Baino Estates LLC looks at secondary real estate's momentum in France
In the first quarter of 2023, the French secondary real estate market saw a 7.3% increase in the value of apartments and houses compared to the same period last year, according to data from France’s official notary portal. Villas are appreciating at a rate twice that of apartments, with house prices rising by 9.3% and apartments by 4.7%. The average sale price in the secondary market during this period was €2440 per square meter.
Currently, developers are facing difficulties due to the global increase in building material prices and construction costs. With rising interest rates and living expenses, the primary housing market is becoming less accessible, leading private investors to turn their attention to the secondary market, as indicated by experts at Baino Estates LLC.
The ten most affordable secondary real estate markets in France are as follows: Orleans (Centre - Loire Valley) with an average real estate price of €220,000, Montauban (Occitania) at €219,000, Saint-Etienne (Auvergne - Rhone - Alps) at €215,000, and others, with Chateauroux (Centre - Loire Valley) at the lowest average price of €125,000.
In the first quarter of 2022, the fastest-growing secondary real estate markets in France were Nancy (Grand Est) with a 15.3% annual increase, Nimes (Occitania) with 14.7%, and others, with notable increases also in Marseille and South Corsica. On the other hand, the slowest growth was seen in markets like Toulouse, Ile-de-France, and Grenoble, with declines in places like Dijon, Amiens, and Poitiers.
With the primary market facing challenges, the French secondary real estate market is becoming increasingly attractive for investment purposes.
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