Exciting News: Real Estate Prices in Bordeaux Dropping!
Wow, can you believe it? After hitting record highs in August 2022, the average price per square meter in Bordeaux has taken a significant nosedive to below €5,000, now sitting at €4,628/m² (for all types of properties) as of March 1, 2024. This drop of -7.4% in just one year is the biggest decrease among the top eleven cities in France!
The latest real estate analysis by the Seloger team in Bordeaux reveals that the market is in flux. Following a hefty +12.4% price surge from March 2018 to August 2022, there has been a -11.2% decrease since then. The average property price is now €4,439/m² for apartments and €5,239/m² for houses as of March 1, 2024.
Plus, Interest Rates on the Rise!
This changing environment is giving households the chance to increase their purchasing power in real estate. But, let's not get too carried away. The housing market in Bordeaux presents its challenges. With the median income in the city, a couple looking to buy could afford a cozy 57m² in January 2022, before interest rates shot up. Fast forward to March 1, 2024, and that purchasing power has shrunk to a mere 50m².
Just a year ago, completing a transaction in Bordeaux took an average of 66 days. But now, it's up to 85 days! That's almost three weeks longer! It seems like sellers in Bordeaux are taking their time to reach an agreement with buyers. Some sellers can wait it out, but others may have to sell at lower prices. This could mean a pessimistic outlook for price dynamics in the coming months. Cheers to the wine region of Bordeaux!
