![Real estate: the cities where luxury housing prices will plummet the most in 2024 Real estate: the cities where luxury housing prices will plummet the most in 2024](https://cap.img.pmdstatic.net/fit/https.3A.2F.2Fi.2Epmdstatic.2Enet.2Fcap.2F2024.2F06.2F11.2Fe04b7ad3-0f9c-4252-abd7-5551e1b75796.2Ejpeg/1200x630/focus-point/792%2C446/cr/wqkgSUxVU1RSQVRJT04gQ0FQSVRBTCAgLyBDQVBJVEFM/immobilier-les-villes-ou-les-prix-des-logements-de-luxe-degringolent-le-plus-en-2024-1498059.jpg)
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The fall in property prices does not only concern standard housing. Some luxury goods also lose value. Here are the cities where the fall in high-end housing prices is most dramatic.
Luxury real estate is not spared from the crisis. And, in certain municipalities, owners of prestigious properties pay a high price. Indeed, while across the market as a whole, between March 2023 and February 2024, sales fell by 23% compared to the same period a year earlier, the trend is similar in high-end real estate. The drop in sales thus concerns luxury residences, in towns which are nevertheless widely sought after. “We experienced a decrease in sales in 2023 driven by wait-and-see buyers», Describes Coldwell Banker, a network specializing in the sale of high-end housing. “Since the announcement of the wars in Ukraine and Gaza and the sharp increase in interest rates, the market has experienced some instability. Many worried buyers therefore stayed away“, describes Coldwell Banker. And the disappearance of buyers means an increase in their negotiating power and… a drop in purchase prices.
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Nearly 30% drop in prices in La Baule in 5 months
But what is the extent of the damage for owners wishing to sell their property? To find out, the Coldwell Banker network has published, with the help of real estate price specialist PriceHubble, a barometer of the luxury housing market in the first half of 2024. By luxury housing, we are talking here about properties whose sale prices are between 1 and 5 million euros. Coldwell Banker and PriceHubble have more precisely examined the evolution of average prices per square meter of luxury housing, in 15 municipalities historically very targeted by the wealthiest owners.
Result: prices have plummeted in certain spots. Particularly in Biarritz, where the average price per square meter of prestigious residences has fallen by more than 22% since January. The collapse in prices is even more spectacular in La Baule (Loire-Atlantique), which recorded a 29% drop in the average price per square meter! In contrast, on the Côte d’Azur, prices are holding up much better, or even increasing. In Nice, for example, prices increased by an average of 7.2%, but also by 4.8% in Sainte-Maxime, and even by 22% in Antibes.
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