Property Investment in Marseille

With a population of 1.6 million, Marseille is France’s second largest city. Despite its stunning Mediterranean location, the city has until recently been regarded as something of a rough diamond, its reputation tarnished by high unemployment and simmering racial tensions. Between 1994 and 2004, however, unemployment dropped from 20% to 14% and with more and more businesses relocating to Marseille, they are encouraging signs that this trend will continue.

The transformation of Marseille’s fortunes is in no small part due to its vastly improved transport links. It takes just 3 hours to travel to Marseilles on the TGV and, after the recent upgrade of the Eurostar service, it is now possible to reach London within 7 hours. Even more significant to the city’s fortunes has been the introduction of low-cost airline routes to Marseille-Provence airport at Marignane (27km northwest of the city centre). Easyjet operates flights from Gatwick, Liverpool and Bristol, while Ryanair offer a service from Glasgow.

As a result of its increased accessibility, Marseille is attracting more visitors than ever before and an increasing number of people are opting to deepen their relationship with the city by investing in Marseille properties. Those who do are finding that Marseille is an engaging place to live. Its centre is fun and vibrant and full of diverse cultural offerings from the Opera to a lively Hip-Hop scene. It has superb shopping and a buzzing café culture, and in the Marché aux Puces it has a Sunday market that showcases the city's multi-ethnic background. Add to this a 57km stretch of white sanded beach and an average of 300 days sunshine a year and it is easy to understand why so many people are looking to invest in Marseille real estate (fr. immobilier).

Real Estate Prices in Marseille

Being a large city, there is a naturally a great range in the types of property available for sale in Marseilles.

At the budget end of the Marseilles real estate market you will find many bargains located in and around the city centre. Although a three-room apartment of around 60m2 will typically cost somewhere in the region of €170,000, you will find some agents in Marseille offering similar properties for as little as €170,000.

If you are looking for something larger, then €280,000 will be enough to buy you a 112m2, four-room property in Marseilles 1er arrondissement. For this price you will enjoy the convenience of city-centre living, as well as the charms of a period apartment complete with mouldings and marble fire-places.

If however, you are willing to sacrifice location for amenity then you might consider extending your property search to the Marseilles suburbs where a modern four-room apartment, with access to a resident-owned swimming pool, will cost in the region of €270,000.

Due to the recent increase in demand for property for sale in Marseille, there has in recent years been a shortage of existing stock. Fortunately the local government has been extremely supportive of developers building new properties in Marseille. This has not only been of great advantage to the Marseilles property market, but has also played an integral part in local regeneration schemes.

If you are in no great hurry to secure your immobilier in Marseille, you might well consider investing in one of these new developments. Although the disadvantage is that you cannot view your property until you already own it, the financial incentives of investing in such developments often prove to be extremely tempting.

One such scheme is the Pavilion Massalia. Located in the heart of the city in an area known as La Belle de Mai, the Pavilion Massalia is comprised of a range of one, two, and three bedroom apartments all of which were sold before the building was even completed in early 2007.

With prices starting at €154,500 for a one-bedroom property, apartments in the Pavilion Massalia were relatively expensive at the time. However considering that the long term return on the apartments is forecast to be more than 200%, while annual rental return has the potential to recoup 8% of the initial outlay, it soon becomes clear that such apartments represent an extremely good investment.

Whether you are looking to buy an apartment in an old townhouse, or put your money into one of the many new luxury developments you are sure to find a Marseilles property to suit both your requirements and budget. This is a wonderful old city that has recently had new life breathed into it, and this is a perfect time to invest.