Bordeaux real estate, a prosperous sector that carries the city. While Nouvelle-Aquitaine attracts many candidates for geographical mobility… Bordeaux stands out not only in terms of employment but also in the real estate sector. In 2019, it is the second most expensive city in France. Yet price dynamics are not the only explanation. The neo-Aquitaine territory has an important index of interregional professional mobility. Thus, Bordeaux has solid assets to continue its momentum. After two years of consecutive increases, however, the Bordeaux market is about to start stabilizing.
Bordeaux real estate, the beginning of a phase of normalization
In 2017, Bordeaux experienced a surge in prices per m2. Surge due in particular to an explosion in demand and a sharp increase in sales. Then, in 2018, the Gironde capital accelerated this dynamic by becoming the second most expensive city in France. In 2019, Bordeaux continues this momentum as the price of apartments in the Hyper-Centre of Bordeaux are still on the rise. Nevertheless, this growth is taking place at a rate four times less sustained, a sign of a first normalization. Indeed, the price of the apartments of The Belle Endormie had reached a maximum of 7500-8000 euros/m2. Today, prices are more stable around 4,652 euros/m2. Indeed, a beginning of normalization is starting on the Bordeaux real estate market but with nuances depending on the municipalities considered.
Indeed, in the municipalities bordering Bordeaux, a downward trend is also at work. While the transfer of demand from the hyper-center of Bordeaux in terms of real estate to the peripheral municipalities of the Gironde capital is at work… This passing-on of demand does not translate into price inflation. For example, the municipality of Pessac sees its real estate prices fall by 3.7%… While the municipality of Mérignac, yet in full development, is part of the same dynamic. The city sees a price drop of 0.7%.
A standardization to be put into perspective
If we observe a beginning of normalization process on the Bordeaux real estate market, prices are still very high. Indeed, an average household in Bordeaux can only obtain 63.5 m2 compared to 69.2 m2 for the national average in France. Currently and this in the prefecture of Gironde, an apartment is 3.8% more expensive than in 2019, against four times this percentage in 2018.
Then, if the price per square metre of building land in New Aquitaine loses 13%, the price of old apartments still rises to 3% in 2019. In addition, the capital of Girona retains national specificities since the studios sell there very quickly, counting 51 days against 74 days on national average. For example, Aurélie Monnereau, Manager of Atelier Capifrance in Bordeaux, located at 5 rue du Chapeau Rouge, notes that goods in very good condition are still as popular and sold in record time, while for goods that require work, the sales duration increases mathematically.
This strong bordeaux dynamism is reflected in terms of employment since the New Aquitaine Region has gained two percentage points compared to 2018 in terms of the attractiveness of candidates for geographical mobility. With this in mind, 80% of real estate players plan to recruit in the short to medium term. As such, Capifrance has developed several ways of working as a real estate advisor in order to attract quality candidates.
The “Home Office”, a solution to shape Bordeaux real estate
Thus, as an independent real estate advisor, it is possible to work under the “home office” model that provides great flexibility, but also in coworking with collaborative spaces to work together around the real estate trades. Finally, the Capifrance Workshopsare also another approach to the profession of real estate advisor since they offer the opportunity to work hand in hand with a team on a daily basis. Capifrance has developed this DNA since its inception. The Capifrance network was born in 2002 from the desire to bring together independent real estate advisors without agencies.
Despite the beginning of a normalization process on the Bordeaux real estate market… The prices per m2 of Bordeaux apartments follow specific trends on the new and the old. Relative stability concerns above all the new while the price of the old continues to grow. Differences are also notable from the point of view of the municipalities of Bordeaux Metropole. The communes of western Bordeaux, such as Mérignac and Pessac, are doing very well. A success thanks in particular to their service by the tramway and their attractiveness. This is a good sign of a consolidation of the market that had hitherto been bullish.
Sources:
2019 Interregional Occupational Mobility Index, HelloWork
CapiFrance Press File
Press file, Real estate markets, Gironde, February 2019
