Frédéric’s dream of owning an apartment in Villejuif quickly turned into a nightmare after significant delays in construction. Initially scheduled for delivery in 2021, the project faced multiple setbacks, including pandemic-related halts and urban planning issues. Three years later, the site remains inactive, and the delivery date has been pushed to early 2025. Frédéric’s patience is tested as he navigates mortgage payments alongside his rental costs, while the developer’s inadequate compensation offers leave him feeling neglected and frustrated.
The Unexpected Nightmare of a Real Estate Investment
Frédéric never anticipated that his dream of owning a new apartment would spiral into a distressing ordeal. In 2019, he made the decision to invest in a property in Villejuif (Val-de-Marne) to take advantage of the Pinel scheme, which offers tax reductions on housing prices for rentals with capped rents aimed at low-income tenants. As a Parisian in his fifties and a sales manager in a software company, he targeted a fifty-square-meter unit available in a future state of completion (Vefa). Frédéric purchased this off-plan apartment in July 2019 for 308,000 euros from a developer based in Bordeaux, financing it with an attractive loan at a mere 0.95% interest. The delivery of this property, situated in a condominium with 250 units, was initially promised by the end of 2021.
Delays and Disappointments: A Series of Setbacks
However, things took a turn for the worse quickly. Living in a rented apartment in Paris, Frédéric learned that his anticipated home would not be delivered on schedule. By late 2019, the developer announced a postponement to early 2022, citing delays in contractor bids. But the situation worsened. “In 2020, the Covid pandemic hit, and the developer declared that all construction sites were halted. It was a devastating blow,” recalls Frédéric. “Workers were unable to continue, leading to total disarray.” In 2021, another complication arose when the Villejuif town hall suspended construction due to urban planning issues, leaving co-owners stunned. To add to the turmoil, in 2022, the newly elected mayor also halted progress on the site.
Now, three years after his purchase, the construction site remains dormant. Frédéric’s patience is wearing thin as he desperately seeks answers from the developer. “We felt like we were being toyed with; every time we inquired, there was a new excuse for the delays. It was never-ending and exhausting,” he explains. The strain is palpable as he juggles mortgage interim costs alongside his Paris rent, leading to sleepless nights filled with anxiety. Even worse, the delivery timeline for his home continues to shift. “In June 2023, the developer reported issues stemming from the war in Ukraine, followed by connectivity problems with the GRDF network. There was always a new excuse,” Frédéric laments.
His situation has become increasingly dire, with the latest updates pushing the delivery of his apartment to the first quarter of 2025. Frédéric, however, is skeptical. “Construction has barely begun; there are only walls standing. It’s a disaster,” he states. With the current delays, he has already forfeited three years of potential rental income.
Like many other co-owners facing similar challenges, Frédéric has consulted with legal experts regarding possible compensation. “They advised us to wait until the housing is delivered before pursuing legal action against the developer,” he shares. In a somewhat hollow gesture, the developer has offered a meager compensation of 2,000 euros to the frustrated co-owners. “It’s clear they don’t care about our plight. Numerous families are suffering due to their incompetence,” Frédéric concludes, his frustration evident.