Lower prices for holiday homes in Normandy and Brittany

According to the well know French Magazine Capital, fifteen years ago France counted 2.2 million holiday homes. Nowadays, 3.3 million holiday homes are spread all over France. Since the financial crisis in 2008, the French countryside has seen price decreases for several holiday homes. However, you should be aware that it is not the same in all regions of France. For the last decade, country house prices had doubled but have fallen in the past two years. This is mainly due to the fact that foreigners sold their holiday homes in France in a hurry during the crisis. So now is a great time to buy your holiday home in France.
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Before buying, you should be aware that owning a holiday home has a cost. Depending on the area, maintenance works cost an average of 2% of the value of the house and can go up to 4% when your house is located on the seaside with a pool. Of course, if you want to buy a house on the Mediterranean, prices won’t go down because it has always been and will always be the most privileged area for foreign and French buyers. But if you are looking for beaches, pleasant weather, pine forests, pastures and plains, how about considering the areas of Normandy and Brittany?
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Even if the coastline remains expensive, the countryside in Normandy and Brittany has experienced a price decrease for old houses from 10% to 20% since 2008. In fact, during the crisis, most of the properties were sold extremely quickly. Normandy has numerous advantages for British people who want to purchase a property in France. Also, it is not too crowded with Parisians, who would rather buy a house in the large periphery of Paris such as the Oise or the Eure-et-Loir departments. With 600 kilometres of coastline, Normandy offers a temperate climate thanks to the proximity of the sea. Finally, it is not too far away from the UK as there are numerous ferry ports.
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In this area of France, prices are extremely variable due to the vast amount of properties available. Small stone houses to renovate can be purchased for approximately €50,000 and half-timbered houses for €500,000. Prices can goes up to €3,000,000 for castles.
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In Normandy, the Orne department allows buyers to find property with interesting price reductions. For example, a stone house with 150 sqm of living space has decreased in price by 39% since March 2009. With a price of €189,500, this south facing renovated stone house offers a 1600 sq m landscaped garden, barn, bread oven, terrace, oak door and beams. In the same department, you can find a charming half-timbered property offering two houses. With a total of six bedrooms, the property is priced at €239,200. One year ago, the property was for sale at €291,200. This decrease of 21% speaks volumes of the opportunities that can be found in Normandy.
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Going through the Manche department, properties are closer to beaches. You can find a large character stone house set in 15,000 sqm near Gavray, offering 300m2 of living space and in great condition. With a price of €640,000 in March 2009, an exceptional decrease of 62% allows you to buy this property for €395,050. This is certainly one of the greatest opportunities with Sextant Properties in terms of price reduction. Of course, this exceptional decrease is not that common and it’s far more usual to find properties with an average price decrease of 10% to 20%.
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Brittany is an excellent place to invest in a property. In fact, the SNCF (The French railways) will extend the West TGV (high-speed train) to Brest in the Finistere department in 2015, meaning the town will only be three hours away from Paris. Nowadays, it takes at least four hours and a half to link the French Capital and the western tip of Europe. Prices will increase with this faster transportation link so now is a good time to benefit from lower prices. For example in Carhaix, for €96,500, a typical country house is available, the price having decreased by 27% since February 2009. The property offers outbuildings in 4875 sqm of land.
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Cotes-d’Armor and Morbihan are also popular departments in Brittany with many Breton style properties on the market. In this area, the real estate market plunged in 2008 and 2009. Consequently, properties that were expensive two years ago are now affordable. In the Cotes-d’Armor department, a village house of €46,200 allows you to renovate according to your own tastes. With a large cellar and attics, the price of this stone house has known a decrease of 15%. Finally, In Saint Aignan in the Morbihan department, an outstanding property with gite and swimming pool is available with a price decrease of 26% from October 2008 and is now €455,000. What is good to know with this professionally renovated house and three bedroom gite is that no work is required and it is ready to move into.
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Thus, there are many price reduction opportunities in Brittany and Normandy. If you want to find out more about these properties, don’t hesitate to visit the Sextant Properties website or to contact one of our property advisors.