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The cooling in the French real estate market continues

04.10.2023
Homesoverseas.ru editorial office
285

In the 3rd quarter of 2023, apartment prices in France fell by 4.1% compared to the same period last year, and house prices by 2%. These are the data of the Century 21 network of agencies referred to by Le Figaro.

In fact, the increase in interest rates on loans has weakened the positions of potential buyers, who now prefer to wait for prices to decrease.The number of real estate listings is increasing, and sellers are forced to lower prices if they want to attract customers.

Sales volumes have continued to decline for several months.So, the National Federation of Real Estate (FNAIM) expects only about 900,000 transactions this year, whereas in 2021 a record 1.17 million transactions were recorded, and in 2022 1.13 million.

According to Century 21, over the year, sales of apartments in France fell by 27%, and houses by 22.7%.

In Paris, the cost of apartments decreased by 8.9% over the year, and houses by 10.5%. In some other cities, the trend is similar: in Bordeaux, prices fell by 13.1%, in Nantes by 5.4%, in Lyon by 4.9%. However, there are places where real estate continues to rise in price. In Nice and Marseille, the growth was 9.2%, in Strasbourg 6.3%, in Rennes 8.2%.

According to Le Figaro, the decline in prices is unlikely to stop there, especially since interest rates continue to rise.

A source: Capital

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