Searching for a home in France: Medieval estate near Provence for3 million dollars..

International Real Estate

In the south of France, where vacation homes make up a large part of the housing market, there is a growing demand for privacy and open space.

13-room estate near the medieval town of Uzès

2.99 million dollars (2.495 million euros)

This 13-room house, with a tower built in the 11th century as a defensive station for the Knights Templar military order, is located among olive groves and oak trees, not far from the medieval town of Uzès in the south of France.

The stone house, covering 5,920 square feet, is surrounded by a courtyard and nearly 47 acres of landscaped gardens, meadows, and trees, as well as a guest house, a heated pool, a swimming pool, four enclosed garages, and other outbuildings.

For many years, the house has been used as a monastery, an American school, and a private residence, said Patrick Ponce, CEO and co-founder of Poncet & Poncet Christie’s International Real Estate, which has the listing. The last renovation was done in the 1980s, including underfloor heating on the first floor; some parts of the house require further restoration.

Spacious rooms with stone vaulted ceilings form a U-shape on the ground floor. Behind the barrel-shaped entrance hall, the reception rooms offer panoramic views of the surrounding landscape and the river that flows along the southern boundary of the property. To the left, the updated dining room accommodates 15 people. A stone fireplace occupies one end of the living room, and glass doors under the arch open onto the grounds. The covered terrace provides a view of the river. The kitchen needs renovation, said Isabelle Clavi, senior international real estate consultant at Poncet & Poncet.

To the right of the entrance hall are an office, a billiard room, and, two steps up, a compact library overlooking the courtyard. The floor is laid with ceramic tiles and stone slabs typical of French houses.

The second tower has a spiral staircase leading up. On the second floor, where there are parquet floors, the master bedroom has its own bathroom with a bathtub. Each of the seven other large bedrooms has its own shower room and sink, but the shared bathrooms are located in the hallway. The second floor also features an office and a laundry room. A straight staircase from the courtyard also leads to the first floor.

Five more compact bedrooms on the third floor, previously used by nuns, have their own showers and sinks. The toilets, shared by everyone, are located in the hallway. A dozen bathrooms in the house need updating, Ms. Klavi said.

The modern sauna and shower are located in the knight's tower. A stone staircase leads to a heated pool measuring 59 by 20 feet, where a kitchen and open living room are situated in a stone pavilion. Away from the main house, the staff house features two bedrooms, a living room, a kitchen, a bathroom, and a private garden.

The property is located just over a mile from Uzès, a medieval community with narrow, winding streets, shops, restaurants, arcades, the first duchy of France, and an annual truffle festival. Marseille and the French Mediterranean are about 90 miles to the southeast, while the Provence-Alpes-Côte d'Azur region is directly to the east. Although Uzès is widely included in real estate listings for the Provence region, it is actually situated in the administrative region of Occitanie, which was created in 2016 from the former regions of Languedoc-Roussillon (where this house is located) and Midi-Pyrénées.

International flights are available at Marseille-Provence Airport, which is located about a 90-minute drive away.

Market overview

The French real estate market remained stable during the turmoil of 2020, even as the economy plunged into recession. In the fourth quarter, residential property prices increased by 6.1 percent compared to the previous year, with prices for existing homes rising faster (+6.4 percent) than for new homes (+2.8 percent), according to the National Institute of Statistics and Economic Studies.

On April 3, when a new wave of Covid-19 infections devastated France, the country went into lockdown for the third time.

Secondary homes, however, make up a significant portion of the real estate portfolio in the south of France, especially in Provence-Alpes-Côte d'Azur and Occitanie, where Montpellier and Uzès are the most sought-after locations.

“The climate is mild, cities and villages have a very rich architectural heritage, and culture in all its forms is present everywhere,” said Mr. Ponce, mentioning the theater festival in Avignon, dances in Montpellier, beaches and nightlife in Saint-Tropez, and the Cannes Film Festival.

Tim Swanni, director of Home Hunts, which specializes in luxury real estate in France, Monaco, and Switzerland, said that his company's sales dropped by 20 percent in 2020 after a successful 2019, although interest remained strong. "The south of France is generally not a real estate market characterized by booms and busts," he said. "Most owners see a gradual increase in the value of their property over time."

When the first lockdown was lifted in May of last year, "it was like opening the floodgates - the market was flooded with buyers, everyone was looking for an opportunity to purchase real estate," said Mr. Swanny. As buyers from Paris, Monaco, and other European cities sought larger homes with plenty of open space, "properties were selling at price, sometimes with multiple buyers, or were sold before they officially hit the market," he added. Even properties that had been on the market for a long time "were snapped up with compromises from buyers willing to consider renovating and modernizing the homes."

With travel restrictions in place, foreigners were limited, and part of the demand was met by local buyers. But "foreign demand is rising again with the approach of the summer season, in line with the progress of vaccination worldwide," said Marie-Claire Sangouard, CEO of Engel & Völkers on the French Riviera.

Leticia Hodson, a partner at Knight Frank in the international residential department, said that "the appetite for acquiring a second home in France is very high for households in the country," with "twice as many new clients and new inquiries."

“Since the beginning of 2021, deals are much closer to the asking price,” said Ms. Hodson, noting that real estate inventory is low. “Some sellers have decided not to sell and to keep their second home,” she added.

In Occitania, prices start at 450,000 euros (540,000 dollars) for a small apartment and can go up to several million euros for a mansion, Mr. Ponce said.

In Provence, a house in the village with three or four bedrooms and a small garden costs between 650,000 euros and 1 million euros (780,000 to 1.2 million dollars). For a house with a garden and a pool in a quiet area, prices start at 1.5 million euros (1.8 million dollars) and can reach up to 30 million euros (36 million dollars) for private estates, Mr. Swanny said.

Most buyers are looking for "properties with character," such as "mas," traditional Provençal stone farmhouses "with thick walls and small windows on the south side of the house," said Mr. Swanny.

Others prefer larger, often better-located "Bastides," houses originally built for the nobility. "These houses are more symmetrical in size and rooms," he said, with larger windows and better views.

Who buys in France?

Before the pandemic, about 60 percent of buyers in the south of France were foreigners, mainly from the UK, Sweden, and the United States, Ms. Hodson said. Now, 60 percent of buyers are French, and foreign buyers come from neighboring Belgium, Luxembourg, the Netherlands, Switzerland, and Germany.

Overall, non-residents account for only about 2 percent of real estate transactions in France," said Amory de Monclan, CEO and co-founder of Bluesky Finance, a French mortgage broker for foreign buyers. "The presence of foreign buyers is significant...