2023-10-15 05:00:00
Real estate: a slowdown in the economy
According to the latest figures from the National Real Estate Federation (Fnaim), the year 2023 should end with a historic record drop in sales over one year (-20%, to 900,000 sales), and a drop in prices by around 4%. After a very dynamic post-Covid period, the real estate market has once once more become more favorable to buyers. is running slowly today.
Sales down
“With 900,000 fewer sales in 2023, this would be the largest one-year sales decline seen in over 50 years. An explosion, a major shock for the real estate market” analyzes Fnaim. “The drop in sales is felt a little more in the West (where prices and sales had increased the most) and the North of the country.”
Since last February, the trend has also been towards more moderation on prices, which might ultimately make the market more fluid. Buyers will perhaps find some breathing room and be able to finalize their projects.
At the end of August 2023, property loan rates rose to 3.32% according to figures from the Banque de France (and 3.63% for loans excluding renegotiation).
With an increase in rates greater than the correction in property prices, the average amount borrowed by first-time buyers increased from €242,314 in the second half of 2022 to €224,140 in the first half of 2023, according to Cafpi, real estate loan broker.
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