The Basque Coast in top gear
Bénédicte Marchal, Manageress of the Sotheby’s International Realty agency in Biarritz, confirms that the pandemic has boosted the property market on the French Basque Coast, bringing new buyers in search of space and nature. Ever higher demand, resulting in soaring prices and a very tight market.
Rarity determines prices. A fact proven by the Basque Coast market in 2021 and confirmed by Bénédicte Marchal : “We are now seeing a market still borne along by French buyers, with constantly growing demand, availabilities that are becoming rare and prices which continue to soar. We are getting closer to trends demonstrated by the Parisian market with significant rises these past few years in highly-prized areas, attaining up to 20%+ for certain properties. Locations on the front-row or near the ocean, with sea views, are witnessing a real boom for high-end properties : exceptional houses easily attain 3.5 million euros. On the market in Biarritz, properties have reached prices per square metre that have never been seen before, soaring up to 40,000 €. And classic properties, apartments or town houses, easily attain 10,000 € per sq.m”. Provoking deep questions about the way we live, the Covid crisis has played an important part in the growing appeal of the French Basque Coast. “Many people have left Paris to live here year-round, realising that working from home is perfectly do-able,” says Bénédicte Marchal. “This has had a profound effect on the market : it is no longer seasonal, demand remains high even in winter. And many clients who rented properties on a regular basis in the region have taking the plunge by acquiring a second residence. This summer, we have also noted a significent return on the part of foreign buyers, Swiss and Russian in particular. As for local clients, they are also active on the market, often looking for larger homes or higher quality, though the price problem persists, causing real anger among the locals, obliged to fall back on less sought-after towns. Another trend is that more and more properties proposed off-market find takers before even appearing online.”