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French Regions With the Fastest Growth in Real Estate Prices

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Foreign buyers are choosing spacious properties in rural areas.

The official network of notaries of France has published the latest quarterly report on real estate prices and trends in the country. The report covers all completed and pre-sales for the third quarter of 2021.

The Buyers

The British are still the largest group of property buyers in France. At the end of 2020, the share of secondary housing sales to Britons amounted to 22% of the total. Then there are Belgians (20%), Germans (9%), Swiss, and Dutch (7% each).

The share of foreign buyers of second homes in France in 2020 reached the lowest level in 10 years. The number of purchases of real estate by non-residents of the country amounted to 1.3% compared to 1.7% in 2010. Notaries expect that the trend will continue in the first quarter of this year. But at the same time, it is predicted that in 2021 the total number of real estate transactions in the country will be a record.

Foreigners buying housing in France are increasingly preferring spacious houses in rural areas. For example, the demand for inexpensive locks has increased.

Outside the Ile de France, the average size of second homes bought by foreigners has increased from 77 sq.m to 95 sq.m over the past 10 years. For local buyers, the increase is only two sq.m. And if in 2010 48% of foreign buyers of second homes outside the Ile-de-France chose urban real estate, then in 2020 the figure dropped to 36%. Experts also note that Paris has ceased to be profitable for real estate investors.

Also read: The Best French Cities to Live In

Price Change

Despite the pandemic, the French housing market continues to grow.

  • Prices for second homes rose the most in Anjou, increasing by 19.3% in the third quarter of 2021 compared to the same period in 2020. The average house price in the region is now €300 thousand.
  • South Corsica showed the largest increase (18.4%), to €402,500. Next comes Montpellier (13.2%, up to €390,000).
  • Orleans was the only place where prices fell (by 0.8%), bringing the average cost down to €227,300.
  • The cheapest place in France to buy a new house is Chateauroux with an average price of €131,000. Prices there have increased by only 1.2% over the year.
  • The most expensive apartments are in Paris: €10,790 per sq.m. Prices in the capital have not changed over the year.
  • In Bayonne, apartment prices in new buildings increased the most from the third quarter of 2020 to the same period of 2021, jumping by 21.7% and reaching €3,980 per square meter.
  • Mulhouse was the only place where apartment prices fell, and quite sharply – by 15.2%, reaching € 1,110 per square meter.
  • Notaries predict that real estate in the country will continue to rise in price.

Sales

The number of second-home sales in France stabilized in 2021 but still increased markedly compared to the previous year. By the end of November 2021, the number of transactions in the previous 12 months reached 1.2 million. This is 17.5% more than in the same period 12 months ago. However, slightly less than from August 2020 to August 2021.

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Source: The Connexion

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