Prices of old real estate, apartments and houses combined, are down over a year in almost all French departments. Here are those where prices are falling the most.
© Jean-Paul Comparin/Adobe Stock
If you have a real estate project, this may be the right time to buy. According to the National Federation of Real Estate (Fnaim), which published its latest economic report on Thursday, September 19, real estate prices have fallen by 2.2% over the last twelve months. Almost all French departments have seen their prices fall over a year.The sharp rise in mortgage rates in 2022 and 2023 has led to a beneficial drop in prices to preserve buyers’ purchasing power“, explains the Fnaim. This drop in prices is, however, largely disparate depending on the territories. Capital invites you to discover the evolution of prices over the last twelve months in all French departments, as well as the price per square meter in effect in September 2024.
According to Fnaim, three French departments have seen their prices collapse by more than -6% over a year. These are Paris (-6.7%, where the price per square meter is now well below the symbolic bar of 10,000 euros, the Rhône (-6.4%), and the Gironde (-6.1%).The market falls more where prices are highest, because buyers are more sensitive to credit rates there, continues the FnaimLarge cities, where prices and recourse to credit are high, are suffering more severely than elsewhere in France from the loss of households’ ability to purchase real estate.»
Prices have been stagnant since spring
The price drop is also spectacular in the departments of Landes (-4.8% over one year), Hérault (-4%) and Hauts-de-Seine (-5.8%). Even tourist areas, such as seaside resorts or ski resorts, have seen prices fall over one year. This is the case, for example, in the Alpes-Maritimes (-1.1%) and the Pyrénées Atlantiques (-3.7%). Conversely, a few departments, where prices remain moderate, are exceptions and have seen their prices increase over one year. These include Calvados (+1%), Creuse (+1.0%) and Lozère (+1%).
But sellers can rest assured, the bearish cycle is coming to an end and prices are beginning to stagnate.Prices appear to be stabilizing since spring 2024observes the Fnaim. Purchasing power recovers in 2024, driven by rising incomes and falling rates. But this will probably be insufficient for a real market recovery in the short term.»
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