The machine has been seized for several months. Under the effect of the rise in interest rates, which are now around 4%, the real estate market has slowed down sharply. The number of real estate transactions fell by 18% between September 2022 and September 2023, according to the report drawn up Monday, December 11 by the Superior Council of Notaries. How are real estate prices evolving in your area? Should a purchasing project be postponed in the current context? How to find accommodation to rent in a saturated market? Thomas Lefebvre, scientific director of the SeLoger and Meilleurs Agents sites, answered your questions on the real estate market.
Difficult access to real estate credit. At the end of November, the average rate for real estate loans stood at around 4.3%, according to data from Meilleurs Agents et Empruntis, compared to around 1% in 2021. Mathematically, rising rates reduce the borrowing capacity of households. At the same time, banks have also become more careful about granting credit.
Slight drop in sales prices. Despite the decline in the number of potential buyers, many sellers are still reluctant to frankly lower their prices. In December, property prices fell slightly, by 0.2% year-on-year, according to data from the MeilleursAgents site. In Paris, the drop recorded is 5.4% over the last twelve months. In September, the price per m2 fell below 10,000 euros in the capital, a first since 2019.
A saturated rental market. The sector is bearing the brunt of the tightening of access to property. “Households that have a first-time buyer profile, rather young professionals, are forced to remain in rental because the acquisition gate is blocked for them”, notes with franceinfo Séverine Amate, specialist in the real estate market. Consequence of this drop in mobility: the stock of rental property offers has fallen by 18% on average since January 2022.