Nantes real estate: if it is too expensive, the goods will not leave ...

Nantes real estate: if it is too expensive, the goods will not leave …

Within a few months, the real estate market in Nantes lost a lot of momentum. Buyers – especially those on a comfortable budget – are even scarcer now. Case play with Jonathan Carpenter, of real estate agency Nesten Dorfault.

Nantes still attracts, but buyers are getting scarcer

Between its economic dynamism and its ideal location close to the countryside and the ocean, Nantes combines assets and remains very attractive. It is a city especially popular with high-purchasing CEOs who choose to leave the Paris area for a city located just two hours from the capital by LGV.

In 2020 and 2021, these wealthy buyers drove up property prices in Nantes and its region. But professionals note that the situation has radically changed in recent months. These buyers are even rarer now. A situation that leads to a whole series of changes in the real estate market in Nantes.

Longer sale times and negotiations of up to 10%

The first consequence of the scarcity of buyers: the extension of the selling period. ” While daytime merchandise was sold out a year ago, deadlines increased to a week for some items, up to a month or a month and a half for others. A few months ago, we didn’t even need to advertise for sale. This is no longer the case today! notes Jonathan Carpenter, director of the Nesten Agency in Orvolt. This worrying attitude of some real estate professionals is simply a sign of a return to normal, after two years of frenzy due to the Covid crisis.

With buyers with absent subscribers, the upward trend has now stopped: the property price in Nantes is stagnant. And if the sellers are very greedy, they are guaranteed to sell only after negotiation … sometimes difficult! ” Of the 8 files currently in progress, we have only one showing in price.” For others, negotiations can be up to 10% of the sale price.

Recently, we sold a house in Orvault Bourg. It was proposed at 665,000 euros FAI, negotiated and sold for about 640,000 euros to a couple of buyers with a large contribution and comfortable income. On the other hand, a price drop of 30 thousand euros or 5% of the price is a situation that we did not encounter a few months ago. On the other hand, high interest rates now oblige buyers to pay large monthly installments to pay off their mortgage “.Borrow rates are already getting closer and closer to 2 or even 2.5% depending on the files…

Prices that are stagnant when buying as in the rental market

As Jonathan Carpenter points out, the market in Nantes is very sectoral and property prices can vary from one to two streets and from one street to the next. ” If you want average work, count from 3000 euros per square meter2 In Nantes up to 5000 euros per square meter2 In beautiful areas such as Procé, Saint-Félix or Mellinet. Prices can reach up to 6000€ per square meter2 in the golden triangle “.a highly desirable sector that includes in particular the Kleber, Copernican and Galliconiere streets.” On average, count between 450,000 and 500,000 euros for a nice house and about 250,000 to 300,000 euros for a nice three-bedroom apartment with two bedrooms. “.

In terms of the rental market, rental prices have remained stable for several months. And although apartments and houses for rent are still very popular, the candidates for rent are not ready to pay any price. ” Knowing that there are few rents, the owner recently put a house on the market at an above-market rent. We received a lot of requests and visits that did not take place. When the landlord finally agreed to apply the rent amount we recommended, the property was rented Conclusion, if it is too expensive, the goods remain on the market today, both for rent as well as for sale.

Pay attention to rates and your credit offer

Thus, the real estate market in Nantes is less active nowadays than it was in the past two years. In this new context, make sure first of all to adjust the price of a property for sale.

Any final advice for those looking to invest or buy their prime residence in the City of Dukes? ” Compare to get an accurate idea of ​​the fairest prices, as differences from region to region can be very significant. Put yourself in the hands of industry professionals, and local agencies who know their neighborhoods well. Finally, the last tip: make sure the financial file is correct by a banker or broker and update it every 15 days to 3 weeks. Jonathan Carpenter concludes. Currently, real estate prices change every week and borrowing conditions can vary drastically from month to month. ” And there is nothing worse than looking at a drug only to realize after a few weeks that you can no longer afford to buy it! “.

Thanks to Jonathan Carpentier, Director of Nestenn Agency at Orvault, for answering questions from the editorial team at MySweet’immo.
Are you a real estate specialist and want to share your market analysis with our readers? Contact hello@mysweetimmo.com.

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