The centre of Aix, a highly-prized address
Occupying an area of almost 46,000 acres with 137,067 inhabitants, this town known for its spa and fondness for art has preserved traces of by-gone eras and influential cultures. Crises come and go, with some or no impact on the heart of the old capital of Provence. Its ever-growing population is made up of native residents, students, Parisans and north Europeans.
Aix-en-Provence dates back to 122 A.D. In 1646, the cardinal’s brother built the Mazarin neighbourhood. Notables, magistrates, aristocrats and members of Parliament acquired the mansions on this luxurious estate. In 1605, the appropriate authorites decided to open up a passageway for horse-drawn carriages in place and stead of the ancient ramparts. Even today, the Cours Mirabeau is one of the main thoroughfares in this town on a human scale. Lined with fountains, bars and restaurants, including the illustrious “Café des Deux Garçons”, it boasts very lovely residences : the Hôtels Villars, Isoard de Vauvenargues, Forbin, Maurel-de-Pontevès, du Poët and d’Arbaud-Jouques recall the sumptuousness of yesteryear, either ostentatious or more discreet.
“The centre is physically and naturally bounded by the ring road,” explains Michel Capron of the Bec Capron agency. While prices generally revolve around 4,000 €/m2, this part of town consists of a succession of niche markets. Mazarin, pegged at 6,000 €/m2 bar exceptions, is looked upon as Aix’s “little Neuilly”. The area immediately around the Town-hall also has a certain stylishness. Michel Capron mentions the recent sale of a mansion of 380 m2 on Rue des Cordeliers, opening out to a garden of 400 m2, a rare commodity in this neighbourhood, for 3.5 million euros. The new owner, from Paris, intends to install his family here and make business trips to and from the capital, a 3-hour ride away by TGV train. Offering a higher-quality setting further back from the shops and general bustle, the Rue de l’Opera, Palais de Justice and the upper end of Mirabeau flirt with the 5,000 €/m2 mark. Finally, Les Allées Provençales, offering recent and very practical accommodation benefitting from cellars, parking facilities and terraces, close to La Rotonde, range from 6,000 to 7,000 €/m2 and beyond. All categories combined and whatever the surface area required, the heart of Aix suffers from a shortage of available properties. Demand therefore falls back on the near outskirts where prices sometimes attain 5,000 €/m2 in select buildings able to propose parking places and an outdoor area worthy of the name.
“Even at the market’s lowest ebb, demand outweighs supply, thus keeping prices steady and explaining the very limited number of transactions concluded in the town centre,” says Valérie Viallon of the John Taylor agency. The “48-52 Cours Mirabeau”, for example, tops the popularity polls. But it’s hard to satisfy demand, as apartments in this residence laid out around a patio appear in the agency’s files in dribs and drabs. Potential buyers are often willing to do without amenities in exchange for a prime address. Valérie Viallon is therefore not at all worried about selling an apartment of 130 m2, for instance, with no garage or balcony, in a mansion in the Mazarin neighbourhood, facing the cathedral on one side and a garden on the other, and offered at 640,000 €. Clients looking for large surface areas have often just sold a villa in the countryside and want to reinvest the total proceeds from the sale in an apartment. Those in search of rental investments focus on less generous living space. While such investments generate a low yield, of about 3 % gross, they constitute first-class long-term assets. Aix’s vocation as a student centre secures the property’s value and potential for income. One neverthess has to pay from 200,000 to 250,000 € for an apartment of 30 m2, perfectly appointed, in a high-quality building overlooking a square. Finally, buyers from Paris and its surrounding region, Belgians, Swiss and Scandinavians readily pay 700,000 to 800,000 € for a holiday home of of 70-90 m2.
“Les Allées Provençales are very popular,” says Guillaume Rey of Actuel Immobilier, which has just handled the sale of an apartment of 130 m2 with very refined appointments, prolonged by a terrace of 45 m2, at 1,250,000 €, despite higher bids. Outstanding properties - ie. generous and practical living space or entire private mansions - can soar to 8,500 €/m2. Against all expectations, apartments of over 130 m2 with three bedrooms and two bathrooms benefit from added value. Just recently, a seller was asking 1 million euros for a first-floor apartment of 200 m2 in need of refurbishment, in the Villeneuve neighbourhood, with painted ceilings and a listed boudoir : the budget for the work involved was estimated at 300,000 € minimum. On the market in Aix, the difficulty lies in finding properties free of disturbance or major defects. Generally speaking, estate agencies cannot live off their sales within the town centre. In the case of Actuel Immobilier, the sector hit by the shortage only accounts for 20 % of its turnover.
By Laetitia Rossi
