FRENCH BASQUE COAST : A MARKET HOLDING ITS OWN

Even though there are more and more constraints from a macro-economic viewpoint, the real estate market on the French Basque coast is keeping all these perturbations relatively at a distance. An update with Philippe Thomine-Desmazures, Manager of the Barnes agencies in Biarritz, Hossegor and Saint-Jean-de-Luz.

On the Basque coast, sales volume has significantly declined over the past few months, though this has been compensated for by prices maintaining their high level, especially for luxury properties. “The top end of the market, from 2 million euros, is a sector which is doing rather well,” explains Philippe Thomine-Desmazures.

“Rarity ensures that prices which are holding at the top end of the bracket and prestige properties see very little bargaining. We are, however, seeing longer delays for completion : two years ago, sales were concluded in just a few days, a few weeks, whereas today it takes 2 to 3 months on average. The market along the coast is pretty much unscathed : the appeal of Biarritz, Saint-Jean-de-Luz, Bidard and Guéthary remains intact, and they are also prized for second residences. The clientele has been French up until now, though foreigners are returning, especially German and American buyers. We recently sold a house of 156 m2 in Guéthary to a German client, with a garden and swimming pool, priced at 2.3 million euros.”

Located in Hossegor between lake and sea, this outstanding property is surrounded by magnificent grounds of 4,500 m2 with an infinity pool and outdoor kitchen. Built in 2008, it offers living space of 500 m2 on three floors, comprised of a vast living area bathed in light, a kitchen, 7 bedrooms including a master suite extended by a terrace overlooking the dune and the ocean. A garage, 2 storage units and a technical unit complete the property. 6.990.000 €.

At the heart of the village of Guéthary, a stone’s throw from Le Fronton, this very lovely house, renovated throughout, offers a terrace and heated pool. Its living space of 156 m2 on two floors is comprised of a living area with a sitting-room and adjacent open kitchen, and 5 bedrooms including a master suite and a child’s bedroom nestling beneath the roof. 2.380.000 €.

In Saint-Jean-de-Luz, on the Chantaco golf-course, in a wooded park of approx. 3,350 m2, this spacious 1970’s residence of 225 m2 enjoys a superb view of the mountains. It offers a double reception room, a dining-room, kitchen, a terrace with a summer kitchen, and 5 bedrooms including 2 master bedrooms. 2.6 M €.

Following 10 years of experience in consultancy and marketing in Paris and Switzerland, Philippe Thomine-Desmazures created the Barnes Biarritz agency in 2010. Since then, three more branches have opened, in Saint-Jean-de-Luz, Hossegor and San Sebastián. Barnes Biarritz, 2 place Bellevue, 64200 Biarritz (05 59 51 00 00). Barnes Hossegor (05 58 71 77 14). Barnes Saint-Jean-de-Luz (05 59 51 00 08).

What about the intermediate market, the middle of the range ? “For properties around 1 to 1.5 million euros, the market has seized up as the buyers concerned need mortgages. The rise in interest rates and reticence on the part of banks is slowing down, or even preventing, certain sales. In this segment, negotiation is the order of the day, even if some sellers are not always prepared to lower their prices.”

And the future ? “I still look upon it positively. We are starting to integrate inflation into our lifestyle parameters and, even today, a wise acquisition remains the best possible option.”