Baino Estates LLC: take a closer look at secondary markets
In the first quarter of 2023, the value of apartments and houses in the French secondary real estate market increased by 7.3% year on year (compared to the same period of the previous year). Such data was published by the official portal of notaries in France. Villas in the country are becoming more expensive twice as fast as apartments. Thus, the price of houses for the year increased by 9.3%, and apartments - by 4.7%. The average cost of a transaction for the sale of housing on the secondary market in January-March 2023 amounted to 2440 euros per square meter.
Developers are now going through a difficult period due to the global rise in the price of building materials and construction costs. Given rising interest rates and the cost of living, housing on the primary market is becoming difficult to access for an ever-wider range of buyers. In this regard, private investors are increasingly focusing on the secondary market, experts at Baino Estates LLC say.
The ten most affordable secondary real estate markets in France: Orleans (Centre - Loire Valley) - the average price of real estate €220 thousand, Montauban (Occitania) €219 thousand, Saint-Etienne (Auvergne - Rhone - Alps) - €215 thousand, Le Havre (Normandy) - €198 thousand, Rouen (Normandy) - €189 thousand, Poitiers (New Aquitaine) - €185 thousand, Limoges (New Aquitaine) - €179 thousand, Troyes (Grand Est) - €178 thousand, Amiens (Hauts-de-France) - €175 thousand, Chateauroux (Centre - Loire Valley) - €125 thousand.
The fastest capitalization of assets in the secondary market of France in the first quarter of 2022 was observed in the agglomerations of Nancy (Grand Est) - by 15.3% per year, Nimes (Occitania) - by 14.7%, Montauban - by 14.6%, Brest (Brittany) - by 14.0%, Marseille - by 12.8%, Chartres (Center - Loire Valley) - by 12.4%, Angers (Pay de la Loire) - by 9.4%, Tours (Center - Loire Valley) - by 9.2%, Lille (Hauts-de-France) - by 9.1%, South Corsica - by 9.1%. The slowest increase in housing prices is in the following markets: Toulouse - by 5.9%, Ile-de-France - by 5.7%, Grenoble - by 5.2%, Orleans - by 4.8%, Saint-Etienne - by 0 ,1%. In another five agglomerations, prices decreased over the year: Dijon (Burgundy - Franche-Comte) - minus 1.3%, Amiens - minus 2.5%, Metz (Grand Est) - minus 3.0%, Chateauroux (-3, 8%) and Poitiers (-6.0%).
Due to the complications of the situation in the primary market, the French secondary real estate market is an increasingly promising area for investment.
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