COAST TO COAST: PRICES START TO SLOW Keeping you up to date with the French property market,
AU COURANT news, travel and events
St-Jean-Cap-Ferrat is France’s most expensive seaside resort, with a property price of €16,955/ m2
– 14.5 times higher
than Cette-Eygun on the Atlantic, France’s least expensive resort (€1,174/m2
) Meanwhile, the Channel
coast offers prices below €4,000/m2
average (€3,180/m2
, close to the French ). Prices
have risen by 2.8% in the last year (+10.6% over two years). Geffosses, the least expensive seaside resort (€1,650/m2
), is
five and a half times cheaper than in Le Touquet-Paris-Plage, the most prestigious resort on the Opal Coast (€9,117/m2 Finally, the study revealed
).
perhaps the least-well-kept secret in the property world: proximity to the beach boosts prices! In fact, a walk of under 20 minutes from the beach pushes up prices by 7.8%, rising to 22.1% for properties under a five-minute walk.
I
f you’ve always dreamed of a place by the sea in France, now might be the time to start looking. Although
prices in seaside resorts are still on the rise, with an average increase of 12.8% over the past two years, almost double the France average and bucking the downward national trend, they haven’t escaped the pressures of rising interest rates and inflation. Indeed, along with the rest
of the country, coastal areas are experiencing a slowdown, according to a report from Meilleurs Agents which looked at resorts with at least one beach and a significant ratio of second homes (>20%). Over the year from July
2022 to July 2023, coastal property prices increased by an average 3.4%, compared to a considerably higher 12.8% rise over the past two years. “A real change of trend
is taking place with growth slowing, except for the PACA region,” says Barbara Castillo
Rico, head of economic research at Meilleurs Agents. The popularity of the Riviera continues unabated, with prices rising by 5.2% over the past year and almost 13.9% over two years. “This prestigious coastline
attracts customers who are less sensitive to borrowing costs, which keeps prices rising,” Castillo Rico adds. Prices are slowing the most
on the Atlantic coast, with an increase of just 1.8% in the past year. This is even more marked when you consider prices grew by 12% over the last two years. The most expensive seaside towns have been affected the most, with a downturn in prices in Lège-Cap-Ferret (–1.8%), Biarritz (–2.7%) and Lacanau (–2.2%). Brittany is seeing a similar
dynamic, with prices only up moderately (2.6% in one year compared to 14.6% over two years). Some towns have seen prices fall (Forêt- Fouesnant –2.2%, Fouesnant
–1.7%). although the priciest resorts show slightly better performance, for example, in La Trinité-sur-Mer (+1%). “Property prices on the
Atlantic and Brittany coasts have outperformed over the last three years,” says Castillo Rico. “The market seems to be rebalancing after the post- pandemic euphoria.” The most attractive property
prices are to be found at opposite ends of the country, on the Languedoc-Roussillon and Channel coasts. The price of seaside homes
in Languedoc-Roussillon has risen 4.1% over the past year (+12.3% in two years). The most expensive resort, Palavas-les-Flots, is still relatively affordable (€5,420/ m2
, +2.6% in one year) while
the least expensive resort, Port-la-Nouvelle, is less than half the price (€2,323/ m2
, +0.3%). “Despite credit
access constraints, the market remains buoyant here”, comments Castillo Rico.
AT A GLANCE BRITTANY: • Average price €3,931/m2 • +2.6% over one year • +14.6% over two years
ATLANTIC: • Average price €5,375/m2 • +1.8% over one year • +12% over two years
FRENCH RIVIERA: • Average price €6,071/m2 • +5.2% over one year • +13.9% over two years
LANGUEDOC- ROUSSILLON: • Average price €3,740/m2 • +4.1% over one year • +12.3% over two years
CHANNEL COAST: • Average price €4,000/m2 • +2.8% over one year • +10.6% over two years
SOURCE: MEILLEURS AGENTS FRENCH PROPERTY NEWS: September/October 2023 11
©SHUTTERSTOCK
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