COTE BASQUE : A VOLATILE MARKET

At the head of the Barnes Biarritz, Saint-Jean-de-Luz and Hossegor agencies, Philippe Thomine-Desmazures talks about a “strange summer” in the region. Influenced on the one hand by a plethora of uncertainties, and positive factors on the other, the real estate market on the Basque and Landaise coasts experienced an impressive slowdown in July before seeing a very lively recovery.

Show no naive optimism nor any dramatic pessimism : such is the view of Philippe Thomine-Desmazures.

“The political context marked this summer by the legislative elections resulted in a real “wait-and-see” attitude in the month of July. Even though this period is not usually the most active in the year, it is nevertheless notable for first steps in the acquisition process. This year, nothing happened, it was a total status quo. Then in August and September, activity took off again as in previous months with lots of visits and properties put up for sale. People had become used to the idea that there would be no major changes. In our region, the coast still plays the starring role and in the nearby countryside stocks continue to rise with lower prices, especially for properties requiring renovation. In the towns, apartments of less than 60 m2 are penalized due to anti-Airbnb regulations. The most appealing properties are renovated town houses with outdoor areas, which continue to sell at high prices. We recently sold a lovely 1920’s house of about 300 m2 in Biarritz, with a garden, for over 3 million euros.”

Between Biarritz and Saint-Jean-de-Luz, this magnificent property offers an enchanting view of the mountains and a park of almost 5 acres with a heated pool, a tennis court and a “bodega” with a kitchen, summer dining-room, shower room with sauna, and a technical unit. On two floors, the house of 350 m2 is comprised of a triple reception room, a sitting-room with fireplace, a study, and 4 bedrooms including a master suite. Double garage, annex, wine cellar. 1.995.000 €.

Built in the 1930’s by Princess Murat, this very beautiful house is in Anglet, near the golf-course, beaches and tennis courts. It benefits from grounds of 4,200 m2 with a large landscaped garden, a heated pool, terraces, barbecue area... On three floors, its living space of 490 m2 is comprised of very spacious reception areas and 7 bedrooms including a large master suite. Garage. 3.950.000 €.

On the 2nd and top floor of a residence ideally located a 2-minute walk to Les Halles in Biarritz, this superb furnished apartment benefits from a terrace and panoramic views of the ocean. Its living space of 100 m2 offers a vast lounge with a dining-room and kitchen, and 2 bedrooms. The property includes an independent studio of 20 m2 in the same residence, and a cellar. Bien vendu par Barnes, prix affiché 1.995.000 €.

After 10 years in consultancy and marketing in Paris and Switzerland, Philippe Thomine-Desmazures returned to south-western France in 2010 and created 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 office opened to welcome clients in San Sebastian. Barnes Biarritz (05 59 51 00 00). Barnes Hossegor (05 58 71 77 14). Barnes Saint-Jean-de-Luz (05 59 51 00 08). www.barnes-cotebasque.com

And the future? “I have no crystal ball, but let’s be optimistic !” says Philippe Thomine-Desmazures. “Interest rates are trending slightly lower. Taxation remains to be seen and will, in theory, be the main lever to reduce France’s public debt, with a possible return of the ISF wealth tax…”