Bordeaux real estate, training in the real market

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Declared the second most expensive city in France by a seloger.com study, Bordeaux shows an increase in the price per square metre of more than 40% in 10 years. The record growth is held by the year 2017, with 15% increase in prices.

At the same time, construction projects are multiplying in the Bordeaux metropolis (Ginko, Bastide Niel, Brazza, Euratlantique…), without being able to meet all the demand. A breeding ground for the development of vocational training in real estate? The reality is not so simple…

 

A real estate training offer as close as possible to trends

 

Today, training in the real estate professions is on the rise. BTS, DUT, bachelor’s degrees, masters… In high school, university, training centres, schools… A density of training offerings that encourages training organizations to redouble their efforts to attract talent.

Seizing the stakes of such market tension, the leader of real estate training in France, the ESPI Group, announces that its Bordeaux premises are changing its address. The start of 2019 will therefore take place in the Bastide district, on the right bank. A rapidly developing area, including the Bastide-Niel eco-neighbourhood, which will place the school “in an innovative and inspiring environment”, attractive to future professionals.

Other training organizations also choose to adapt to meet the needs of students and professionals in the sector. Thus, the Enaco Distance Business School offers online training and is the first to open this type of course to alternating studies. A way to meet the need for practical and theoretical training, while combining the benefits of distance learning.

Also with the aim of keeping real estate professionals at an optimal level of competence, the CCI of Bordeaux, following decree No. 2016-173 of 18 February 2016 relating to the continuing training of real estate professionals, has set up a training offer integrating new real estate trades and new practices. In addition to traditional skills in transaction, rental management or condominium management, the schools of the CCI of Bordeaux now offer training in home staging and digital, provided by the IPC Institute for Commercial Promotion, the IDAE Institute of Design and Development of Spaces or E-COD, school of communication and digital creation.

 

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A commercial supply of high-pressure housing, far from the standards of a balanced real estate market

 

According to figures from OISO, Southwest Real Estate Observatory, the third quarter of 2018 had 5,765 homes for sale, an increase of 14% compared to the same period in 2017. However, this tendency should be put into perspective because there are large disparities between geographical areas. For example, the South of Aquitaine recorded a decline of 26% when the Bordeaux metropolis and La Rochelle showed growth of 34% and 16% respectively in the commercial supply.

The OISO states that this offer does not allow visibility of stocks on the market for more than 8.6 months, whereas it is estimated that a balanced market offers a 12-month view of the available offer.

In addition to the tensions that have been evident for several years in the real estate market for sale, the rental is also facing some suffering. As a highly attractive student city, Bordeaux presents a market for small areas in a tense flow. Explained in particular by the difficulty of finding an apartment, the notice period reduced to one month, and students who prefer to pay double rent rather than take the risk of being without housing during a move, this situation is aggravated by the AirBnb phenomenon, which would deprive real estate agencies of an average of 50 fewer rentals than before , a drop of 15 to 35% of the park in management according to the agencies. At the same time, it is this category of property that is the most popular with investors.

If this tension explains the increase in rental prices (the average rent of a studio charges included being 481 euros/month), the price per sq m is attributed to the purchase price of parisian buyers. Thus, they would be the second buyers on the Bordeaux metropolis, with 22% of transactions, behind the Bordeaux themselves and the girondins (37%).

It should be noted, however, that since the sharp increase in the number of people in 2017, the trend has been slightly revised downwards. This finding does not make it possible to declare the Bordeaux market more affordable. On the other hand, it would reflect a certain awareness of investors that market prices would push to invest elsewhere in France…

 

The real estate market in Bordeaux, however exciting at first glance, is in fact multifaceted and it is up to real estate professionals to cope with this situation to be flexible and to closely monitor trends, to adapt the real estate trades to the state of the market.

 

Candice CIBOIS – BORDEAUX BUSINESS

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Sources:

Seloger.com, barometer of the 10 most expensive cities in France in 2018

CCI Bordeaux Gironde, Real Estate Training Catalogue

FPI France, Third Quarter 2018 Observatory

REIT France, new housing in 2019

Pop Immo, The key figures of Bordeaux real estate

Agency journal, Bordeaux real estate market in 2019: figures, trends and outlook

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