The many facets of Saint-Jean-de-Luz

As popular as ever, this seaside resort still draws fans for its unique atmosphere, stylish architecture and the relaxed life-style that reigns here all year round. A sound value !

Once a centre for whaling, Saint-Jean-de-Luz has managed to preserve its heritage and traditions over the centuries. Close to Bayonne, Biarritz and the Basque countryside, edged by six beaches sheltered from the wind, Saint-Jean-de-Luz is a choice address for fans of nautical activities, golf, walks along the coastal paths... A town also renowned for its thalassotherapy centres and fine gourmet addresses. Its rich heritage includes the House of the Spanish Infanta, the house in which Louis XIV got married in 1660, and the Jean Vier Eco-museum. Partly pedestrian, the heart of town offers lots of shops open on Sundays all year round. Always on the go, it offers numerous new residences in the centre, and the area around the market has just been embellished.

“We are always faced by scarcity due to very steady demand,” says Pierre Deglaire of the Coldwell Banker agency. “Our clientele comprised of foreigners and a good number of ex-pats with comfortable budgets are usually looking for family homes with gardens or smart apartments with parking facilities, an outdoor area and a view.” It is becoming very hard to meet these demanding requirements, and the rare high-end properties sold each year are often the subjects of transactions kept in the family or a network of friends. Properties that are available thus maintain high prices, ie. from 6,000 € to 8,000 € per sqm. for apartments in the centre, climbing from 8,000 to 12,000 € if they are on the front row or offer a lovely view of the ocean. Properties to renovate in neighbourhoods far from the beach can be found from 5,000 to 6,000 € per sqm. Confronted by this narow and non-extensible market, Pierre Deglaire steers his clients towards fall-back areas with high potential for the future. The neighbouring Ciboure offers high-quality properties - including appealing ship-builder’s homes - on offer at prices 30 % lower than in Saint-Jean-de-Luz. Urrugne has some lovely houses in elevated positions 40 % cheaper, while Ascain, just 10 minutes from the centre, proposes fine houses in traditional Basque style. These properties are sometimes up for sale at prices 50 % lower than those practised in Saint-Jean-de-Luz. “Despite these offerings of genuine quality, potential buyers are not yet ready to consider these peripheral markets.”

This observation is shared by Marie Sanchez of the Agence du Parc. “Clients think about when they need to re-sell. For them, the only address synonymous with a sound investment is Saint-Jean-de-Luz.” She says that some very determined clients prefer to wait several years, opting for rentals while obstinately pursuing their search. “Obviously, this gives rise to levels of demand that are very high and difficult to satisfy.” What about year-round residences ? “Our retired clients with significant budgets - often the proceeds of the sale of their homes -, are looking for apartments near the centre, benefiting from parking facilities, terraces and lifts,” says our specialist, mentioning a 2-bedroomed apartment of 74 m2 just 10 minutes from the Socoa beach. Offering a terrace overlooking the river and requiring no renovation at all, it was acquired for 340,000 € in less than 3 months by a French buyer in search of a holiday home. New developments also meet with great success, as demonstrated by the Itsas Larrun residence at the entrance to Saint-Jean-de-Luz, whose 66 apartments are currently up for delivery. They all sold on plans at an average price of 3,500 € per sqm. “With its architecture of Art Deco inspiration, quality appointments and gardens, it has won over many local buyers. Three-quarters of the sales are destined to become year-round homes.”

A local benchmark on the commune for prestige properties, the Côte Ouest Immobilier agency affiliated to Christie’s notes an upturn in activity in the second half of 2014. “Even if Saint-Jean-de-Luz is a narrow niche market, some effects of the crisis are still felt here. Buyers dare to make offers below the prices posted, and some bargaining 10 to 15 % lower is occasionally accepted,” comments Nicolas Descamps. A new trend observed by this professional, properties proposed as “viagers” are making a comeback. “This type of arrangement suits some retired owners, as a monthly income allows them to maintain a comfortable life-style.” It would seem that the time is indeed ripe to enter this market with so many different facets, whose codes are only known by real experts in the sector, especially concerning discreet and confidential sales.