falling prices, but a market still in tension, according to notaries

The Loire-Atlantique real estate market is experiencing a correction phase in 2024, characterized by a drop in prices and volumes of transactions, note the notaries during a press conference this Thursday, January 23, 2025, in Nantes.

Notaries nevertheless put this situation into perspective, because “prices remain higher than those observed 5 or 10 years ago”.

With 23 038 transactions in 2024, the department records a decrease of 21.1% compared to 2023. This decrease is particularly significant for new apartments (-24.6%) and building land (-18.2%).

Old houses and old apartments also experienced a decline, but more moderately, of -0.7% and -0.1% respectively.

A significant decrease in median prices

Median prices show a significant decrease over one year:

• New apartments : 4 340 €/m2 (-9,7%)
• Old apartments : 3 390 €/m2 (-7,3%)
• Old houses : 270 000 € (-6,9 %)
• Building land : 80 800 € (-0,2 %)

Despite this drop, prices remain “much higher” compared to 2019 and 2014.

For example, the old houses increased by 21.6% in 5 years and 37.8% in 10 years.

“Loire-Atlantique began to suffer the crisis well before the other Breton departments,” note the notaries.

The notaries note that the young people under 30are less present on the market. 30-39 year olds are also less likely to acquire property.

Conversely, the over 50 years old have more purchasing power.

Intermediate professions represent 32% of buyers, senior executives 30%.

The situation in Nantes

Nantes and its surrounding area concentrate a significant share of the market. The city of Nantes has median prices of €3,460/m2 for old apartments and €405,000 for old houses. The inner suburbs of Nantes have slightly lower prices, with €2,980/m2 for old apartments and €315,000 for houses.

Price drops (which remain high) on the coast

The coastal towns, on the coast of lovelike La Baule-Escoublac, have very high prices. Prices of old apartments reach €6,550/m2 in La Baule, where the price of old houses is falling slightly (-2%). However, price drops are also noted in these areas, such as in Guérande (-7.1% for old houses). Note increases in median prices of old houses in Croisic (+ 15.1%), Pornichet (+ 4.9%) and Pouliguen (+ 8.7%).

Same on the Jade Coast where the median prices of old houses fell by 3.6%: -4.6% in Pornic (€402,900), -8.6% in Saint-Brevin-les-Pins (€320,000) and -.28% in Saint-Michel-Chef-Chef (€319,000). Let us note a counter-example at La Bernerie-en-Retz (+ 4.5%, €316,000).

In the rural sector, prices are more affordable. The Guémené-Penfao basin displays median prices of €1,740/m2 for old apartments and €131,000 for old houses.

It is more difficult to access property

The residential pathway is evolving. It becomes more difficult to access property.

Acquiring a first property is increasingly complicated, especially for young people. “The residential route has changed, it has changed the prices” note the notaries again.

The rarityof available goods contributes to this situation. The lack of housing, particularly in the countryside, is amplifying the crisis.

The Joint real lease(BRS) is envisaged as a solution, but is not a miracle answer, because it “blocks the price of the property on resale since the buyer does not own the land”, the residential course then being amended.

Notaries note that, despite the drop in prices, real estate purchasing power remains under pressure due to difficulties accessing credit.

They also highlight a lack of awareness on the part of the State regarding this housing crisis. “Today, we have a need for housing and we don’t have the answer,” notes a notary. A crisis supported by increasingly restrictive construction standards and a lack of financing.

The notaries recognize that efforts have been made by the Nantes metropolis “to unblock certain files, particularly in terms of construction and social housing”. Efforts that are not enough to reverse the trend.

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