Biarritz in the Financial Times
As an agent working in the luxury property sector around the Basque Coast, I’ve definitely seen in the last year a new influx of buyers with pockets deeper than what we have known in this region before. After Covid, more and more families are looking to leave the big city hectic lifestyle and search for places like Biarritz. With the ability to remain attached to their careers thanks to working from home and fast transport links, families are searching for the laid-back vibe, security, quality of life, and quality of food the Basque Country has to offer.
The recent article from FT.com titled - “Surfers not Superyachts: laid-back Biarritz attracts a new wave of Buyers” accurately describes the local market situation and also highlights some main reasons my wife and I moved here ourselves as expats.
As mentioned in the article, Biarritz is not the “Bling-Bling” of the French Riviera, and in my view, that is a good thing. Having lived in both the Cote d’Azur and Cote Basque, I have the unique perspective of knowing the lifestyle in each area and can clearly understand why we are seeing a wave of buyers coming to our area. However, it is a certain type of buyer we are seeing here; they are more discrete, calm, and have a family-focused style that fits so well with this region. We don’t see so much the superyacht-Lamborghini-look-at-me style that is so common on the Riviera.
The type of buyer and wealth we do see coming to the area is also based on simple economics. These buyers are selling their properties in big cities like Paris, Bordeaux, Toulouse, London etc., and looking to place that money here on the Basque coast as more of a complete lifestyle change rather than a secondary home, although we do still see secondary home purchasers too. With home prices being high in these major cities, their money goes much further, which gives them lots of purchasing power for their new home here.
However, the supply here is now very limited. Basque Country is squeezed between the mountains and the ocean, leaving only a limited supply of land. Thus, following the law of supply and demand, we are seeing an increase in prices and a decrease in supply. This pressure is also evolving the quality of supply and new construction of properties. The densification of certain urban areas, but also the new quality renovations of older properties in much need of restoration.
Biarritz is an exceptional place, but it is not unique in experiencing this post-COVID-19 boom in coastal towns around the world. Personally, I see this trend continuing and for those looking to purchase property here, the strategy has changed drastically.
I say this because we are seeing more and more properties being listed “off-market” meaning they are never shown online. Agents already have a list of qualified buyers, so when a home becomes available, within a few phone calls the property can easily be sold. Secondly, sellers are being much more selective of their buyers. Especially with any offers made with conditions. Sellers want cash buyers or buyers who have already obtained bank pre-qualification.
So if you are looking to purchase a home in Biarritz or the surrounding areas, I suggest you work closely with an agent you trust and have your finances in order to position yourself to take advantage of a good opportunity when it comes available.
