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Orléans’ real estate market on firm ground
After two years of relatively poor performance, Orléans has seen its real estate recover in recent months. Despite relatively high prices, property in the city center is attracting multiple buyers; in the periphery, prices are dropping and there are bargains to be found.
Capital of the Loiret department and of the Centre region, Orléans has experienced a sustained real estate recovery of late. The historic French city (and namesake of America’s “New” Orleans) has benefitted from growing sales volumes since the beginning of spring.
A price drop of between 5 and 10% last year allowed property in the city’s immediate periphery to attract buyers to the market once again. Then, with a stagnant market for the last months, “owners have finally agreed to revise their asking prices, explains Yves Auberger, notaire in Ingré. Buyers are now calling the shots, with price cuts reaching 10% on some transactions, and more if the property requires significant work.
The average price per square meter have fallen below 1,900 euros, resulting in an increasing number of first-time buyers visiting real estate agencies in the past few months. Another factor contributing to more first-time buyers are the continued historically-low interest rates generally in France.
Price disparities of course remain between different areas. Property prices remain high in the city center, for instance in Saint-Marceau — a chic neighborhood just south of the river Loire — where luxury apartments command 2,400 euros per square meter. On the outskirts of town, homes overlooking the Loire can be had for 2,000€/m2. According to Pratique.fr, 100,000 euros can buy a 30 to 35m2 apartment in the south of Orléans.
The main train station area is in high demand, primarily from residents commuting each day to Paris. Houses with gardens sell there for around 2,200€/m2. Cheaper property is available — at around 1,600€/m2 — in smaller surrounding towns such as Fleury-les-Aubrais which is well connected to Orléans by tram and to Paris by train.
Capital.fr recently published a price map showing cost per square meter in various districts of Orléans.
Photo credit: Wikimedia Commons / Patrick Giraud