According to the Breton notaries’ barometer, you had to pay €460,000 (median price) at the end of June to buy the house of your dreams in the city of the Veneti. Three months earlier, the sum was €466,900, or €7,000 less over a quarter. A drop in the ocean…
Over a year, the overall drop in the city is -2.1%. But the trend remains very fluctuating depending on the neighborhood: +3% in Nord-Ménimur (€365,700); 0% in the East (€400,000); +5.3% in the center (€710,000); -2.9% in the Gulf sector (€500,000); and -3.5% in the West (€480,000). The most sought-after type of property remains the house with three or four bedrooms.
If a clear decline is slow to be felt, it is partly due to the particularity of the Morbihan market pulled by the coastline whose influence is felt even in more distant municipalities. But the preliminary contracts signed in July 2024 suggest a more marked decline in Vannes: -15% for a median price of €374,000.
€4,040m² for old apartments
The drop in prices has not yet been felt in old apartments: they are even continuing to increase by +1.6% over a year to reach a median price of €4,040 per m². The increase is greatest in the east of the city: +5.5% (€3,950/m²); followed by the city centre with an increase of 2.4% (€4,490/m²); and the Golfe sector, +2.1% (€4,110/m²). The western districts are the only ones to drop slightly: -1.9% (€3,820/m²). In the northern Ménimur sector, the price per m² is €3,020 (change over a year not communicated). Preliminary contracts suggest a more marked drop in the city: -3.8% for a median price of €2,660. The most sought-after product remains the T2 and T3 but it is becoming rare: the drop in transaction volumes is around -20% in Vannes, compared to -12.9% for old houses.
The new is losing momentum
Concerning the new-build market, the situation is more complex. “New-builds are at a standstill and the volume of sales is falling,” notes Mathilde Tersiguel, notary. Projects are somewhat at a standstill in terms of marketing and they are taking longer to come out.” Three factors are weighing down new-builds: the cost of construction, which has increased sharply, the cost of land, which has also increased, and lower profitability for investors. “Rental property investment seems less attractive today,” say Breton notaries. “It happens that the remuneration of bank interest rates is better, not to mention the risk of non-recovery of rents and the IFI, which can wait for you like a wolf in the corner of the woods.”
But in the long term, new builds still have advantages over old builds, particularly in terms of guaranteed energy performance from the time of purchase. “In the long term, real estate investment remains a safe haven,” adds Mathilde Tersiguel. “You don’t risk losing your capital and you make capital gains: +47.9% for new apartments, +69.2% for old apartments and +43.3% for old houses over ten years in Morbihan.”
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