When you love, you don't count... at least in real estate. The Basque coast has seen an uninterrupted rise for 9 years, flying from record to record. 2021 has seen transactions at unprecedented levels which may have made local headlines for some. Thus, in Biarritz, a 150m² apartment in the famous Villa Belza was sold at 40k/m². In July 2021, the superb villa Le Goéland found a buyer at €9.5m with probably as much work. A record transaction even reached 12 million euros. Still in Biarritz, the price of houses has appreciated by 60% over the last 3 years. And now. Many factors are gradually darkening this landscape: war in Ukraine, galloping inflation, increase in interest rates and material prices, supply difficulties, a 7th wave of the pandemic, and tougher legislation for rentals. Airbnb-type seasonal rentals. This last factor is likely to have a real impact on the real estate market on the Basque coast. Indeed, with the impossibility for some landlords to be able to rent and therefore fewer properties for rent, not only tourists are likely to become scarce but also many Airbnb properties are likely to be on the market. Landlords no longer having the expected income to honor their monthly payments.
A slowdown in the number of transactions was noted: -17% in the first quarter of 2022 compared to the first quarter of 2021. If these figures communicated by the best agents are at the national level, they are also confirmed for the Basque country and the Landes. The period of uncertainty that has begun calls for caution in the choice of real estate investments. While premium goods will always be in high demand, caution should be exercised for goods with default. Trees don't usually go up to the sky. They approached it nevertheless. The evolution of the market and the tightening of the regulations confirm our interest in secondary residences in co-ownership, in particular in the premium segment. Indeed, the annual rental market for premium properties is almost non-existent. Many shutters are closed almost all year round. Odomo will make it possible to reopen them for the happiness of all, the city and the merchants. The high-end tourist activity generates significant income and allows the creation of many jobs.
