Immovable. Medium-sized cities regain their attractiveness

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“The decline in the attractiveness of medium-sized cities was linked to a double process of the rise of metropolises in terms of the economy and the devitalization of medium-sized cities with deindustrialization and the limitation of public employment in prefectural cities”, recalls Nicolas Rio, consultant in territorial cooperation.

However, the increase in sales is not uniform across the territory. 15 cities recorded a decrease in their sales volume between 2018 and 2019. Those experiencing the most significant declines are located in the Grand-Est (Vitry-le-François, Haguenau, Colmar and Guebwiller), in Guadeloupe (Basse-Terre, les Abymes) and in Guyana (Saint-Laurent-du-Maroni).

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Various reasons

The market was particularly dynamic between 2020 and 2021, where real estate sales increased by 12% in medium-sized cities. “It is a cyclical and general evolution which has been accelerated by the health crisis, comments Nicolas Rio. There was already a revival of medium-sized cities on questions of density and access, due in particular to the saturation of metropolises and public facilities”.

The public investment program Action Coeur de Ville, the objective of which is to maintain or develop commercial and residential functions in the centers of medium-sized towns, has been able to contribute to their renewed attractiveness “by restoring dynamism to medium-sized towns, with the renovation of public facilities, the pedestrianization of certain spaces…” estimates the consultant.

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Questions

However, this renewed attractiveness is not correlated with better accessibility. In 137 cities, the increase in sales was coupled with an increase in prices: +16.6% for old houses and +15% for old apartments. “The average price of apartments and houses has remained lower in Action heart town centers than that observed in the rest of the conurbation,” the authors of the study point out, however.

“What emerges from the projects that fall within the framework of the Action Coeur de Ville program is that cities want to attract young, dynamic executives with children. Are these profiles the most in need of access to medium-sized towns? Isn’t their arrival likely to harm the public of retirees, young workers or families from the peri-urban area? asks Nicolas Rio.

Another major issue of this renewed attractiveness is the commercial vacancy of these city centers. For Nicolas Rio, it will probably be necessary to use this commercial potential to meet new needs, such as with the creation of coworking spaces or places for associations to “create links” between new residents and old ones.

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