Market crisis in Mane: what impact will it have on apartment prices?\n\nReal estate market crisis in Mane: how will it affect the cost of apartments?

In Le Mans, sales of new apartments have collapsed, while prices continue to rise, report the notaries of Sarthe. The situation in the secondary market is stabilizing. Since 2021, very few new apartments have been sold in Le Mans. Photo ©Maxime DAVOUST/Actu Le Mans

Le Mans is far from being the most expensive city to live in France...

However, buying a new apartment here is still difficult, even in 2023. This September, the Interdepartmental Chamber of Notaries presented some figures about real estate in Le Mans.

Overall decline in sales

After two exceptional years (2021 and 2022), sales are declining in three departments (Sarthe, Mayenne, and Maine-et-Loire) by 19%, 15%, and 20% respectively. According to the report, in Sarthe, despite the decrease in sales volumes, prices are tending to stabilize after a significant increase recorded in the previous year.

"The Le Mans market is different from the rest of Sarthe."

“The Le Mans market is different from the rest of Sarthe,” notes Claire Tessier, vice president of the Sarthe notaries, in an interview with Actu Le Mans. In Le Mans, sales of older apartments (over 5 years old), which make up almost all (90%) of the housing stock in Sarthe, remain stable, with 1,191 transactions (1,315 in Sarthe) from July 1, 2022, to June 30, 2023, compared to 1,198 in the previous period.

Prices continue to rise.

“Last year, Le Mans experienced a much stronger price increase than the national average,” reminds Claire Tessier. This trend is continuing now, with the median price rising from 1,670 euros per square meter to 1,820 euros per square meter over the year.

Video: current news on Actu

As for old apartments, the price increase is even more significant in the northwestern (+12.3%) and southwestern (+10.6%) parts of Le Mans. Sarthe still remains the cheapest department in terms of cost per square meter (€1770), followed by Mayenne (€1940 per square meter) and Maine-et-Loire (€3360 per square meter).

Only 37 sales for 145,000 residents!

Even more surprising is that the sales of new apartments seem extremely low compared to the size of the agglomeration and its 145,000 residents. Only 50 apartments were sold between 2021 and 2022, and 37 apartments between 2022 and 2023... Meanwhile, around 500 properties of this type were sold in Angers.

Prices are rising in the new market.

This crisis is explained by the lack of available offers and ongoing construction projects in Le Mans.

Few plots sold

With a small number of land plot offers, the problem persists for construction sites as well: 23 sales (compared to 32 during the 2021-2022 period). The average price has also changed, rising from 186 euros per square meter to 210 euros per square meter in 2023.

“Slowing down of transactions”

As for old residential buildings in Le Mans, the number of sales has decreased from 1,152 to 1,105 in 2023. This slight decline may continue. "Since the summer, we have felt a slowdown in transactions," note the notaries of Sarthe. Prices, which rose by 6.7% last year, have stabilized at 1.4%... The average amount is €174,000 compared to €177,500. However, a decline has not yet begun.

“The situation is blocked” between buyers and sellers.

“At the moment, we are facing a situation of stagnation,” notes Claire Tessier. Prices are not falling, while buyers are experiencing reduced access to credit due to rising interest rates. This has “never been this strong in such a short period of time.”