At Corey’s, “prices are rising in an ever more dynamic real estate market.” At the end of February, the Limousine Notaries Common Room noted a one-year average sale price increase for older homes in the arrondissement by 3.5%, while older apartments jumped 6.1%. This is a permanent phenomenon: over the past five years, this increase has been 24.2% and 26%, respectively.
Brave Basin won the award
It stands to reason that it was the Brave Basin that won the award for the most dynamic sector. Over the past year, it alone represented 47% of the department’s older home sales and 66% of older apartment sales. After strong increases in 2021, this segment saw prices rise 0.8%, while Pays de Tulle posted a 6.9% increase and Hot Curries fell -4.7%.
“The prices are going up in Brive, but we are still in Correz and in a medium-sized town, Nicholas Perrone, notary in Brive, puts me in perspective.”
At Brive, if you’re looking for rental profitability, interestingly, if you’re looking for added value, no. Here for the old apartment, the price per square meter is 1500 euros. In Nantes, it is 6000 euros.
I’m Nicola Peroni (notary in brev)
It stands to reason that it was the Brave Basin that won the award for the most dynamic sector. Justin Bafoa’s photo.
2020 and 2021 brought a very large turnover of the division, in particular thanks to customers who decided to leave Paris and other major cities for Koriz. “In 2021, we recorded 23% more transactions compared to 2020. There is tension in the market,” sums May-Pierre Battier, a notary at Toll.
Thanks to the real estate boom in Korez, the county council has recovered 25 million euros
good dynamics
Christophe Berteau, Vice-Chairman of Funim Korez continued: “This year, we continue to have good dynamism, despite inflation, declining purchasing power and the war in Ukraine. We see that customers are in a hurry to buy before interest rates go up too much. »
In the real estate market in Curies, we are starting to feel the lack of properties for sale. In Brive, first of all, but also in Tolle and Osel. The main housing stock has been emptied. At the moment, we have more buyers than merchandise,” summarizes Christophe Berteau.
“What is going on very quickly and very well at the moment and at more than reasonable prices, is real estate without work,” insists Mary Blaise, president of the network of agencies of the same name in Brive, Toole, Osel and Eagletons. and Meymac and Argentat.
“The increase in the cost of materials means that people are immediately looking for habitable housing where they will not have to suffer neither these increases nor delays the craftsmen.”
Mary Blaze
“There’s a real appetite for Tol.”
After the brev, the town of Toole was also affected by the price hike.
“Once you have a property that is worth it, it leaves immediately, without any advertisement,” notes Donia Oudi of the human estate agency in Toll. Buyers are very responsive. On Tuesday, we got a house of very good standing at €259,000. Just renovated, With 3000 square meters of land and a beautiful pool. I left during the day. There, we have a request from a Parisian woman who has an educational farm and is looking for a house with 2 hectares of land for her animals. Her budget is 340,000 euros, but there is no space 10 km around Toul. Expensive, there is a real appetite for tulle and the same phenomenon of scarcity of goods.”
We have a strong demand for single storey houses with land and we can’t find any of them.
Donia Awady (human real estate)
Strong demand for second homes in Hot Curries
As for the amount of prices, is there a “psychological” threshold that buyers may not exceed? “It depends on the industry. The market has changed rapidly over the last couple of years, thanks to increased demand. In Hot Curries, for example, that threshold was 200,000 euros. It’s outdated now. Demand is also stronger there for second homes. In Meymac, It is a very small town in Haute Corrèze, there are some very beautiful old stone houses which are selling very well. »
Jean-Pierre Saillol (Laforêt immobilier de Brive), who offers real estate in Gaillarde and up to 20 km around, advises: “Today, if you want to lower the price a little, you should approach Terrasson or leave in cities such as Alasak, Abgat or Cornell. Or opazin.”
Interest rate hike around the corner
An upcoming rate hike may slow the momentum. “Every time, increases in interest rates cause the real estate market to fall,” notes Mary Blaise.
“At the end of the year, activity is likely to slow, with lower prices and fewer transactions, analyzes Jean-Pierre Sailol. After the elections, the financial pressure may increase. Some banks are already starting to say: “We will only lend to spouses, with a contribution, who advertise Annual income of at least 50,000 euros and we will no longer offer micro-loans for less than 50,000 euros.”
Since the outbreak of the war in Ukraine, borrowers with modest or low down payments have faced additional difficulties in obtaining credit, and the shift in demand towards higher-income groups is increasing. »
This finding from the Housing Credit Monitor is a good example of the current situation. Inflation, which reached 8.1% in France in May, has driven up mortgage interest rates, ranging between +0.4% and +0.7% since January 1. Those are currently in our area between 1.53% and 1.85%. It can increase even more, in July, after raising the main interest rates of the European Central Bank (to fight inflation), and, according to specialists, continue to grow for at least another year or for a year and a half.
An upcoming rate hike (see below) may slow the momentum.
He is the most humble of toast
Thus it is the end of cheap money, and for those with a real estate project an interest in speeding down their credit at the cheapest rate possible. Currently, the cost of a home loan is still limited, but the approval of the bank must be obtained. And there, it is the most humble of toast.
“Today, the average price for new construction, compared to 2019-2020, has increased by 20,000 euros, due to higher interest rates, sums up Anthony Pianza of Papo Seguin. Banks are becoming more and more careful, asking for large contributions of 20,000 or 30,000 euros. , while first time buyers often don’t have a contribution. Banks go so far as to study the solvency of the companies they hire. So these people will still be renters and will pay more rent than the monthly loan payment. Editor’s note).
In Brive (Correz), in the context of a shortage of goods, Parisians and Bordeaux buy cash
Dragan Perovic
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