The property market in Aix

There is a micro-market that deserves an in-depth analysis : Aix-en-Provence.

When referring to the bouyancy of the property market in the South of

France, people usually focus on the very prominent Côte d'Azur. Yet,

there is a micro-market that deserves an in-depth analysis :

Aix-en-Provence.

Apartments, a buoyant sector

Pierre-André Scandolera of the Comeri agency notes the resounding success of large apartments in Aix-en-Provence. He explains about neighbourhoods, prices, new offers and the student market…

In the town centre, there is a noticeable lack of aparments, especially large ones. A bourgeois apartment of over 150 m2 can attain 1 million €, 1.2 million for 200 m2. Mazarin is the most highly-prized neighbourhood for its private mansions and their orientation. The area around the Palais de Justice posts prices from 4,500 to 5,000 € per sq. metre. In the southern part of Aix (apartment blocks built in the ’70s at Le Pigonnet and Val Saint-André), interest in older buildings has slackened off due to the arrival of new accommodation offering good value for money. Prices range from 3,000 to 3,500 €/m2, versus 4,000 € a short while ago. To the north, in the neighbourhoods of Solari and La Violette, high-class apartment blocks fetch 4,500 € per m2. The well-known Haut Brunet and Montvert range from 6,000 to 7,000 €. Quality residences at La Torse offer large apartments at 5,000 € per m2. The Vasarely area west of Aix costs between 3,000 and 3,500 € per m2, especially thanks to its natural greenery. Just above, Saint-Mitre and the Route d’Eguilles cost up to 4,500 € on estates such as Le Parc de la Chapelle and L’Amadour. Another type of accommodation subject to high demand is the studio flat. The student population explains the high prices : 100,000 € for 20 m2. And the trend shouldn’t be reversed, especially as new apartment blocks will not offer small units. In new complexes, especially at La Rotonde, prices range from 4,000 to 5,000 € per m2. At Aix-en-Provence, only mid-range properties are currently subject to a slowdown in interest.

Private homes

Less active than the market for apartments, the villa suffers from the gap between supply and demand. Michel Agnel of the Korine Olivier agency goes into detail.

For a villa of 100 m2 in grounds of 400-500 m2 at La Torse, prices range from 500,000 to 700,000 €. For 1.5 million €, you could acquire a villa of 250 m2 in grounds of 2,500 m2 with a pool, in the same area. Saint-Mitre is currently experiencing a lot of activity with a good number of recently-built houses offered for sale. A house of 90-120 m2 with a garden of 300-400 m2 costs between 350,000 and 500,000 €. Older properties are also available : a villa of 250 m2 with grounds of 2,500 m2 just sold for 925,000 €. At La Molière, plots ranging from 1,000 to 2,000 m2 are pegged from 500,000 to 800,000 €. They are accompanied by smaller plots costing from 400,000 to 600,000 €. The top end of the market is to found at Puyricard, Le Tholonet and Saint-Donat, about a 10-minute drive from the historic centre. This is where one finds “bastides aixoises” or stylish neo-Provençal villas with grounds of 2,000 to 4,000 m2 in a price-range of 600,000 to 1 million €.

If the market for villas is not as active as that for apartments, it’s because home-seekers are not really aware of the situation in Aix. Only 20 % of the clientele present a coherent relationship between their expectations and their budget. Added to which there is limited supply and few new developments.

Major assets

A full range of attributes in a single town… Yann Andres of the agency of the same name emphasizes the distinctive nature of Aix-en-Provence. Due to its unique strategic location, the capital of Provence has no competition.

Sheltered from the Mistral wind, the town, situated between Toulon, Marseille, Salon and Avignon, has no equivalent in Provence. At the heart of a strong network made up of the TGV hi-speed train station (Paris is only 2 hr 30 away), motorways and airport, Aix benefits from the business activities of La Durance and its top-notch legal and scientific centres (ITER project). The architectural treasures offered by local country houses and châteaux are only equalled by the quality of the natural environment. As exemplified by the Sainte-Victoire mountain to the east and the Luberon to the north. A city of art and culture, Aix is also a tourist and student centre. The universities, “grandes écoles” and International High School of Luynes all attract foreigners. Of budgets in excess of 1 million € , foreigners account for 20 %. In this sector, they are joined by expatriates, Parisians and professionally active locals. Amongst the international clientele, there are a lot of English whom this estate agent describes as “investors in their souls”. And while Le Tarn and Le Gers cast the Aixois market for cheaper accommodation into the shade, the city of fountains wins hands down for prestige properties. Very close, the Alpilles and the Luberon serve as complementary regions. In fact, some people abandon their large and expensive properties to get closer to Aix, a bustling town but on a human scale. The top end of the market is doing very well : fairly assessed, a property priced between 1 and 1.5 million € sells almost at once. In this category, demand is constant.

By Laetitia Rossi