NICOLAS GUYONNET/Hans Lucas via AFP
Decryption – Activity is down about 50% from a normal year. From developers to architects, including notaries, the impact promises to be devastating on employment.
An absolute disaster. The expression is not strong enough to describe the year 2023 for real estate developers. All lights are red. All types of housing starts fell 22% last year. Building permits granted by local authorities followed a similar movement with a 23.7% decline over twelve months. Final figures for new home sales are not yet known, but Pascal Boulanger, president of the Federation of Real Estate Developers (FPI), predicts that “The year 2023 ended with a decline in real estate developers’ activity of about 50% compared to a normal year”.
Sales should be between 85,000 and 90,000 homes. However, between 2016 and 2019, developers sold an average of about 165,000 homes per year. The decline would be worse without government-mandated – rare – support measures. Action Logment (Funded by Joint Organisation…
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