2023-08-01 14:50:50
In real estate, it’s not just the rates that matter. Price trends are also of interest to individuals. Because the market’s return to normal also depends on them. For the time being, prices are falling, but not enough to prevent real estate purchasing power from being reduced. This is particularly the case in Paris, which is less and less popular with buyers. Transport, works, dirt and overpriced real estate are all reasons that have caused prices to fall. In one year, they have melted by 5.5%. A decline worthy of the surges known in the capital before the crisis of the Covid!
At this rate, the bar of 10,000 euros per m² will soon be sunk. For now, she resists. In May, prices in Paris were displayed at 10,170 euros/m² (see the graph below), according to the notaries of Greater Paris who rely on the promises of sale signed before the final act. Four months later, they will sail just above the symbolic threshold of 10,000 euros, at 10,070 euros exactly. A figure reached as early as July, according to Meilleurs Agents, a specialist in real estate appraisal (see their prices district by district below).
But the relentless decline seems to be coming to an end. Prices tend to stabilize now, anticipate the notaries of Greater Paris. An “a priori” reassuring announcement for sellers. A priori, indeed, becauseusually the prices go up during the summer“, underline the notaries. “This is the time when sales are recorded for entering a new home before the start of the school year.“, they argue. A priori also because if no buyer has the means to pay the required sum, this good news risks being ephemeral.
Christophe, who is looking to sell his 2-room apartment in the 16th arrondissement of Paris, has had bitter experience of this. “Month following month, I have seen the estimated price of my property drop and for two months, it has climbed by more than 4%!rejoices this forties. It remains to be seen if this increase will continue and especially if I will find a buyer capable of putting the price I want.»
In short, the showdown between Parisian buyers and sellers is far from over. The situation is also tense in the rest of Île-de-France because prices are also lower and lower in the inner and outer suburbs. But, as in Paris, the drop is not enough. Worse for buyers: prices should stabilize from June to September, according to notaries’ forecasts: -0.2% in the Petite Couronne and -0.7% in the Grande Couronne. Add to that rates that are likely to continue to climb and you get a real estate market that should seize up for several more months, at least.
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