 €. “Old properties of character range from 1,600 to 1,800 € per sq. metre, while new or very recent ones are pegged from 3,000 to 3,200 € per sqm”. On the smart boulevards, such as that of Les Pyrénées, the most prestigious properties can attain spikes of 4,000 €, or even 7,000 € per sq. metre, for truly outstanding penthouses. One of the most highly-prized neighbourhoods is the residential area of Trespoey east of the town, especially popular for its lovely views.
The immediate outskirts of Pau, about 10 minutes from the centre, are comprised of a score of communes all offering pleasant addresses and the amenities required for comfortable family life. Houses here propose lovely old façades and historic character, whereas contemporary homes draw clients set on modernity. “A 3-bedroomed house with a small garden here will cost from 300,000 to 400,000 € ; to the east, a property designed by an architect with 4 bedrooms and grounds of over 1,000 m2 would be on offer at around 600,000 €,” says Christophe Adandedjan of Christophe Immobilier. With 15 years of experience, he focuses on a broad local clientele, founded on trust and long-term relationships. As sole agent for over 90 % of his mandates, ranging from studios for rental investors to noble private mansions at the heart of town, he selects each property with great care. “Properties for sale in Pau offer quality but are scarce on the ground. Buyers must be prepared to be patient and seize opportunities when they come up,” says this expert, whose clients include numerous retirees from Bordeaux, Toulouse and Montpellier. “Very demanding, they are mainly in search of a good location, high-quality construction and a price that makes sense.”