2024-03-06 04:00:00
The latest data revealed by the Notaries of Greater Paris show a historic drop in sales of old housing in Île-de-France in 2023. Prices have also seen a significant fall, suggesting an uncertain future for the Ile-de-France real estate market.
Significantly decreasing sales volumes
According to Élodie Frémont, notary in Paris and president of the real estate statistics commission of the Notaries of Grand Paris, 47,000 sales were lost in 2023reaching a historic low.
In total, only 140,000 transactions were carried out across the whole of Île-de-France, a drop of -25% compared to 2022 and -14% compared to the last ten years.
No sector of the market is spared: sales of apartments are down -25%, while those of houses fall by -28%.
Faced with this gloomy context, transactions are mainly dictated by obligation, with sellers often having no other choice than to sell their property to cope with financial constraints.
On the same subject : With 150,000 euros, how many square meters might you buy in Paris in 1980?
Significant price drops across the region
In addition to the reduction in sales volumes, the old Ile-de-France real estate market was also marked by a drop in prices of 6 to 8% over the year 2023.
In the Villette district of Paris, prices have fallen by almost 19% since their peak in 2020, including almost 13% in the last twelve months.
This downward trend is confirmed in the French capital: according to the Meilleurs Agents indices, the price per square meter decreased by 0.7% in February compared to the previous month, a drop of 6.6% over one year.
This monthly rate of decline is even higher than that of the previous year, when Paris lost on average 0.5% per month.
As we anticipated with the trend from the summer of 2023, with this difficult economic situation, the hope of a stabilization or a turnaround in the old real estate market in Île-de-France seems to be fading away.
While supply remains relatively abundant, demand is struggling to keep up, particularly due to an uncertain economic context and limited access to property loans for certain households.
The old Ile-de-France real estate market is currently going through a difficult period, with historically low sales volumes and significant price drops.
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