the granting of new real estate loans falls again, to its lowest level since 2015

The granting of real estate loans is at its lowest level in eight years. According to the Banque de France, the amount of new housing loans granted in 2023 to individuals amounts to 129.5 billion euros, its lowest level since 2015.

Although interest rates on real estate loans are starting to stabilize, they currently average around 4% and have tripled or even quadrupled in two years. Then, banks seem to be reluctant to grant new loans and households are less inclined to borrow. All this in a context where wages are increasing little and real estate prices are not falling much.

The worst fall in 50 years

Nearly 129.5 billion euros in new credits were therefore granted in 2023, including 8 billion in December. We are very far from the more than 20 billion monthly of April or May 2022. Reflecting the crisis in the sector, the number of building permits issued fell last year by 23.7% over one year, just like the number of sales in the old one, which fell by 22%.

Today, rates are stabilizing but this fall is the worst in 50 years according to the National Real Estate Federation (FNAIM). It should also continue this year, since FNAIM forecasts a 10% decline in sales.