Real estate. In a context of unprecedented crisis, here are the market prices in Toulouse and Haute-Garonne

The housing crisis has had a terrible impact on the real estate market in Haute-Garonne. And the figures are clear… On Tuesday, September 17, 2024, the Interdepartmental Chamber of Notaries of Haute-Garonne presented real estate prices for the period between September 1^er July 2023 and June 30, 2024. All assets combined, the fall amounts to 28% (22,520 sales compared to 31,390 in the previous period), and this negative trend is very significant for building land (-41%) and new apartments (-46%).

“A clear deterioration in the market”

“The housing situation is dramatic in France. And Toulouse needs to accommodate 10,000 to 15,000 additional inhabitants per year,” warns Mr. Hubert Létinier, the new president of the Interdepartmental Chamber of Notaries of the Toulouse Court of Appeal. “These are unprecedented figures, which demonstrate the clear deterioration of the market, particularly that of new apartments, which has collapsed,” adds Mr. Frédéric Giral, notary in Haute-Garonne and former president of the Chamber.

The number of properties sold in a year is so low that we have to go back to… 2014, ten years ago, to find such alarming figures.

Houses with 4 rooms are preferred

In one year, the price per m² median in the department fell in old apartments (-2.4%, a 56 m² sells for an average of 145,900 euros), as in new apartments (-0.5%, a 59 m² sells for an average of 243,000 euros) and old houses (-5.3%, a 105 m² for 630 m² of land sells for an average of 270,000 euros). Me Giral takes the analysis further:

“In old apartments, the drop is not very marked. In old houses, buyers have gained, over a year, on average 15,000 euros on the purchase of a property, and the heart of the market remains the 4-room apartment. The median price in Haute-Garonne is significantly higher than the median price for the province in general.”

In the old, The D label is now the reference in the Energy Performance Diagnostic (DPE): in 2023, it concerned 37% of the goods sold, compared to 35% in 2024. In old apartments, labels A and B led to an 8% increase in the sale price, compared to +15% for a house.

Prices in Toulouse, district by district

Here are the Top 20 prices in Toulouse, in old apartments, district by district:

• Saint-Etienne (5210 euros/m² ; -7.4%)
• Carmelites (5110 euros; +0.6%)
• Saint-Georges (5020 euros; -3.7%)
• Capitol (5000 euros; -9.6%)
• Saint-Aubin/Dupuy (4920 euros; -1.5%)
• The Chalets (4730 euros; -2.3%)
• Matabiau (4630 euros; -5.2%)
• Arnaud Bernard (4630 euros; -6.4%)
• Compans-Caffarelli (4510 euros; +8.5%)
• The Search (4510 euros; -2.3%)
• Saint-Cyprien (4370 euros; -15%)
• Starch producers (4200 euros; -1.1%)
• Saint-Michel (4140 euros; -5.5%)
• Horseshoe (3850 euros; +2.8%)
• Paved Coast (3810 euros; +3.1%)
• Guilhemery (3650 euros; -1.1%)
• Goose Foot (3640 euros; -6.3%)
• Jules Julien (3570 euros; -1.5%)
• Saint-Agne (3550 euros; -2.5%)
• Seven Coins (3470 euros; -0.8%)

Four districts (compared to six in 2023) are above 5000 euros/m²while many neighborhoods are declining and Saint-Cyprien is clearly falling behind. “Losing 15% in one year is very significant. The youngest and those aged 30-39, who are the core of the market, are less present on the purchasing market. For a dynamic and popular area like Saint-Cyprien, this is important,” explains Mr Giral.

Prices in the communes of Haute-Garonne

In the chapter on old houses, notaries recorded, over the period studied, 2137 sales for properties over 300,000 euros, 1606 sales for properties between 250,000 and 300,000 euros, and 1077 sales for properties below 250,000 euros.

