Acquiring a house in Nantes

At the point where the River Erdre meets up with the Loire, 50 km from the Atlantic, Nantes is the 6th largest commune in France and the 1st in the region, with close on 285,000 inhabitants. At the centre of a metropolis comprised of 24 entities, it covers a surface area of 16,302 acres, of which 2,717 acres are devoted to open green areas.

In 2004, Time magazine presented Nantes as the most pleasant town in Europe, evoking its wooded enclaves, various streams and rivers. Designated “European Green Capital 2013”, it proposes accommodation comprised 23 % of individual housing (according to an INSEE survey carried out in 1999), while the market for apartments is making strong headway. A census then taken in 2009 showed that the city’s population is relatively young. In the 19th century, Nantes underwent steady industrialization. In more recent decades, the service sector has continued to gain ground. The prefecture of the Loire-Atlantique region is now N°1 in the national ranking for the agro-food industry, taking 2nd place for aeroronautics, and 2nd place within the region for finance. In addition to its wood and materials sectors, it has developed its tourist industry, chalking up 7th position in France with 2 million visitors per year. Its appeal is also demonstrated by growing population figures.

”The popularity of houses in the urban area, a market in which demand outstrips supply even in times of crisis, testifies to a taste for a certain life-style,” says Vincent de Poulpiquet of Poulpiquet Immobilier. “Families often target schools and amenities essential for everyday life, define a radius and start their search.” 60 % of the sales handled by this agency fall into the category for houses, a buoyant segment despite their scarcity. The first houses are to be found in the immediate periphery around the centre, to the east in the neighbourhoods of Saint Donatien and Saint Clément, to the west in Canclaux, Monselet, Procé, around the Ronds-point of Rennes, Vannes, Sainte-Anne and Chantenay. A few examples boast real gardens, such as one 1920’s property of 140 m2 in good condition with a garden of 430 m2, which sold for 520,000 €. This generation of housing often consists of a ground floor plus an attic. The 1950’s and 1960’s saw the proliferation of the famous “Nantaise”, characterized by its living-room on the upper floor. While they suffer from low energy performance, they are less expensive, enjoy good locations and offer real potential for restructuring. Recently, a couple of buyers acquired such a house for 375,000 €, transforming, extending and modernizing it at a total cost of 180,000 €, then re-selling it for 650,000 €. Clients are shared out equally between those wanting a home ready to move in and those willing to take on renovation work. Within the city walls, there are few recent buildings, unless one is prepared to demolish the existing one or parcel out large plots of land. It’s hard to find a home under 450,000 €. The majority of transactions range from 500,000 to 600,000 €. Location remains the most essential criterion, the one that guarantees the investment and an easy re-sale.

”The market for houses is precisely what one could call a scarcity-popularity phenomenon, especially in the 400,000-500,000 € bracket,” confirms Laurent Macé of Square Habitat (five agencies in Nantes), who regrets the persistance of a certain greediness on the part of owners. “On the other side of the equation, buyers, well-informed and realistic, take a long time making up their minds. They do, however, immediately reject anything that is over-estimated.” By way of example, he mentions a 1930’s property, in the prolongation of the Rond-Point de Rennes - living space of 118 m2 with a garden of 400 m2 -, snapped up in 48 hours for 400,000 € without any bargaining. The perimeter around the town-hall of Chantenay and the Toutes-Aides/Doulon/Vieux-Doulon axis, located six to nine stops on the tramway from the centre, provide alternatives which are still affordable compared with the high prices on the highly-prized boulevards. Houses here range from 350,000 to 450,000 €. Finally, developers are showing an interest in the last remaining Nantaise properties, keen to transform them into high-class residences. Laurent Macé agrees with Vincent de Poulpiquet on the importance of the address and the absence of any disturbances, pointing out however that noise is inherent to life in the city.