Nantes : a centre brimming with character

The prefecture of the Loire-Atlantique region is home to 283,000 inhabitants, including 47,000 students. In the 15th century, the marriage of Duchess Anne resulted in the capital of the Duchy of Brittany becoming part of France. 300 years later, the port was to become a centre for international trade.

Voted the most pleasant town in Europe by Time magazine, Nantes is just 50 km from the Atlantic. Its urban area spreads over the banks of the rivers Sèvre, Loire and Erdre. Comprising one-sixth of its territory, its many landscaped areas won it the title of “Capitale verte 2013”. Nantes makes its living from new technolgies and the agro-food, wood and aeronautical industries. Not forgetting banking and insurance, two of its favourite sectors of activity. In terms of dynamism, the city is often compared with Strasbourg and Toulouse. Every year, it welcomes 2 million visitors who, like the locals, appreciate its centre and hyper-centre.

Brigitte Sauvager of Brigitte Sauvager Immobilier covers the perimeter between Cathédrale and Monselet. Seniors wanting to sell their villas on the outskirts, and others from the Paris region, often owners of holiday homes on the coast, are prepared to pay from 450,000 to 800,000 € (mostly in cash) for apartments of a certain standing. Since its inauguration in 1989, the Paris-Nantes TGV line is one of the busiest in France. These young retirees appreciate the town’s shops and amenities, cultural events and healthcare faclities. They are all looking for three bedrooms, an elevator and a garage. Characterized by relatively old buildings, the centre is not, however, very well-endowed with these amenities. On the other hand, it is not lacking in stylishness and lofty interiors. The estate-agent’s task is to match requirements with availabilities. Parking is the biggest headache. Public car-parks now have waiting lists. In spite of this, transactions chalk up a cruising speed considered to be relatively reassuring. Examples include an apartment of 168 m2 on the first floor of a building of character overlooking one of the loveliest squares in Nantes, sold for 498,000 €. In the meantime, another seller is asking 549,000 € for a 3-bedroom apartment of 110 m2 in a residence built in 1992 with a double garage, terrace and lift. Top-notch apartments offering all mod cons, on the top floor, can attain 5,000-6,000 €/m2. Even so, the centre of Nantes is not solely a prestige property market : most of the offerings in fact revolve around 3,000 €/m2. On Rue Mercœur, a 1-bedroom apartment of 42 m2 has just found a taker at 126,500 €.

“60 year-olds account for half of today’s buyers,” says Olivier Tirot of the Cabinet Tirot. “Against all expectations, many are looking for a pied-à-terre under the threshold of 250,000 €, preferring to spend long months in their homes on the Atlantic coast.” The reverse option also exists. Recently, a couple of retirees treated themselves to an apartment of 315 m2 at raised ground level, in need of modernization, close to the Cathédrale neighbourhood, for 730,000 €. Another couple paid 770,000 € for an apartment of 230 m2 in a Haussmann building. This clientele in search of tranquillity and a quality life-style share the town centre with families. Employees transferred to Nantes paid 420,000 € for an apartment of 150 m2 on the third floor of a building without a lift, not far from Cours Cambronne. It isn’t, however, easy to sell this type of property above the second floor, given the age of the clientele. And while mortgage rates are surprisingly low, the current wait-and-see attitude and scarcity of stocks prevent activity from flowing along smoothly.

“There are lots of visits but it’s more complicated to get buyers to sign on the dotted line,” says Laurent Volclair of Volclair Immobilier. “Furthermore, estate agencies are being abandoned in favour of sales on a one-to-one basis - not advantageous given the prices being posted, and the risk of error run by both parties concerned.” Since 2008, prices have fallen and it is hard to imagine any further declines in the hyper-centre. Real estate remains a safe haven. For studios costing 65,000 €, investors can obtain a yield of up to 6 % while acquiring a long-term asset. The old Palais de Justice neighbourhood, where the Radisson Hotel is opening its doors, is much in vogue, while Saint-Félix, a quiet enclave in immediate proximity to the banks of the Erdre, is popular among families looking for houses with gardens. A detached home with five bedrooms is currently worth 549,000 €. An apartment of 123 m2, built in 2010 in Saint-Pasquier, with two garages, is pegged at 4,000 €/m2. Finally, an apartment of 155 m2 with lots of character and in good condition, with a parking place, in Graslin, is up for sale at 497,000 €.