A real estate agency of the Century 21 group, in the 17th arrondissement of Paris, closed, due to the crisis in the sector. SEBASTIEN SORIANO/Le Figaro
INVESTIGATION – The sharp drop in transactions is forcing professionals to review their methods or leave the business. The number of bankruptcies has soared.
In real estate agencies, the euphoria of past years is over. “The big question at the agency right now is which of us will quit first”, jokes Sandrine, a negotiator in a national brand. However, this Parisienne who has seen her income drop for months does not really have the heart to laugh. She will have to take a second job by September to make ends meet.
Over the past year, an entire sector has been increasingly hard hit by the downturn in the real estate market. After years of frenzy, when low rates facilitated the projects of buyers ready to pay dearly to gain square meters, the situation has suddenly changed. The soaring cost of credit, which considerably increases acquisition costs and limits purchasing capacity, has gone through this. The number of sales, down sharply by 12.6% at the end of May over one year according to notaries (to 1.03 million units) bears witness to this.
Symbol of the reversal of…
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