The decline in prices in the old market continues, but slows down in the second quarter

“A little tremor” encouraging. The decline in prices of old real estate continues in France, but at a less sustained pace from quarter to quarter, suggesting a stabilization of the market. The Notaires-Insee index published on Tuesday, September 10, which is a reference for its exhaustiveness, reports a 0.5% drop in prices in the second quarter of 2024 compared to the previous quarter. The drop was -1.5% in the first quarter of 2024 and -1.8% in the fourth quarter of 2023.

The rise in prices, which has been ongoing since the end of 2015, has slowed down significantly since mid-2022. Over one year, the market is down 4.9% in the second quarter of 2024, after -5.2% in the first quarter, with a drop of 5% for apartments and 4.9% for houses, according to provisional data adjusted for seasonal variations.

“We feel a little tremor in the real estate market”commented Elodie Frémont, president of the commission:real estate statistics” notaries of Greater Paris at a press conference. This slowdown in prices is mainly linked to the drop in interest rates, the notaries emphasize. The average interest rate (excluding fees and insurance) stood at 3.64% in June, down 0.53 points since the highest level reached in January 2024.