The slight drop in prices observed in March 2024 on the Bordeaux real estate market. All the players in the sector are on the lookout. According to the South-West Real Estate Observatory, in Bordeaux, houses sell on average for 5,345 euros/m², compared to 4,392 euros/m² for…
The slight drop in prices observed in March 2024 on the Bordeaux real estate market. All the players in the sector are on the lookout. According to the South-West Real Estate Observatory, in Bordeaux, houses sell on average for 5,345 euros/m², compared to 4,392 euros/m² for apartments. The average price per square meter in Bordeaux is 27% higher than in the rest of Gironde. Despite this decline in purchase prices, Bordeaux retains its status as an attractive city. Behind this observation, the reality is a little darker.
One warning point is flashing bright red: new home sales. In Gironde, they decreased by 53% in 2023. Or 1,403 transactions. The phenomenon is even more pronounced in the Bordeaux metropolis. All operators there made 948 sales in one year, a decrease of 59% compared to 2022, which was already part of a downward dynamic since 2018. A time when everything that was built was sold and found occupation. . It is now over. The share of investors in the agglomeration, those who buy to rent, falls to 25% (-22 points).
Emergency plan
Another marker of the great vagueness of the real estate market, the 655 “withdrawals” of sales recorded in 2023 in the metropolis compared to 209 in 2022. The reasons are identified: level of interest rates, high prices, increase in the cost of construction materials, regulatory and environmental constraints, decline in purchasing power and household confidence. The whole machine is seized up: from real estate development to construction, the sector is in an air hole which could cause breakage. Could 2024 be the year of all dangers? Some prospects are emerging: a drop in interest rates in the summer which should facilitate access to credit. Last year, 40% of households who had made an accommodation reservation withdrew due to lack of a loan. And Bordeaux Métropole has released 35 million as part of an emergency housing plan, which should give the sector some breathing room.
