A complicated year. THE Isère real estate marketlike that of almost the entire French territory, and suffer in 2024both from a transactional point of view and from a rental point of view. This is the observation that emerged from the assessment carried out by the departmental branch of the National Real Estate Federation (FNAIM), presented Friday January 17 by Stéphane Chaissé, president of FNAIM 38.
“Isère is one of the most affected departments”
Weighed down by still high interest rates, sales continued their downward movement. “Isère is one of the most affected departments” by this phenomenon, underlines Stéphane Chaissé, the transactions having decreased by 16% between 2023 and 2024 (over twelve months, from October to October), a little more than the regional average at -13.7%. Paradoxically, it is first-time buyers, whose average age is increasing, who have driven the transaction market, points out the president of FNAIM 38.
An ongoing decline in credit rates
Also falling for two or three years, a corollary of the rise in rates, however, transaction prices seem to be stabilizing since February 2024. In medium-sized cities like Grenoble, this drop was higher than in the national territory: – 4.9% for two years, – 1.3% between 1is January 2024 and 1is January 2025. In Grenoble specifically, this drop was 2% over the period.
Credit rates have nevertheless begun to decline, leaving hope for a market recovery in 2025. According to FNAIM, credit rates increased from 4.21% in December 2023 to 3.37% in November 2024.
Rent control, ban on renting DPE G: a rental market full of uncertainties
All these difficulties have had repercussions on the rental market, with pressure on the transaction market pushing rents upward, a marked trend particularly since Covid. In Isère, rents have increased by 4.7% over the past five years on average, and by 1.6% in one year. In Grenoble, this average rises to +8.9% over five years and +2.6%.
-©Raphaëlle Lavorel – DPE classified G would concern, according to FNAIM 38, up to 6% of Grenoble's real estate stock.
The rental market risks being further marked by uncertaintywith regard to the various measures introduced in Grenoble, such as rent control and rental permits recently entered into force, and national measures such as the ban on rental and renewal of leases of housing classified as DPE G. According to FNAIM figures, no less than 6% of Grenoble's real estate stock would be in this DPE bracket.
“Punitive” and “suffocating” measures
These measures are contested by FNAIM 38 officials, deeming them “punitive” and “suffocating” for all owners, even those who respect their obligations, and which risk dissuading them from carrying out energy renovations. “For a few bad landlords and a few slumlords, we come to annoy all the owners,” argues Stéphane Chaissé, who indicates that FNAIM requested an exemption from the rental permit from the prefecture for properties under management mandate.
In 2025, the horizon still looks very uncertain for the real estate market, still sensitive to the national political context. However, FNAIM is optimistic and forecasts an increase of 6% in the transaction market (more or less 825,000 transactions), and one stabilization of housing prices around + 1%.
