THE COTE BASQUE: HOLDING ITS OWN !

Despite an accumulation of constraints and an unsettled economic context, the prestige property market on the Côte Basque is remarkably buoyant and is still posting high prices. Update with Philippe Thomine-Desmazures, Manager of the Barnes Biarritz, Hossegor and Saint Jean-de-Luz agencies.

The situation has changed ! “In the 14 years I have spent in real estate, one rule remained unchanged,” says Philippe Thomine-Desmazures.

“The market for second homes was linked to the healthiness of the Parisian market. But over the past year, I have noticed that this is no longer the case. In fact, in parallel to a Parisian market under strain, the market for second homes on the Côte Basque is doing well. The reason ? Maybe as a follow-up to post-Covid thinking, but also an economic context enabling well-to-do buyers, less affected by the rise in interest rates, to pursue their projects. On the other hand, among those who need a mortgage, a certain wait-and-see attitude has appeared.”

This charming villa built in the 1970’s in Biarritz offers an unimpeded view of Lake Mouriscot and a garden of 460 m2. Its living space of 220 m2 is comprised of spacious living rooms including a living/dining-room with a hearth, 3 upstairs bedrooms and a study. At garden level, it is completed by a self-contained partment with 3 bedrooms and a private terrace. 2.480.000 €.

At the heart of Biarritz, a short walk to the beach and shops, in an elegant residence with a warden and lift, this very lovely apartment of 107 m2 enjoys a stunning view of the ocean. It is comprised of a living/dining-room with a terrace, a separate kitchen with a balcony, and 2 bedrooms. A lock-up garage and a cellar complete the property. 1.690.000 €.

Garage. Close to the village of Arbonne, this new house of 480 m2 designed by a renowned architect offers panoramic views of the mountains and a garden of 480 m2 with a heated pool. On two floors, it is comprised of superb living rooms including a huge lounge opening out to the terrace, and 6 bedrooms including 2 vast suites. Attics 200 m2 awaiting development. Garage. 3.850.000 €.

After devoting 10 years to consultancy and marketing in Paris and Switzerland, Philippe Thomine-Desmazures moved to south-west France in 2010 and created the Barnes Biarritz agency. In 2017 and 2018, two more branches were launched, one in Saint Jean-de-Luz, the other in Hossegor. In 2022, a fourth agency opened its doors 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

The market on the Côte Basque is thus mixed but holding its own.

“On the Côte Basque, prestige real estate is doing well with prices that continue to rise. Houses benefiting from prime locations still sell at high prices. While sales volume in the region has fallen compared to the peak seen in 2021-2022, we have regained volume equal to pre-Covid years with a much higher price level. Paris, however, has seen setbacks in terms of both volume and prices. Apartments in the capital have in fact seen a price decline of 5% over the past five years. Whereas in Biarritz, prices for apartments post a rise of 26%, and 50% for houses. It should however be stressed that this rise concerns the prestige sector. In intermediate segments, the market is struggling and you can feel a gap between the coast and the nearby countryside. It is also worth noting that strict regulation of seasonal rentals introduced over the past two years has not at all led to a burgeoning of offerings, as expected ! It has, on the other hand, severely

penalized the tourist industry.”