Property sales swell slightly in Nancy

Sales are increasing slightly in Nancy, while property prices continue their fall. The real estate sector had been declining since 2008 despite some geographical exceptions. Smaller property in the city center remains pricey and sought after.

Nancy’s real estate sector has not yet recovered its pre-economic crisis performance, but the number of transactions in the city is increasing once again. Since 2008, prices have been falling consistently in this northeastern metropolitan area in the Lorraine region. The rate of price drop was 25% in the city center and 35% in the Nancy’s outer suburbs.

Two areas have remained virtually unaffected by the housing slump however. In most of the city center — in which three squares are UNESCO World Heritage sites — small surfaces are selling quickly and consistently to rental investors for over 2,300 euros per m2. Property in certain neighborhoods considered to be safe bets, such as the Léopold area or the Ville-Vieille ­— Old Town — continue to cost over 2,000 euros per m2. South of the city center, by the station and regional hospital center, apartments are selling for 1,700 euros per square meter.

Elsewhere and especially in Nancy’s close and outer suburbs, prices continue to plummet. The presence of numerous bargains has lead to the timid return of buyers. The commune of Lunéville, which lies about 35 kilometers to the south-east of Nancy has seen its average property price drop to 800 euros per m2, resulting in purchasing candidates including first-time buyers prospecting there.

Whether the revival experienced by Nancy’s property market since September is a mere ripple or a clear rejuvenation, real estate professionals in the city are cautiously optimistic. IKEA seems to trust in Nancy’s recovery, the home furnishing retailer may open a store there in coming years.

Photo credit: Wikimedia / Cayambe