Dinan, a rich array of housing

Fourteen towers, four monumental gates and a dungeon, this Town of Art and History which owes its name to the contraction of the Celtic words “Dunos” and “Ahna”, or the “hill of Ahna”, protector of the living and guardian of the dead, is today a very popular town on a human scale, situated between Rennes and Saint-Malo, Normandy and the northern coast of Brittany.

In the 9th century A.D., monks elected domicile at the foot of a hill on the banks of the Rance. A Benedictine priory was built here in the 11th century. 200 years later, the ducal town of Dinan was bestowed with ramparts, now listed, together with the castle. This town with close on 11,100 residents prides itself on one of the finest architectural heritages in Brittany. In its ancient streets with half-timbered houses, it offers picture-postcard scenery. 18th-century residences rub shoulders with Renaissance mansions, Gothic and Romanesque churches. The main streets answer to the evocative names of Bertrand du Guesclin, Duchesse Anne, Chateaubriand and Auguste Pavie.

“The variety and richness of the housing possibilities partly explains the enthusiasm for Dinan and its surrounding areas,” says Gaëlle Milin of Armor Cottage Immobilier. Not far from the sea and the Rennes-Saint-Malo dual motorway, it attracts couples obliged to work in the two different job pools. Everyone falls for the charm of Dinan’s centuries-old buildings and gardens of over 1,000 m2. In 2009, English clients were still actively fuelling the market for holiday homes, though recent sales mainly concern year-round residences. 2012 saw a rise in the percentage of first-time buyers, capable of paying 130,000-150,000 € for a terraced house with three bedrooms and a garden of 1,000 m2. Employees transferred to the region then paid about 300,000 € for a stone house of 200 m2 with lots of character, in grounds of 3,000-4,000 m2. There is not much call for new accommodation. While more expensive, the quality of construction certainly meets expectations. Middle managers make lots of visits, take their time making comparisons and make low offers, determined to obtain reductions. Prices are now, however, perfectly realistic, and mortgage rates at historic lows. Buying indicators are green for go.

“The majority of our sales range from 100,000 € - corresponding to a small “pavillon” of 75 m2 to renovate or freshen up in the second ring around Dinan - to 200,000 € - bringing a more spacious house in the first ring,” explains Stéphane Besrest of Avis Immobilier. There is also demand in the 300,000 to 600,000 € bracket, though it is currently hard to meet. Potential purchasers arrive from other areas with clearly-defined projects, not necessarily in line with the properties available. Investors are interested in apartments with one or two main rooms, located in the centre and likely to bring a yield of 5-7 %. In addition to rental income, they are looking for a long-term asset and an investment both sound and sustainable. Large surface areas, ie. from 70 m2, priced at around 150,000 €, face competition from houses. This phenomenon explains the longer times they take to sell. All categories and styles combined, the volume of transactions is holding steady.

“Local families appreciate Dinan for its quality living standards,” adds Megan Cooper-Byron of L’Agence Arguenon. “The medieval town on a human scale, middle-class and with lots of shops, offers a very charming and lively centre.” The sailing harbour on the River Rance is also an appealing address. On the immediate outskirts of the Golden Triangle composed by Rennes/Saint-Malo/ Dinard, this town in the Côtes-d’Armor also attracts a Parisian and foreign clientele in search of holiday homes. Their budgets are around 150,000-250,000 € in the historic part of town, 300,00-350,000 € around the harbour, 200,000-250,000 € in the Pays de Rance. Older housing proves to be rather competitive. The extent of renovation it may require usually implies a reduction in the price. On the other hand, building land and the costs of construction are not seeing any decline. The gap is widening, with the first option carrying all the votes. Small rental buildings draw the attention of investors. Houses in the country - old farmhouses with outbuildings, but a main part which has been fully rehabilitated - are still very appealing. Here again, the tiniest drawback affects the property’s value. Buyers often step inside the agencies with a certain degree of familiarity with the market. There’s nothing like visits and the agent’s well-informed advice to test it out.

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