Normandy’s property market is showing signs of a recovery, with sales up 25% in a year, estate agents say. Upmarket properties are beginning to sell again, after a difficult couple of years, according to new figures from the Basse-Normandie branch of Fnaim, which comprises 190 estate agents in the region.

Fnaim regional president Eric Maurice, who runs the Bleu Marine estate agency in Caen, said there was a “definite revival” in the business; however, it was difficult to tell how the situation would develop.

He told The Advertiser: “The prices are stable and there is even a slight increase on certain well-located properties.

“We have witnessed an upturn on properties over €300,000 which we had not seen for a year and a half, and that is what has particularly moved the market.”

However Mr Maurice added that the greatest number of sales were still in the lower end of the market. “The market has remained active on everything under €200,000,” he said.

“This is what, in fact, we had continued to work on. But since spring, we have seen an increase in the demand for property between €300,000 and €500,000 which had disappeared a little and is today moving the market.”

Mr Maurice said customers looking to buy were strongly advised to take their chance now, because prices are relatively low and credit rates remain attractive for now.

“Customers have to bear in mind that loan rates are tending to go up at the moment. They went up 0.2 percentage points in July, so today really is the right time to buy, because the conditions are likely to become harder next year.”

According to Fnaim, a property that is put on the market at the right price usually finds a buyer within 60-70 days. A year ago, it took at least 100 days for a market-price property to sell.

Of the three Basse-Normandie departments, Calvados is a little more sought-after than its neighbours, for its coastline and employment market. The average sale there is between €120,000 and €140,000.

In the Manche, the average sale price is €120,000 and in the Orne most sales are in the €100,000-110,000 price bracket.

Mr Maurice said: “In the countryside, there are some good deals to be made; there are opportunities. And in the markets around the cities, too, there are more bargains.

“On the coastline, we have customers from outside Basse-Normandie who look for second homes.

“Then we have the main home markets in agglomerations such as Caen, Saint-Lô and Cherbourg, where demand comes from first-time buyers.”

He added: “Today, we have buyers who are ready to pay the market price.

“I have noticed that 70% of demand here is below e200,000, whereas 70% of the properties on the market are over €200,000. So there is still a little difference between supply and demand.”