A more than gloomy year on the real estate market in France: according to the report drawn up by the Superior Council of Notaries, the number of transactions fell by 18% between September 2022 and September 2023.
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The number of real estate transactions fell by 18% between September 2022 and September 2023, according to the report drawn up Monday, December 11 by the Superior Council of Notaries. These transactions fell below the symbolic threshold of one million, to only 928,000.
For the first time since 2015, notaries are observing a decline in average sales prices for old homes. A drop of 2% on average for apartments across mainland France in the third quarter, compared to the same period last year. This drop should reach 3.5% at the end of January, according to notaries’ projections.
The decline is more pronounced in the Paris region
In Île-de-France, this decrease is even more severe: -5.3% in the third quarter, and a drop of 7% anticipated for the start of 2024. For houses, the trend is even more pronounced. This is the consequence of the surge in borrowing rates and the tightening of conditions of access to credit for households.
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If transactions are falling, so are prices, particularly in Paris, Nantes or Lyon where the average price reduction is around 4% over one year. However, significant price increases have been noted in certain cities this year, notably in Toulon, Nice, and Marseille.
