“The hype has passed, but prices are not falling”

The popular seaside resort of Saint-Que-Porriere. ©La Presse d’Armor

Nicolas Bosquet notary to Binic-Etable-sur-Mer and sums up real estate prices coastal strip of Côte d’Armorespecially between Treguier and Binic-Etable-sur-Mer.

How to describe the market between Tréguier and Binic-Etables/Mer?

It has been a busy coastal market since the lockdown ended with some pretty impressive price changes.

House prices, our main sales market, rose 17% in Penvenant, 20% in Poubazlanec, 20% in Plouh, 16% in Plouezec, 13.5% in Saint-Couet and remain stable in Binic -Etables, but the median price of a house there is already €250,000.

Overall, from Plestin-les-Grèves to Binic-Etables/Mer prices rose by 16.8%.

Nicolas Bosquet, Notary Binic-Etables/Mer
Nicolas Bosquet, Notary of Binic-Etables/Mer. ©DR

Despite the end of the post-COVID madness, prices have not fallen?

At the beginning of the war in Ukraine, everything was quiet, and these days we are crying in search of goods, there are many requests, but there are not enough goods.

The excitement has passed, we have clients who found four buyers on Leboncoin overnight. But if this moment has already passed, prices do not fall.

Are goods being sold at a fairer price?

I believe that the market continues to grow, we have examples in the second ring with prices that impress us, towards Lantic or Châtelaudren.

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At Côtes-d’Armor we were in a market that was not over the top compared to other departments, today the buyer can barely negotiate, the buyer takes over the job.

If negotiation is not possible, can we say that the price is fair? Don’t we have a surplus in some commodities?

What is the typical buyer profile on the coast?

Deals are still intended mainly for non-essential residents, but in the long term want to settle here as primary residents.

They have made their lives elsewhere, but from this sector, my clients are often more Quinokians than I am.

They have significant purchasing power, enough to keep old buildings running. Here you can rarely immediately put your furniture in an old house and the cost of work increases.

We talked a lot about the arrival of people working from home…

It’s not a wave, it’s still marginal and will it be sustainable?

Today the buyer can hardly negotiate

Is there a property for sale?

Yes, this is evidenced by the transfer fees collected by the municipalities, but these objects are practically put up for sale, they are a kind of waiting list. People who come forward are contacted directly, which limits the visibility of the market. Many products are also sold without advertising, person to person.

Did the immobilizer fever put second homes on the market, people who didn’t occupy them and would take advantage of the busy market?

No, there are few spontaneous sales, they are usually associated with a family context, separation, death.

Rather, the heirs sell during the inheritance. The purpose of the second home is, first and foremost, to one day become the primary residence.

Did the earth remain despite the rule of zero earth artificiality?

This will be a real problem. We note a drop in the median price of land purchased per year, but we must not be mistaken, because their area has fallen, not the price per m2. The directive aims to protect agricultural land.

Inter-municipal urban planning plans originate from the lands of these development zones, quite a lot goes back to the agricultural zone. Those that remain are the story units, scattered. There are also problems with the capacity of treatment facilities, when they are brought to normal, this frees up part of the land.

Difficult without easy input

Is it really impossible to find housing in the coastal strip with an average income?

Without a comfortable entrance, this is impossible. People are returning to earth. We are in an old building that needs a lot of work, even houses built in the 70s have surprises.

It is very difficult for people with a normal income, without a contribution of €50,000 and without forgetting the safety margin to plan work most of the time. Real security is new, but building requires land…

Will the prices of the old restrictive measures on energy-intensive housing be lowered?

This applies to renting, on the coast the main goal of buyers is not rent-income.

In the city, we have a certain number of blocked files, but for rental investments, and this does not apply to furnished housing.

For the rest of the market, most of the goods are in category E (very energy-intensive, ed. note), we know that we will have work: electricity, door frames, a bathroom …

Côte d’Armor has long been protected from inflated property prices compared to other Breton departments, is it all over?

We remain the cheapest department but follow the overall growth in the old one. On the coast, a house that cost 250,000 euros in 2016/2017 is now on sale for 400,000 euros.

And even in Plelo, Chatlodren or Plouaga, prices are rising sharply, there is Kallak, where you can still find cheap houses.

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