Explore the Notaires de France report revealing a 17% drop in sales and how buyers can now afford 3 m² more in old properties for the same price.
In a rather disheartening turn of events for the French real estate market, the annual report from the Notaires de France has unveiled a staggering 17% decline in home sales over the past year. This report, published on December 16, paints a rather bleak picture for 2024, suggesting that the year ahead may not bode well for prospective buyers or sellers alike.
The data reveals that the total volume of residential transactions has plummeted to a mere 780,000, a figure that raises eyebrows and questions about the underlying factors contributing to this downturn. Interestingly, while the overall trend indicates a decrease in property prices across nearly all major urban centers, buyers now find themselves in a position to acquire an additional 3 square meters of living space in older properties for the same financial outlay as in 2023. One might say that the silver lining in this cloud is that, at least, buyers can stretch their legs—quite literally.
However, the regional disparities are striking. For instance, a household committing to a monthly payment of 800 euros over a 20-year mortgage can secure a generous 111 square meters in Saint-Étienne. In stark contrast, the same financial commitment would only afford a paltry 12 square meters in Paris, 29 square meters in Lyon, and 41 square meters in both Marseille and Toulouse. It appears that the City of Light remains a beacon of exorbitance, while other cities grapple with more palatable price points.
The most pronounced declines in property values have been observed in Nantes and Lyon, where reductions approach or even surpass 9%. The Notaires de France report underscores a pervasive trend of diminishing prices in major cities, with the notable exception of Nice. In this coastal gem, which ranks as the second most expensive city in France after Paris, the price per square meter has experienced a slight uptick, leaving many to ponder the peculiarities of market dynamics.
As we navigate the complexities of the current France real estate landscape, it becomes evident that while buyers may enjoy a marginally larger living space for their money, the overarching narrative is one of caution and uncertainty. The French real estate market, it seems, is in a state of flux, and only time will tell how these trends will evolve in the months to come.
