There are a number of fairly obvious reasons why the
property market in north-west and western France is so
hot, but there is also one that you may not have thought
of. It's going to become increasingly important over the
coming years and is set to dominate news cycles. More of
that later.
The fact that low interest rates have meant that mortgage
repayments have been at record lows has certainly helped
drive demand in the area. They are beginning to rise now,
but with low property prices (particularly in rural areas),
the lowest unemployment level for 14 years and a strong
economy, buying a house has been extremely affordable.
Incidentally, the French Government recently compared
employment data from 100 towns and Rennes came out
top as having the strongest labour market.
Another widely reported reason is the trend towards
home-working. This arrived before the pandemic, but
post Covid it has exploded, and turned into a big driver of
demand for country houses here. Lisa Greene runs the
Leggett Immobilier team in the Grand Ouest and she
explains:
"I have been working with Leggett for almost 15 years now,
for most of that time the Government has been worried
that rural parts of central Brittany and lower Normandy are
becoming abandoned. Not any more. Télétravail (working
from home) has exploded and people are looking for
country houses that offer more space/light, a decent size
garden, a home-office with a view and, of course, high
speed broadband. There has been a population explosion
in major cities like Rennes and families are tempted by
the lower prices in the countryside.
Demand is high and stock levels are low. Naturally, you
pay a premium price to be in a city or on the coast but
there is little availability, particularly if you want a seaview.
With buyers wanting bigger properties, that are airy
and bright, they are now looking inland. They have wider
choice, better properties and more affordable prices."
Record demand, low stock levels - the Grand Ouest property
market is amongst the most popular in France.
EXECUTIVE SUMMARY
Less widely reported, but evidenced by the conversations
our local agents are having with buyers, is the attraction
of the climate in the Grand Ouest. Once ignored by those
seeking the blazing sun, it is now a serious selling point. We
have seen French buyers moving from the south because
they are fed up of the extremes, with floods, droughts and
forest fires often dominating the news cycle. Buyers from
the UK and northern Europe are also looking at the Grand
Ouest as it combines glorious scenery with mild winters
and temperate summers.
The mainstream French media is now beginning to report
on this phenomenon and a research report, undertaken
by five students at the renowned Sciences Po university
hit the headlines last year. It showed that 39% of French
people were extremely worried about climate change
and the headline was that Brittany was the perfect region
to welcome "migrants climatiques". They go on to say
"We would never have imagined that Brittany could be
envied for its climate, which is so often mocked. However,
in France, heatwaves are increasingly regular and the
coolness of Brittany will attract many newcomers leading
to climate immigration".
In February, the national weather centre backed this up
with a 100-page report outlining the unprecedented
acceleration of climate change. In the summer of 2019
a national record of 46C was reached in southern France
and the report says that this was a direct consequence of
climate change.
Our conclusion - holiday homes in the Grand Ouest are
likely to be a popular choice over the coming decades,
with a significant increase in the number of people
also moving here permanently.
"Rennes has the strongest
labour market in France.