Capital Video: Real estate: what price drops can we expect by summer 2024 in Ile-de-France?
© Getty / Alexander Spatari
The drop in prices, long awaited by buyers, finally seems to be confirmed in Ile-de-France. According to the latest monthly note from Greater Paris notaries, published Thursday April 25, sales volumes in the Paris region fell by 28% year-on-year between December 2023 and February 2024. Only 27,210 transactions were recorded during this period. . This spectacular drop in demand logically pushes prices down. Prices for old housing have in fact fallen by 8% over one year in February 2024 for apartments, and by 10% for houses. “It has been fourteen years since we had observed a double-digit annual drop in prices for houses in Ile-de-France”, underlines the notaries of Greater Paris. The fall in prices has even accelerated in recent months since the prices of old housing fell by 3.6% in Ile-de-France, between November 2023 and February 2024.
The downward movement is also spectacular in Paris, where prices fell by 7.3% in one year, to reach 9,600 euros per square meter on average in February 2024. The inner suburbs, which are not spared from the fall of demand, also sees its prices collapse. The square meter in fact reached 5,970 euros in February 2024 in Haut-de-Seine (-8.7% over one year), 3,700 euros in Seine-Saint-Denis (-9.1%) and 4,720 euros in Val-Marne (-9%).
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Prices will continue to fall in Paris
Same disaster in the greater Paris suburbs, where prices fell by 8.2% over one year in February 2024, to reach 3,150 euros per square meter on average. “The few positive signals which are beginning to emerge on the real estate market, namely a slight erosion in home loan rates, and a little easier access to credit, are still too tenuous and above all too recent to change the downward trendspecify the notaries of Greater Paris.
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It remains to be seen whether prices will continue to fall in the coming months. According to projections made by the notaries of Greater Paris, based on the signatures of preliminary contracts, prices should continue to fall between now and the summer, although at a less sustained pace. Prices should therefore reach 9,360 euros per square meter on average in Paris in June 2024, a drop of 7.6% over one year. In the inner suburbs, prices should also continue to fall slightly next June, reaching 5,860 euros per square meter in Haut de Seine (-8.3% over one year), 3,730 euros in Seine-saint-Denis ( -5.8%) and 4,720 euros in Val de Marne (-6.7%). Finally, the average price per square meter should remain generally stable between now and summer in the outer suburbs (3,180 euros in June 2024).
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