Pornichet, a sound investment

With its original houses on the shores of the Atlantic Ocean, Pornichet is a flagship commune in Le Pays de Guérande. Most of its residents live here intermittently, the majority owning a cosy pied-à-terre or an enviable second home.

Holiday homes in fact account for two-thirds of the town’s accommodation. Like other seaside resorts offering intemporal charm, Pornichet draws fans of a typical Breton life-style. Property prices fluctuate depending on supply and demand, specific periods and tax regulations. One thing’s for sure : Pornichet is a sound investment. Originally on the territories of Saint-Nazaire and La Baule-Escoubiac, Pornichet became a commune in its own right in the year 1900. Its seaside tourism immediately began to develop and the town became known as a leisure destination. In fact, one of France’s oldest tennis clubs, Le Ninon, was created here in 1914, a few years after the hippodrome was built. This facility, fully renovated in 2011, is being transformed into a tourist complex, henceforth hosting large-scale events, congresses and concerts.

“Over the past few years, property prices seem to have been largely overvalued,” says Sylvie Jaconelli, manageress of the Agence de La Poste Orpi. “This trend is tending to calm down and, little by little, the market in Pornichet is stabilizing. Activity is changing and obliging us to re-invent our role. We have to explain to sellers that it is essential to re-evaluate their properties at lower levels. This idea isn’t easily accepted. It’s complicated for an owner to sell for less than he originally paid. There are buyers around, but not at any price ! It all takes time, though there is always a flow of activity. Transactions just take longer to complete.” With its new go-ahead team, this agency which has just celebrated its 20th anniversary proposes a good number of houses at around 300,000 €, some close to the beaches in the Bonne Source neighbourhood or right in the centre, at the heart of the “Golden Triangle”.

Marie-Hélène Desjour of the Agence Centrale du Dauphin, founded 20 years ago in Pornichet, has also observed a tense market for more than a year. “There’s more of a gap between sellers and buyers. We’re going through a transitional period. Wait-and-see is the order of the day.” She also points to a new tendency for small surface areas : “Demand for studios is making a comeback. The small pied-à-terre is popular once again. Attractive studios of 25 m2 in good locations in the town centre sell easily at prices between 80,000 and 120,000 €.” The same goes for small houses requiring some refurbishment. From 200,000 to 280,000 €, they find takers. As for new apartments, a few developments are currently being marketed. As most of them are rather far out, they only appeal moderately to a clientele more drawn by the centre and old buildings.

Renaud Liman, manager of the Cabinet Hémon Littoral based in Pornichet for over 15 years (since 2011 as this new entity), agrees with Marie-Hélène Desjour. “The slowdown can be attributed to buyers with wait-and-see or “zapping” attitudes. They are hoping for an “irresistible” property at just the right price.” Mostly in the upper socio-professional category, often young retirees with considerable assets, they are looking for second or even permanent homes. From Paris, Nantes or Rennes, they take their time searching for a rare gem in old neighbourhoods such as La Pointe du Bec. “There’s always demand for outstanding residences, but also for practical apartments : studios, 1- or 2-bedroomed apartments, more practical for people getting on in years. Very desirable residences facing the sea are rare. We only have two or three on offer per year, priced around 1 million euros. Apartments on the front row are now proposed at 6,000-6,500 € per sq. metre.” In order for the market in Pornichet to resume its cruising speed, it seems vital that owners agree to lower their prices and, according to the general opinion, by between 10 and 20 %. Professionals in the property market are working on it night and day...