By Writing Saint-Malo
Caution: this is the key word of the regional council of notarieswhich met on Thursday 15 September to take stock of the trends in the Breton real estate market.
The last 12 months have however more or less resembled what has been observed for several years now. Rising prices and less and less goods for sale.
The law of supply and demand, coupled with historically low interest rates for 30 years, have logically increased the value of the stone.
In Ille-et-Vilaine, house prices, which make up the bulk of the market excluding major cities, have been on the rise everywhere for a year: +17% on the Emerald Coast, +10.5% in the Combourg basin, +16% in Rennes , + 5.6% on that of Fougères and 8.1% on the side of Vitré. The Coglais area, reputed to be the cheapest in the department, saw its prices rise by 16%.
But if we look at the value of the goods, it varies from simple to triple: from 117,000 euros in median price in Coglès to 360,000 euros along the Emerald Coast.
The Top 20 of the most expensive municipalities
Here is the list of the most expensive municipalities in the department (median price of old houses).
Saint-Briac-sur-Mer : 564,100 euros
Saint-Lunar : €525,000
St. Gregory : €521,000
reindeer : €511,000
Cesson-Sevigne : 480,000 euros
Dinard : 450,000 euro
paced : 429,000 euros
Saint Malo : 420,000 euros
Saint-Jouan des Guérets : €393,600
Le Minihic-sur-Rance : €391,500
The Richardese : 380,000 euros
Montgermont : 360,000 euros
Chantepie : €357,700
Bruz : 355,000 euros
Cancale : 355,000 euros
Saint Coulomb: 350,000 euro
Saint-Father Marc-en-Poulet : 347,500 euros
Thorigne-Fouillard : 342,200 euros.
Note that on the department, nearly half of buyers under 40, and that 80% of them are already settled in Ille-et-Vilaine. Ile-de-France residents represent only 7% of buyers.
If prices have risen sharply for houses, the same is true for old apartments, (+11.7%)with peaks reached at Dinardwhere the median price stands at nearly 5,400 euros/m2 (+15%) and Saint Malo (4650 euros, + 18%), far ahead reindeer which displays a median price of 3,720 euros/m2 (+9.7%).
A slowdown is felt
If the indicators all seem to be green, the prudence of the notaries is explained by a trend that is in the process of being reversed.
Because first-time buyers or families with tighter budgets, who make up the bulk of property claimants, have been faced since the start of the year with galloping inflation and rising interest rates.
“They hadn’t risen for a very long time and we don’t know on what basis they will rise. This creates anxiety and a wait-and-see attitude, ”says the council of notaries. Especially since the number of loans refused by banks is constantly increasing.
As a result, we have been witnessing for the last three months what could look like a reversal of the market, “which must be observed with great caution to see if the trend is sustainable”, temper the notaries.
Based on the pre-sales contracts signed since June, median prices are down, sometimes up to 8%, while properties for sale are still just as rare.
The ball on the buyer’s side
Long on the side of the sellers, the ball therefore seems to have passed to the side of the buyers. “Owners are starting to come down from their cloud, and there is more negotiation and demand from buyers”. Who are watching their expenses closely, particularly in the face of soaring energy prices.
So many indicators that encourage notaries to think that the market downturn “should be confirmed at the beginning of next year”. Except on the coast, where property is still very scarce and buyers who can afford it are less subject to the vagaries of inflation and bank loans.
Have we nevertheless entered a spiral of falling prices after years of rising prices? See you in 6 months to see if the trend is confirmed.
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