MARKET UPDATE WITH “Terres & OCEAN”

Following a year marked by a net slowdown in the property market on the Côte Basque and Côte Landaise, the first quarter of 2024 has produced the first signs of a turnaround with indications of encouraging prospects. Update with Serge Pilke, founder of the Terres & Océan agencies.

Throughout France and not excluding the privileged markets of the Basque and Landaise regions, 2023 was hit by a convergence of negative factors.

“The nationwide decline in sales attained around 20% last year,” says Serge Pilke. “All regions suffered the same phenomenon, which also had an impact on niche markets such as Hossegor, though to a lesser extent. We in fact registered a fall in sales volume but without a spectacular drop in prices, just a simple correction. Clients who required mortgages took the brunt of the soaring rise in interest rates and tougher conditions for loan agreements. And those who did not need to borrow adopted a wait-and-see attitude, hoping, rightly or wrongly, for lower prices.”

Following experience in communication and advertising in Paris, Serge Pilke turned his attention to real estate. In 2003, he left the capital to settle in south-west France. Four years later, he founded the Terres & Océan agency in Hossegor, which was joined in 2016 by a second branch in Biarritz. Agence Terres & Océan, 37 avenue Maître Pierre, Hossegor (05 58 43 60 41) et 3 bis avenue François Mauriac, Biarritz (05 59 47 29 77). www.terresetocean.com

Located in Hossegor between lake and ocean, this magnificent, fully renovated house of 230 m2 benefits from grounds of 1,600 m2. Garage. Vendue entre 2.5 et 3M€

In Hossegor, a stone’s throw from the lake, this house built in 2012 enjoys beautiful views of the forest and is surrounded by terraces of 150 m2. Its living space of 215 m² is comprised of a large living-room, 5 bedrooms including a master suite, and a study. A garage completes the property. 2.625.000 €.

Ideally located on the front row, facing the lake in Hossegor, this property of 290 m² offers 7 bedrooms and sublime views. Vendue entre 4 et 5 M €.

A market which seems to be picking up according to figures for the first quarter of 2024 :

“In some highly sought-after neighbourhoods such as the “lake and ocean” area in Hossegor, sales volume and prices held up well despite the general turmoil, and since March we are getting the impression of a rather clear rebound. In our agencies, we have completed four fine transactions over the past five months, at prices ranging from 2.8 to 5 million euros, and we have registered five offers accepted by sellers since the beginning of March. They include an apartment to renovate in the centre of Hossegor with a large terrace, a property in the country, 30 minutes from the coast, benefiting from over 49.5 acres of land, and a beautiful 1930’s house designed by an architect in the golf-course neighbourhood of Hossegor.”

And the future ? “I remain optimistic though also very cautious, as the international context is still very sensitive,” says Serge Pilke. “2023 was a year of correction after the post-Covid madness, 2024 will perhaps be a year of more measured recovery.”