In Île-de-France, the old real estate market is showing signs of stabilization after several months of slowdown according to the latest real estate situation note from the Notaries of Greater Paris. Between August and October 2024, 26,510 properties changed hands, i.e. a decline of 5% compared to the same period in 2023. Although this decrease is significant, it reflects a slowdown in the decline observed since 2022, marked by a 34% drop in sales over two years.
Old apartments recorded a decline of 7% with 18,680 transactionswhile houses are resisting the crisis better, with a slight increase of 1% and 7,820 units sold. These figures reflect a market in search of balance, after a period of adjustments marked by sharply contracting sales.
Borrowing rates noted on 12/23/2024
Prices falling moderately
If prices continue to decline, their rate of decline appears to be slowing. Between August and October 2024, per square meter for an old apartment in Île-de-France stood at €6,140, an annual drop of 4.2%. In Paris, the average price reaches €9,480, down 4.6% over one yearconfirming the trend observed throughout the region.
As for houses, the median price in Île-de-France is €330,700, showing a decrease of 5.2% over one year. However, between May and October 2024, prices seem to be stabilizingwith slight increases of 0.3% for apartments and 0.1% for houses.
The economic report projections for February 2025 corroborate this trend: per square meter in Paris should reach €9,420, down 1.4% year-on-yearwhile the prices of apartments and houses in the rest of Île-de-France are expected to record moderate adjustments ranging from -2.7% to -0.5%.
A still uncertain situation
Despite these encouraging developments, the market remains subject to significant uncertainties. Sellers and buyers adopt a cautious posturehampered by a complex economic context and real estate rates which remain high despite the decline. This wait-and-see climate is slowing down market dynamics, although price drops seem to encourage a gradual return to transactions.
In the longer term, those who have held property for several years continue to realize attractive capital gains, despite the current declines. This observation could encourage new sellers to enter the marketthus supporting a more sustainable recovery in sales and better visibility for the months to come.
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