The highly-prized centre of Montpellier

Launched in 2003, the “GrandCœur” operation aimed to “highlight and enliven the town’s historic heritage, the built-up area and public amenities (…). The town centre only comes alive if it is accessible, attractive and comfortable for its residents, but also for those living in the greater urban area, for whom it constitutes the main public area”.

Boasting 1,000 years of history, the capital of Languedoc-Roussillon offers over 70 avenues lined with private mansions built from the 16th to 20th century, narrow shopping streets with a medieval atmosphere and the oldest university for medical students in the western world. Fans of authentic architecture appreciate the very central “Ecusson”, mainly built in the 19th century, whose entrance is marked by the Place de la Comédie, an esplanade with lively restaurants and cafés. Montpellier is experiencing population growth rated among the highest in France, currently playing host to 244,500 residents intra-muros and over 400,000 in its greater urban area. Ranked 8th at national level, the town encourages business tourism while its spearhead activities include information technologies, healthcare, biotechnologies, environmental studies and agronomy.

“The “Ecusson”, the old, symbolic and now pedestrian zone, certainly does not lack stylishness, nor shops or restaurants,” says Barthélémy Renouard of Unik Immobilier. “On the other hand, the buildings suffer from a severe shortage of garages, terraces and elevators.” The average transaction is around 3,000 €/m2, though the area posts a wide range of prices. An apartment to renovate, on a noisy and rather dark street, can be found at 2,000 €/m2, whereas another, in mint condition, boasting an outdoor area and parking place, may well attain 4,500 €/m2. Proximity to the faculties, relatively modest charges, good rental income and sound asset value all work in favour of investing. A studio of 20 m2, costing from 70,000 to 90,000 €, can bring in a monthly rental income of 400 € for its owner. On the first ring around the “Ecusson”, Boutonnet and Beaux-Arts have retained a village atmosphere while being the most fashionable enclaves of Montpellier. Houses and apartments here range from 2,700 to 4,000 €/m2. Arceaux-Agriculture offer smart middle-class homes, though they are both rare on the market and expensive. An example of 150 m2 with a garden of 500 m2 will cost at least 500,000 €. Soon likely to benefit from the tramway, Gambetta, Figuerolles and Renouvier attract trendies and young executives, capable of paying from 2,000 to 2,800 €/m2. Clemenceau, Chaptal and Rondelet, also known as Le Nouveau Saint-Roch, post an average price of 2,500 €/m2 for old buildings of sound construction, in a quiet area benefitting from easy access and parking facilities, just a 10-minute walk from the hyper-centre.

“Stately old mansions, a market segment frequently subject to classification regulations, are well represented within the Ecusson. An apartment on the ground floor of the Hôtel de Deyde on Rue du Cannau will easily find a taker at 4,500 €/m2. On the square of the same name, prices can reach 5,000 €,” says Sylvie Barbera of Sylvie Barbera Immobilier. The highly-prized neighbourhoods of Arceaux, Beaux-Arts and Boutonnet also propose homes of character, including townhouses. The frequent existence of detached houses at the heart of a city of this size is sufficiently rare to be emphasized. By way of example, one would need a budget of 510,000 € to acquire a house of 120 m2, restored throughout, with a garden of 385 m2 and a pool. The Bohemian middle-class appreciate this “neighbourhood” style of life, only 5 to 10 minutes from La Comédie. Prices are, however, high and the area’s reputation is sometimes over-rated. Le Nouveau Saint-Roch in fact offers comparable attributes and better value for money.

“The popularity of the centre leaves no room for doubt, though statistics show that a neighbourhood that has just risen from the ground, such as Parc Marianne, gives rise to a higher number of transactions. With the difference that the first gives priority to primary residences, while the second attracts about 80 % of rental investors,” notes Alexandre Heintz of Carat Immobilier. The Ecusson and the first belt around it are undeniably sound values seeing constant progression. Among his most recent sales, Alexandre Heintz cites a 3-bedroom apartment of 90 m2 in satisfactory condition, in a 1980’s residence with a parking place and terraces, sold for 255,000 €. Another client paid 325,000 € for an apartment of 97 m2 in perfect condition, in a small old building with neither garaging nor terrace. Finally, a couple of parents invested 145,000 € in a 1-bedroom apartment of 46 m2, refurbished throughout, to house their children enrolled as university students. In the centre, the main body of demand comes from families in search of generous surface areas, at prices between 250,000 and 300,000 €. Fond of city life, this type of clientele often sets its sights on a specific address, for which it will frequently sacrifice easy access and parking facilities.