> Property prices in Brittany, price per m² drops

Property in Brittany, price per m² drops

Category: Real estate news

Chapter: Real estate in French regions and departments

Property in Brittany: prices are falling

Property prices in Brittany are falling much like in most regions of France.
After several boom years, the market appears to be settling down to a more reasonable level, according to the Regional Committee of Notaries. In Brittany, like in other regions, properties in the 120,000€ to 250,000€ price bracket (i.e. 80% of the market) are the most affected by the recent financial crisis.
Sellers either have to accept much longer time scales when selling their property or adjust their prices downwards.
Whereas prices of apartments in town centres remain relatively stable, prices in the suburbs of large and average sized cities are falling.
For example:

In Quimper, the number of transactions has dropped by 10% to 15% since the start of 2008
In Nantes, the price of a 2-roomed apartment fell by 11.7% between January and October 2008
Even the highly sought after Morbihan is feeling the effects of the property crisis. Transactions have fallen by 15% to 40% according to estate agents, the first time this has happened in over a decade

Prices per m² in Nantes, Rennes, Brest and Saint Nazaire

	Old build 3 room apartment*
Nantes	From 2.050€/m² to 2.650€/m²
Rennes	From 1.910€/m² to 2.480€/m²
Brest	From 1.270€/m² to 1.590€/m²
Saint Nazaire	From 1.680€/m² to 2.160€/m²

* Transactions from 01.08.2007 to 31.07.2008

New constructions are also affected by the financial crisis

The number of new properties made available for sale in Brittany fell by 30% in the 1st quarter of 2008.

Premium property is still in a healthy position

Only premium real estate (prices around 1 million Euros) are still finding buyers. However, real estate professionals have noted a drop in the number of foreign investors.

Updated on: 28/11/2008

And on the same subject:

Notary
Real estate listings Brittany

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