PAYS BASQUE : A MARKET UNDERGOING SIGNIFICANT CHANGE

After soaring prices and an explosion in seasonal rentals, the property market in Le Pays Basque is seeing tougher conditions for property owners targeting the rental market. Update with Philippe Thomine-Desmazures, Manager of the Barnes agencies in Biarritz, Hossegor and Saint Jean-de-Luz.

Tension was rising in Le Pays Basque. Many residents found it hard to find accommodation as many owners gave priority to seasonal rentals, more profitable and flexible than long-term rentals. In order to hold back this growing phenomenon (+ 150% in just two years), the 24 communes comprising the Côte Basque have joined up and new regulations have been implemented.

The market is thus seeing real change : “Over the past few years, the quality of life for the Basques has been under real strain,” explains Philippe Thomine-Desmazures. “Some of the locals could no longer live near their workplaces and had to move to locations 20 or 30 kilometres away. The result ? A surge in traffic jams. The signal blared out and was heard. And even if the regulations allow for a certain latency, we are already seeing its effects. Many owners of second homes are selling their properties. The market is welcoming more offers and becoming less tense, especially with the considerable number of apartments now back on sale. They mainly consist of apartments of under 100 m², comprising the bulk of the seasonal rental market on the Côte Basque. After 2020 and 2021 which were far from normal, giving a lively but tight market, 2022 was marked by a significant drop (25%) in sales volumes in our Barnes agencies. Prices have, however, remained high and, while they are currently stable for houses, we are feeling more feverishness in the case of apartments.”

On the top floor of one of the most prestigious residences in Biarritz, this sublime through apartment benefits from a balcony running its length and a wonderful view of the beach of La Côte des Basques and the Villa Belza. Its living space of 111 m² is comprised of 2 sitting-rooms, a separate kitchen and 2 bedrooms. The apartment also benefits from convertible attics of 87 m², a service bedroom, a cellar and two parking places. 2.700.000 €.

At the heart of Chiberta, near schools and the golf-courses, this charming new house of 130 m² with a garden of 700 m² benefits from a lofty living-room opening out to the terrace and heated pool, and 4 bedrooms including a suite. Lock-up garage and parking space. 1.980.000 €

In the midst of the Impérial neighbourhood in Biarritz, close to the Grande Plage, this very elegant apartment of 148 m², renovated throughout, is comprised of a double lounge opening out to a vast terrace, an open kitchen, and 3 bedrooms. Parking place and cellar. 1.795.000 €.

It was in 2010 that Philippe Thomine-Desmazures, together with his mother-in-law, founded the Barnes Biarritz agency. In 2017 and 2018, two more branches were opened, one in Saint Jean-de-Luz, the other in Hossegor. In 2022, a 4th agency was launched in San Sebastian, confirming Barnes’ development throughout the region. www.barnes-cotebasque.com

Will 2023 be the best time to acquire a property on the Côte Basque ?

“In any event, there will be much more choice than in the past two years.”