Economy | Buying your property in Bouches-du-Rhone (13): state of the market

Would you like to spend your days in a haven of peace? Do you feel the need to expand your space? The pandemic has changed the habits of the French, who now seek to move from the capital to coastal areas. Bouches-du-Rhone is known as an ideal place for tourists and vacations, but what is the real estate market? How to buy property despite the economic situation? We answer you in this article.

Bouches du Rhone, real estate bet?

strategic area

The French branch of the PACA region has not finished surprising and seducing its newcomers. Proximity to Italy and the coast, as well as a rich cultural heritage, make this department a tourist region with very high potential. Its strength is also illustrated by the development of, among other things, tourism, industry, trade and logistics. Among its most emblematic cities we find Marseille and Aix-en-Provence, where student life is in full swing. Thus, the region has many advantages and represents a good bet for real estate.

Cities are diversifying

The Aix-Marseille metropolis modernizes and improves the daily life of young people and students with its many concert halls and numerous cultural events. The metropolis also offers a growing number of training courses. In addition, its internationally oriented aspect emphasizes modern ambitions and is timely, welcoming and makes it a place for investment and scrutiny.

The evolution of real estate in Bouches-du-Rhone

Over the past two years, the PACA region as a whole has experienced an increase in property prices. In the case of Marseille, prices rose by 7%, and in some areas – up to 13%. Other cities in the region, such as Aix-en-Provence, are also seeing an increase in property prices: this area is a very interesting real estate bet. How can this record price increase be explained? There are several reasons for this phenomenon.

Gentrification of cities like Marseille

What is gentrification? It is an urban process through which space is transformed economically and socially. In other words, transforming the space to make it more attractive is to drag the target population to the original location. For example, Parisians who are locked down expect and change the scenery by choosing cities outside the capital and close to the countryside and/or the coast.

Post-COVID situation

The pandemic and health crisis froze the market in 2020; stalled real estate projects are relaunched today, which also explains this rise in prices. The resilience of telecommuting is driving the French to prioritize the new comforts of life, bringing new needs to the market, such as looking for a property with a terrace or balcony, or finding a property with more space to build an additional office. For example.

Still in doubt? Do not hesitate any longer and seek advice from a real estate specialist at Find-Mon-Prê

The rate of evolution of credit

Bouches du Rhone is going through a historic real estate situation due to the pandemic. The department, which has always been coveted for its geographic, tourist and commercial advantages, is now undergoing an interesting real estate development. Mortgage growth rates are historically low. Indeed, the loan rate was 1.68% at the end of 2017, then around 1% with the advent of COVID-19 in 2020. Today they are below the 1% mark and are stabilizing at 0.8%.

Unable to respond to the sudden surge in post-coronavirus demand (a 10% increase in sales for Bouches-du-Rhone), property prices are rising because the production of goods is falling. Across the department there is a 5% increase in prices, averaging 7% in Marseille and 1.3% in Aix-en-Provence. If the situation does not stabilize, shortages of goods should be expected by 2024.

It is also interesting to note that the percentage of sales also takes into account sales made by professional intermediaries such as real estate agents (this is confirmed by a professional card issued by the prefecture). These intermediaries accompany you and help you check the status of your treasured possessions. When you know that an individual can sell a property for 15% more than its original cost, it’s important to be accompanied.

How to get a home loan?

Bouches du Rhone has convinced you and you want to buy a property there? The process of buying a property takes place in several stages. In the event that you are unable to purchase a property without going through a financial institution, you must, among other things:

Model your ability to pay

In order for you to receive money from a bank, you need to create a file that includes a calculation of your fees, monthly repayments, or loan term, among other things. Luckily, there is a panel of free exercise machines online that let you visualize your goal. For example, on Find-Mon-Prê you can conduct a completely free simulation of your mortgage, accompanied by an expert.

Find a bank that will accept your request

Once your property is signed in front of an authorized person (such as a notary), you will need to take out a loan from a bank, which must still agree to provide you with the required amount. It is quite possible to make a request to several different banks. Using a broker can save you time, money and energy. He can even accompany you during the meeting at the bank.

Get a home loan

As soon as your loan parameters are set, the bank will issue you a loan! You will probably need to take out insurance and open an account with the appropriate bank. To learn more about how to get a home loango to Find-Mon-Prê and ask for help from a consultant who can help you.

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