Whether to buy or rent, real estate prices are high in Normandy in 2024. According to the GH Transaction and Location Observatory, the strong attraction of Parisians for the region and that of students for the large Normandy cities are driving the market : goods are rare, and therefore expensive.
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The students’ headache of finding accommodation at the start of the school year is not just an impression. Figures from the Guy Hoquet Transaction and Location Observatory confirm that the real estate market in Normandy remains tense in 2024.
The number of rentals is decreasing: -2.8% over the period January-September 2024 compared to the same period in 2023. And it is much worse in large student cities! Caen holds the record with -14.3% of housing for rent this year. In Rouen, the number of rental homes has “only” fallen by 4.8% since last year.
However, not all Norman towns seem affected by this storming of studios and small apartments. Le Havre (+ 9.2%) and Cherbourg (+ 5.7%) show growth in the number of homes rented.
In Normandy, finding accommodation is often an obstacle course for students.
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© VALLAURI NICOLAS / MAXPPP
It is the law of supply and demand: as there is fewer housing units on the market, rental prices increase: + 4.8% on average in Normandy, above the + 4% displayed on the national average. According to the observatory, Caen is also “the city with the highest average rent/m2 in the region” : renting in the capital of Calvados costs €15.6/m2, compared to €15.4/m2 in Rouen and €13.3/m2 in Cherbourg.
Today, tenants must pay €638/month to occupy an average of 53m2 in the region.
Parisians still buy as much in Normandy
This tension in the rental market is a direct consequence of what is happening on the sales market: the continued attraction of Parisians for the region is causing prices to rise by 3.5% in one year.
However, the number of properties put up for sale increased by 4% between January and September 2024, compared to the same period last year.
In 2024, the Normandy real estate market has slowed down, with fewer transactions in existing properties. The strong attraction of Parisians for the region has driven up prices, complicating access to property for local populations.
Stéphane Fritz, President Guy Hoquet Real Estate
Here again, the GH Transaction and Location observatory notes strong disparities between cities. Le Havre and Cherbourg recorded double-digit growth in supply (+17.3% in 1 year in Le Havre, +15.2% in Cherbourg).
Conversely, Caen, “very popular city thanks to its geographical location, its economic dynamism and its important university center”suffered a sharp decrease in the number of goods placed on the market: -6.3%.
Mathematically, prices also jumped 10% in Caen, while in Le Havre and Rouen they only increased by 1.5%.
This tension on the market still complicates access to property for Normans. But the Observatory wants to be optimistic for the future: According to the president of Guy Hoquet Immobilier, Stéphane Fritz, “favorable signals are starting to emerge with the fall in inflation and credit rates since the start of the school year in September.”
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