The latest data released by the Notary of Greater Paris shows a historic drop in sales of older housing in Île-de-France in 2023. Prices have also fallen significantly, suggesting an uncertain future for the Île-de-France real estate market. .
A significant drop in sales volume
According to Elodie Frémont, a notary in Paris and president of the Real Estate Statistics Commission of the Notaries of Grand Paris, 47,000 sales were lost in 2023Hitting historic lows.
In total, there were only 140,000 transactions across Ile-de-France, a decrease of -25% compared to 2022 and -14% compared to the last ten years.
No sector of the market is spared: sales of apartments are down -25%, while sales of houses are down -28%.
Faced with this bleak context, where transactions are primarily dictated by liability, sellers often have no choice but to sell their property to face financial constraints.
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Significant reduction in prices across the region
In addition to the decline in sales volume, the old Île-de-France real estate market as well 6 to 8% decline in prices in 2023.
In Paris’s Villette district, prices have fallen about 19% from their peak in 2020, including about 13% over the past 12 months.
This downward trend is confirmed in the French capital: according to Maileurs Agents indicators, the price per square meter in February fell by 0.7% compared to the previous month, which is a decrease of 6.6% in one year.
This monthly rate of decline is even higher than last year, when Paris lost an average of 0.5% per month.
As we look ahead to the summer of 2023, with this difficult economic situation, the hope of stability or change in the old real estate market in Ile-de-France seems to be fading.
While supply remains relatively abundant, demand is struggling to keep up, particularly due to the uncertain economic context and limited access to property loans for some households.
The older Île-de-France real estate market is currently going through a difficult period, with historically low sales volume and significant price declines.
