Large military arsenal, student city and first job center in Finistère, Brest is a very dynamic agglomeration with a large population of tenants. This is why, for the past two years, investors have been flocking there.
Faced with this surge, the price of small areas and, in the process, that of other goods have soared. After double-digit increases, buyers stalled at the start of the school year and now they no longer follow all the sellers’ claims.
As a result, prices have been stable since the fall. According to Meilleursagents, it takes an average of 1,998 euros/m2 to buy an apartment in the city and 2,026 euros/m2 for a house. But these averages hide strong disparities: “Rates are higher and have increased faster in the hypercentre and its surroundings”, says Xavier Tanneau, director of the Brest agency.
Bombed during the Second World War, the Siam district has almost exclusively buildings dating from the reconstruction. Crossed by the tram, commercial and pleasant to live in, it seduces apartment lovers looking for medium-sized and family-friendly surfaces, of which it abounds. “The majority of condominiums have neither elevators nor balconies, but as soon as an apartment offers them, its price soars”, observes Nicolas Begoc, associate director of Century21 Conseils Immobilier. Today, a property in good condition sells for over 2,800 euros/m2 and, if it is well renovated, with an unobstructed view and an elevator, its price can reach 4,000 euros/m2.
The old districts of Saint-Martin and Saint-Michel, which adjoin it, have lower prices, 1,600 euros/m2 on average for studios and two-room apartments to be refreshed. Those in good condition approaching 2,000 euros/m2 have become the hunting ground for investors. Some of them cross the Penfeld and prospect at Recouvrance.
There, prices are around 1,500 euros/m2 in the old building to renovate and reach 2,200 euros/m2 for recent in good condition near the ledge. In these three sectors, two-room apartments are renting around 350 euros/month, which allows them to expect 6% gross profitability.
Capital gains prospects
Outside the city center and its immediate surroundings, the houses are much more numerous. The different neighborhoods mix small constructions from the 1950s and 1960s and slightly more opulent pavilions from the 1970s to 1990s. 80m2 to refresh and between 210,000 and 280,000 euros if it is larger and in good condition and with a nice garden.
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