Eric Maurice, regional head of estate agents’ body Fnaim, shares his predictions for 2011 for the Normandy property market and looks back at the previous year. “In Basse-Normandie, we have seen a slight movement in prices in the past year, mainly in the third quarter when prices rose by about two or three per cent.
“The volume of transactions this year, compared to 2009, has gone up by 25 per cent, which is a fine recovery. However, compared with the Paris market, we are not lacking suppy here, which means that prices have remained moderate.
“We have seen a revival in cities – Caen, mainly, and the coast – but the Orne, Lisieux and the lower part of the Pays d’Auge are still lagging behind. Prices there tend to be stable or continue to fall.
“From this month, we will be under the obligation to display the energy-efficiency diagnostics on property adverts and we think this will have an impact on property that is less well ranked.
“In our current property stock, a good number of both old and new houses are badly ranked. This should have an impact on the negotiation of property and trigger a price drop.
“Bank rates remain low and employment has gone up, so we are seeing signs of a recovery. The new prêt à taux zéro will facilitate things for the first-time buyers.”
“The year 2010 has allowed us to start afresh. We think that 2011 will allow us to continue.
“In the past six months, the market has picked up again on large property, but 70 per cent of buyers are still looking at property under €200,000. When a property is at the right price today, it is gone within 30-35 days.”
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