Montpellier Property Insight

Overview

Montpellier is the most dynamic city of the Herault department. It is nowadays the 8th city in France in terms of population, with 251,634 inhabitants – without the agglomeration.

Since the 1950s, the population of Montpellier has been increasing steadily. The climate in the city is typically Mediterranean, meaning warm summers and mild winters. Lifestyle is relaxed in this cosmopolitan city.

The town is packed with ancient monuments, churches and very nice buildings such as the one occupied by the Prefecture’s administrative services or the famous Place de la Comédie. Montpellier is also the 7th University City in France, with 60,000 students. This opens real positive prospects for buy-to-let investments in the area.

The city now boasts an effective transport network which aims at reducing car traffic in the city centre, the main part of this centre being a pedestrian zone.

Montpellier Immobilier & Property Market Trends

Prices in Montpellier can be quite high depending upon the quarter where you plan to buy. As transport links in the city are quite good, one third of households do not have a car as it is quite easy to move around the town without one. We recommend not to buy in the La Paillade quarter as it is mainly composed of buildings in bad condition.

Surprisingly, prices in Montpellier are below the departmental average. This can be explained by the soaring house values generally seen in coastal resorts such as Agde. The average price of a property for sale is around €2,980 /sq m and about €12.72 / sq m / month for a good to rent.

Prices in Montpellier have decreased for the second half of 2008. Since the beginning of 2009, they have been rising again but remain quite low: - €100/ sq m on average compared to one year ago.

The best quarters to buy a property in Montpellier are La Mosson, Montpellier Ouest and Montpellier Sud. There, you should be able to find a property in good condition below €2,000 /sq m. Another interesting fact to notice is that studio flats can be very expensive, sometimes more than large houses (considering the price per square metre), this may be explained by the fact that most of them are located in the city centre.

To get updated info about the property prices in Montpellier, please browse our French Property Market Reports published in the News Section every month.

4 Reasons to Buy a Property in Montpellier

Montpellier is a very appealing city, and those of you who have ever been there can easily confirm this. The city combines a powerful demographic dynamic with definite assets such as its climate, charming style and proximity to postcard-looking settings such as the Mediterranean and the Cevennes mountains.

• A young and dynamic city: 43% of Montpellier’s inhabitants are under 30. The figure is much higher than the regional average. The city thus has an active nightlife with many bars and restaurants serving local food delights and it attracts between 12,000 and 30,000 new inhabitants each year, which is huge.

• Strategic buy-to-let market: Montpellier is ideal for buy-to-let projects. House and apartment prices in some areas of Montpellier (chapter above) can be quite reasonable and rental prices are steady. This allows you to buy a property and let it to one of the 60,000 students or to holidaymakers attracted by the closeness of the sea. With demography figures going up, investing in a property in Montpellier is a cunning bet.

• Positive economic prospects: tourism in Montpellier is a thriving industry. Another crucial pole is that of scientific research and R&D. Think tanks were created, dealing with biotechnologies, information science, agronomy, environment and many small companies; the majority of them being leaders in their sector. The fastest-growing fields: chemicals, pharmaceuticals, computer science (Dell, Cap Gemini, Ubi Soft) – the latter accounting for 25,000 positions in Montpellier alone.

• Pleasant architecture: architecture in Montpellier is an art open to everyone. The Place de la Comédie, Montpellier’s main square, is home to a stunning 19th century opera house. An ideal place to spend the afternoon while chatting with friends. Saint Peter’s Cathedral is renowned for its two rocket-shaped pillars. The rue de la Loge is Montpellier’s High Street. It is packed with cute shops and little boutiques offering original clothes for instance. The Antigone district is the very modern quarter of Montpellier – but not the only one for sure! There are many examples of this kind in the city.

Property Styles and Architecture in Montpellier

• Haussmann style buildings: the old city centre of Montpellier was built under the influence of the famous Baron Haussmann, who designed the major part of Paris’ city centre during the 19th cent. Classic Haussmann architecture is part of the quarter, the block, and thus its style had to be coherent and sympathetic with the other buildings’ architecture. Thick walls, gorgeous balconies and façades organised around horizontal lines are the main criterion. These lines are continuous from one building to another and are formed by balconies and cornices perfectly aligned.

Click here for more info about the Architecture of Languedoc-Roussillon.