The French real estate market is showing its first signs of recovery after two challenging years, according to the Superior Council of Notaries (CSN) in its newly released 2025 annual report. The figures indicate a noteworthy 11% jump in transactions for second-hand or “old” homes, a welcome rebound that signals improving confidence among both buyers and industry professionals.
Transactions Rebound, Driven by First-Time Buyers
CSN reports that by September 2025, 921,000 old-property transactions were completed. This surge brings market activity back to levels not seen since 2017. The biggest driver of this resurgence is the return of first-time buyers, who have found buying conditions more favorable thanks to a drop in mortgage rates earlier in the year.
While the increase is encouraging, experts warn the recovery may still be fragile. They caution that energy remains focused on monitoring the evolution of prices and interest rates to confirm whether the market’s rebound can be sustained.
Marseille Leads Price Growth as Market Shifts
Alongside increased activity, prices have begun to “shudder” upward. On average, old apartment prices in France grew by 1.3% year-on-year. Some cities, however, saw much sharper rises. Dijon (+3.1%), Marseille (+2.4%), Toulon (+2.3%), and Reims (+2.1%) were among those posting the largest annual gains.
Marseille continues its exceptional multi-year run: over the past decade, the city’s old apartment prices have soared by 40.6%, with the average price now at €3,150 per square meter. By comparison, prices in Paris average €9,570 per square meter, up just 0.8% in a year. In contrast, Lyon, Bordeaux, and Nantes have begun to see property values dip.
Cautious Optimism as Challenges Remain
Even with a stronger market, the CSN and many notaries urge caution. One reason: 20-year mortgage rates, while briefly stabilizing, have begun climbing again—from 3.10% earlier this year to 3.20% currently. With higher borrowing costs, there’s concern that the recent rise in sales could be short-lived if affordability continues to erode.
Moreover, property holding periods are getting longer. The average owner now keeps an old apartment for 12 years—a full year longer than in 2015. This trend is largely attributed to homeowners who locked in ultra-low rates in prior years and are in no hurry to sell.
Looking Ahead
As 2025 progresses, industry observers remain “rather confident” about the resilience of France’s old-property market. The rebound in transactions, bolstered by first-time buyers and modest price increases, provides hope for a slow but steady exit from the recent crisis—assuming interest rates and affordability stay in check.
Still, experts advise watching for premature price surges that could risk derailing the fragile recovery, particularly if economic or lending conditions shift. For now, France’s property market appears to be taking its first careful steps back into growth.
