Property prices are beginning to fall in notoriously expensive Bordeaux
PUBLISHED: 12:29 22 November 2019 | UPDATED: 12:29 22 November 2019
A recent study has found that after years of rapidly increasing property prices, buying a property in Bordeaux costs 2.4% less than three months ago
Bordeaux is known as one of the most attractive and vibrant cities in France, as well as owning the reputation as a centre of excellence in wine production. It regularly appears on lists of the best places to live and work in France, as well as being a popular holiday destination.
No wonder then, that the city has infamously expensive property prices, peaking at an average of €4,701 in October 2018. According to online real estate expert SeLoger, however, over the past year prices have seen an overall decline of 0.3%, with a concentrated decline of 2.4% over the last three months. Why might this be?
The man partly responsible for turning Bordeaux into such an in-demand and expensive city is former mayor Alain Juppé. Under his leadership, Bordeaux was transformed by the addition of a tram system, cleaning up and revitalising the city, pedestrianising areas and the construction of new buildings.
In 2017, during Juppé's period of leadership, a high-speed rail link was established between Bordeaux, making it possible to travel between the two cities in two hours. This was good news for tourists but also for Parisiens, of whom the majority would want to relocate to Bordeaux given the chance, according to a study by The Local.
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All of these developments had a ripple effect on the housing market, and between 2015 and 2019, property prices in Bordeaux rose by a whopping 37%.
It appears then, according to SeLoger, that the recent drop in prices is because buyers simply cannot offset the high prices, despite the current favourable borrowing rates. The over-inflated property prices have finally reached their peak, and now the market is finding a balance.
Does this mean that Bordeaux property is now affordable? It depends on your definition of affordable. The Notaires de France real estate barometer places the average price of a house in Bordeaux at €496,500, while SeLoger records the overall average property price as €553,629 (fees not included). And if you are thinking of purchasing in Bordeauxx, you should act fast - it takes on average just 60 days for a property there to sell.