2023-12-27 14:27:51
Building your own house may turn out to be more complicated than expected, due to a government measure which might multiply the price of buildable areas and considerably reduce their size.
According to a survey conducted by Century 21, 80% of French people dream of building their own house. However, this wish might prove increasingly complicated to achieve. In addition to the explosion in the prices of construction materials due to inflation, a government decision taken in 2021, as part of the Climate Resilience Law, will impact the prices and surface areas of buildable land. Initiated in 2021, this measure aims to halve the rate of land artificialization by 2031 and reach the “Zero artificialization” bar by 2050.
With this measure, the prices of building space should continue to increase. As a reminder, the price of a plot of land represents on average 31% of the total purchase price of a house. This government decision also requires municipalities to create new natural spaces to compensate for built-up areas. Consequently, it will become increasingly complex to obtain a permit to build a new house, because such a project goes once morest the government measure.
Furthermore, if buildable space becomes scarce, prices will inevitably increase. Currently, the average price per square meter of building land is 90 euros in France. A price which may differ from one region to another. In Île-de-France, it is 233 euros compared to 65 euros per square meter in Normandy.
Buying a house instead of building?
Over the years, it will become more and more difficult to build a house. For this, buying a house or apartment can be the best alternative for future owners. Thus, and to allow them to have easier access to real estate loans, the government and the Banque de France have made adjustments to the conditions for granting real estate loans.
During the meeting of the High Financial Stability Council (HCSF), which was held on Monday, December 4, the governor of the Bank of France and Bercy worked closely to find solutions to the problem of granting real estate loans. To revive this flagging sector, they have therefore put in place new, so-called “more flexible” regulations concerning real estate loans. Among the measures that the governor of the Bank of France and Bruno Le Maire have decided to take is the possibility of appealing to banking establishments in the event of unjustified refusal.
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