While the real estate market was idling, buyers suddenly surged in Marseille (Bouches-du-Rhône) as soon as the confinement ended. As the stock of goods for sale was not sufficient, prices, which had remained accessible compared to those of other cities, rose rapidly. “In highly sought-after areas, housing was then negotiated at more than 5,000 euros per square meter, an incredibly high price for the people of Marseille. Then buyers moved to other neighborhoods and prices skyrocketed everywhere.”laments Jean-Luc Lieutaud, president of the Union of real estate unions of Provence-Alpes-Côte d’Azur.
The second French city also attracted many investors, some of whom bought too much. Because Marseille remains a very heterogeneous city: from one street to another, the quality of the buildings and the profile of the tenants change radically.
Another peculiarity: the proportion of low-income households is high there. The poverty rate in the city is 26%, against 15% in Lyon, according to INSEE. Rents should therefore not follow the evolution of purchase prices in the medium term.
Young professionals and trendy couples
For safe bets, aim for the surroundings of the Timone university hospital. Studios and one-room apartments of 25 to 30 square meters are between 100,000 euros and 125,000 euros and are rented furnished to students around 450 euros per month.
If you have a larger budget, prefer two-pieces, available between 125,000 euros and 150,000 euros. They experience less rental vacancy and bring in around 600 euros per month. “In this sector, parents of students act as guarantors, which greatly reduces the rental risk”, says Vanessa Ducros, director of Top Immobilier Orpi.
The southern districts of La Canebière, around Cours Lieutaud, concentrate places for going out and for entertainment. They appeal to young professionals and trendy couples. In the old buildings, three-room apartments in need of updating sell for an average of 3,000 euros per square meter and rent for around 800 euros per month. “The sector has a lot of small condominiums with low charges, but you have to be careful about the quality of the building. Some are in very poor condition.warns Gilles Michel de Chabannes, director of the agency in his name.
The Old Port for the long term
Provided you invest in the long term, the neighborhoods between Saint-Charles station and Longchamp park have potential. Quiet and family-friendly, they appeal to young couples and seniors. Three-room apartments can be bought between 2,600 euros and 3,000 euros per square meter, to be refreshed. “Once renovated, they can be rented without difficulty around 750 euros per month, i.e. 5% profitability on average”says François Louvel, manager of Century 21 Longchamp.
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