House Prices in the Basque Country

Tuesday 03 May 2011

It was a mixed picture for house prices in the deep South West of France in 2010.

In their review of the year, the Chambre Interdépartementale des Notaires des Hautes-Pyrénées, Landes et Pyrénées-Atlantiques summarise the state of the market for existing houses.

As so frequently is the case, there were considerable variations betwen the departments.

In the Pyrénées-Atlantiques prices rose by an average of 3.7% to reach €257.500; in the Hautes-Pyrénées prices went up by an average of 5.3% to reach €155,200, while in the Landes prices headed south by -1.9% giving an average price per property of €178,900.

These figures disguise further considerable departmental variations.

Pau and Bearn

Whilst house prices as a whole within the Pyrénées-Atlantiques increased in the year, in Pau they fell by an average of -4.9% in the town itself, and by an average of -3.8% in the suburbs. The price reductions gave an average price of around €235,000.

Within the wider area of Bearn the market was stronger, with an average price increase of 7.9% in the year, after having fallen by nearly -13% in 2009.

Oloron-Sainte-Marie remains the most accessible area in the Bearn, with an average price of €141K, behind Orthez at €157,000, and Salies-de-Bearn at €163,800.

Basque Country

Along the coastal area of the Pyrénées-Atlantiques (Hendaye to Anglet) the price of older apartments rose in the year by an average of 3.8%, giving an average price of €3,267 m².

However, the increase was not a uniform one, with prices falling marginally in Hendaye by -3.6% (€2,994 m²), but increasing by an average of 6.7% in Anglet (€3,065m²). Prices of older apartments in Biarritz increased by 3.4%, to reach the high point of the area at €4,069 m².

House prices along the coast average around €450,000, an increase of around 10% in the year, but there is a wide disparity in price levels. The most expensive prices are in Saint-Jean-de-Luz, averaging €618,200, whilst in Biarritz they average €487,000.

Further into the interior of the Basque country, the price of existing homes fell by -4.8%, to average €211,800.

By contrast, the price of building land also rose by 2.7% to reach €77,900 per plot.

Landes

Along the coast of the Landes the price of apartments fell slightly by an average of 0.6%, but with variations by area.

Thus, at Capbreton prices increased by 6.4% to reach €3,867m², and at Soorts-Hossegor they also rose by 4.5% (€3,550m²).

Elsewhere, the picture was not so strong, with prices at Vieux-Boucau-Les-Bains falling by -3.6% (€3,119m²), and at Seignosse by -2.9% (€2,866m²).

The average price of houses in the Landes was €179,000, having fallen by -1.9% in the year, after a fall of nearly -11% in 2009.

However, once again there were important disparities, with houses in the north of the department actually increasing by 7.1%.

Beyond the coastal areas the cheapest homes in the Landes are around Morcenx (€140,500), whilst in the capital Mont-de-Marsan prices averaged €160,700.

Building land outside of ‘lotissements’ averaged €60,000 per plot, a fall of -6.1% in the year, but with a lower falls along the coast than in the south of the department.

Hautes-Pyrénées

House prices rose by an average of 5.3% in the year, after two successive years when they fell by an average of around -3% a year.

Strongest performing areas were in Tarbes (11.2%) and the north (14.7%), whilst they fell by -1.1% in the eastern part of the department.