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Property Sales in Paris Still Falling

Volume XXII, Issue 23

View over the rooftops of Paris with the Eiffel Tower in the distance

According to the Chambre de Notaires de Paris in their report of May 28th for the 1st quarter of 2024 attests to the slowdown in activity has continued, and sales volumes of existing homes fell again in the 1st quarter of 2024, by 24% compared with the first quarter of 2023. This represents a fall of 40% compared with the 1st quarter of 2022.

Cover for the property report by the Notaires de Paris

The way the market works has yet to change: the current level of interest rates on home loans is still constraining households, reducing their solvency and encouraging them to postpone their plans.

The first easing of interest rates and the announcement of easier access to credit was widely publicized in the media. However, the immediate improvements were very modest (0.12 interest rate points) and did not prevent a fall in the volume of loans granted. According to the Banque de France, €21.7 billion was lent to households in 1st quarter 2024, compared with €38 billion in 1st quarter 2023 (-42%) and above all €56.3 billion in Q1 2022 (-61%).

In terms of sales volumes, the downward trend continues but is tending to ease. Compared with the same quarter a year earlier, sales of existing homes in the Paris region fell by 32% in the third quarter of 2023, by 28% in the fourth quarter of 2023, and by 24% in the first quarter of 2024. According to the preliminary contracts, and in line with the trend already observed, the decline in activity is expected to continue in the 2nd quarter, but again at a slightly less severe pace.

The housing market, which admittedly benefited from renewed interest after the pandemic, is still more affected than the flat market. In the 1st quarter of 2024, sales volumes of houses fell by 27% year-on-year, compared with 23% for flats. Sales volumes were almost halved compared with the 1st quarter of 2022 (-46% for houses).

Prices per square meter range from €7,670 in the 19th arrondissement to €13,550 in the 6th (1.77 times more expensive than the 19th ). This quarter, there are 11 arrondissements at less than €10,000 per square meter, with prices in the 9th arrondissement down to €9,750 per square meter.

Annual price falls were mixed, ranging from 1.9% in the 8th arrondissement to 10.1% in the 9th . 7 arrondissements recorded annual price falls of over 8%, including 6 on the outskirts (-9.7% in the 19th arrondissement, the least expensive).

Download the entire report (in French).

You know what this means, don’t you? You guessed it. Now’s the time to buy in Paris!

(We can help you!)

A bientôt,

Adrian Leeds wearing a read leather jacket and signature red beretAdrian Leeds
The Adrian Leeds Group®

P.S. We have developed relationships with a number of financial and tax experts to assist our clients. For more information, please visit our Global Money Services page today.


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