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Lower Normandy property good for buyers
Some traditionally popular European locations for Brits buying second homes have seen thousands of euros wiped off their market value in recent months – particularly along the Mediterranean.
This was recently reported by The Daily Telegraph - however, one property expert tells Matt French this is good news for buyers in Lower Normandy.
Although The Daily Telegraph found Spain has been most affected by a downturn in the property market, buyers will have noticed there has also been a drop in property prices in Lower Normandy and across France.
Until 1998, house prices in France were stable and quite low in comparison to other western European countries – which was good for Normandy property buyers. Since then, though, prices have increased – with some properties reaching double their 1997 value.
However, the last two months have seen the average Normandy property price reduce slightly.
Property experts say those who will be hardest hit are people who have invested within the past year – especially into new developments – and those who need a quick sale. However, the recent market shift is good news for others.
Philippa Weitz, Managing Director of PWT NormandyLife, which represents French property agent Maison Bleue in the UK, says the Basse-Normandie (Lower Normandy) area of France is currently a good property buyers' market.
"There has been a 4.9 per cent drop in prices over the last two months," Weitz explains. "However, this drop in price is excellent for purchasers as prices return to a level that more truly reflects the real value of the property – rather than the vendors' hyped hopes."
Though Lower Normandy property prices have fallen in line with realistic valuations, those hoping to pick up one of the grand properties of the area will be disappointed to hear they still do not come as cheap as they once did.
"Prices are quite high and there is now a dearth of inexpensive chateaux," comments Sarah Francis, director of French Property agents Sifex Ltd. "The budget which would have secured one of these gems about five years ago is now more likely to purchase a small manoir or maison de maitre. There is a good variety of architectural styles and many pretty properties to choose from, but the days of an easy 'bargain' are gone. It is, however, still markedly less expensive than the south west or Provence."
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Article first published 26 October 2007