Here are the median sales prices in the 20 most expensive municipalities in the department, and the 20 least expensive municipalities:

• Balma (482,600 euros; +3.8%)
• Quint-Fonsegrives (413,900 euros; -8.7%)
• Pibrac (410,600 euros; -0.7%)
• Ramonville (393,900 euros; -0.3%)
• Beauzelle (380,600 euros; +16.3%)
• Toulouse (375,400 euros; -5%)
• Castelmaurou (373,200 euros; +6.9%)
• Tournefeuille (364,200 euros; -4.7%)
• Castanet-Tolosan (363,200 euros; -9%)
• Blagnac (363,000 euros; -0.5%)
• Montrabé (361,100 euros; -0.5%)
• Drémil-Lafage (361,000 euros; +0.3%)
• Saint-Orens-de-Gameville (328,000 euros; -7.9%)
• Leguevin (326,000 euros; -6.2%)
• Montastruc-la-Conseillère (322,600 euros; -3%)
• The Union (317,700 euros; -9.8%)
• Brax (315,900 euros)
• Escalquens (313,500 euros; -14.3%)
• Plaisance-du-Touch (311,900 euros; -3.1%)
• Aussonne (307,000 euros; +0.9%)

…

• Longages (236,000 euros; -6.7%)
• Villefranche-de-Lauragais (234,800 euros; -6.5%)
• Bessieres (229,300 euros; -8.3%)
• Auterive (212,000 euros; -4.2%)
• Grenade (210,000 euros; -16%)
• Noah (205,000 euros; -10.9%)
• Cintegabelle (194,700 euros; -13.8%)
• Revel (183,400 euros; -3.5%)
• Rieumes (180,000 euros; -5.3%)
• Rieux-Volvestre (170,500 euros; +6.3%)
• Villemur-sur-Tarn (167,300 euros; -11.9%)
• Bagneres-de-Luchon (162,100 euros)
• Calmont (159,200 euros; -18.1%)
• Cazeres (152,900 euros)
• Montesquieu-Volvestre (140,000 euros; -9.7%)
• Saint-Gaudens (138,500 euros; +5.7%)
• Avignonet-Lauragais (135,000 euros; +5.7%)
• Martres-Tolosane (128,000 euros)
• Isle-en-Dodon (100,000 euros)
• Montrejeau (84,000 euros; -17.6%)

What profile for buyers?

What are the profiles of buyers in Haute-Garonne? 78% come from the department, 35% are senior executives and 29% are in the 30-39 age group (ahead of 40-49 year olds). “31% of sellers keep their homes for more than 15 years”, specifies the Interdepartmental Chamber.

The most popular municipalities for under-30s are Toulouse (20.6%), Auterive and its surrounding area (18.5%), the Toulouse area (14.9%) and the Léguevin area to the west (14.4%). For buyers aged 60 and over, Comminges is a hit and tops the podium with Boulogne-sur-Gesse and its surrounding area (33.3%), Bagnères-de-Luchon (32.2%) and Saint-Gaudens (28.9%).

Building land in pain

The building land sector is in great pain and is dragging down an entire economic fabric with it. “Building craftsmen are impacted and there is simply no more demand in a sector that was already in difficulty in 2023. Many people have turned away from it, frightened by the increase in costs and the complexity of the standards,” explains Me Frédéric Giral, noting that “The household confidence index is not good”between surprise dissolution, political uncertainties and indecision on the next government and rising cost of materials.

Building land “is an increasingly inaccessible dream,” continues the Haute-Garonne expert. The median sale price in this sector was 90,600 euros in Haute-Garonne, a drop of 6.6% over one year.

Notaries also affected…

Among the professions hit hard by the housing and real estate crisis are… notaries. This is what we have observed Mr. Henri Chesnelong :

“We see a direct effect of this crisis in our offices, where 70% of the activity depends on real estate. In France, the number of employees in the profession has fallen from 75,000 to 65,000, and job offers have been divided by five. The scissors effect is clear.”

The Interdepartmental Chamber of Notaries of Haute-Garonne is expecting “strong political signals” from the next government and confirms that no renewal is to be expected by the end of 2024. In the gloom, the good news comes from the return of banks to the game, looking for new clients. “Few loans are refused, which may seem paradoxical. When buyers come to us, it is because they are ready,” concludes Me Giral.