the essential
Based on recent statistics from the property portal Bien'Ici, Régis Sebille, head of analysis, observes a recovery in demand in Toulouse. The old market has become accessible again thanks to the fall in rates. Interview.
What assessment of the Toulouse real estate market do you draw up on the Bien'Ici platform?
Two aspects emerged during the third quarter of 2024, on the one hand a drop in offers of goods for sale. In particular apartments (-14%) compared to the same period in 2023. Conversely, and this is good news, on our platform which has 10,000 properties for sale throughout the Toulouse metropolitan area , we note a clear recovery in demand (+ 8%). This enthusiasm mainly benefits T2 and T3 apartments, which account for half of the requests, and houses (22% of the demand).
Also read:
Real estate: “The sales promises are starting again” according to the deputy director of the Bien Ici site
How do you explain this recovery?
It is essentially the effect of falling interest rates which has sparked this revival in demand. But now, buyers are taking their time: they are comparing properties and studying all the financing possibilities; this results in considerably longer sales times. In Toulouse we are currently seeing 80 days of dissemination of offers, an increase of more than 20 days.
And are prices falling?
They are falling relatively little and in my opinion, this is not the trigger for the recovery in demand at the moment. Since the summer of 2023 we have only seen an overall drop in prices with a gentle slope of around – €200/m2. Today we estimate for small spaces, from studios to T2, a moderate drop of 3%, and 6% from T3. Same thing for houses which only concern 20% of buyers. The houses selling today are smaller, with median prices around €460,000 and an average basket that is holding steady.
What prospects do you think for 2025?
We hope to end the year 2024 with good momentum thanks to this initiated decline in credit rates. This should make it possible to make projects financeable again and therefore to unblock the market. On the price side, they have flattened slightly, and are today a little stagnant, which gives buyers purchasing power back. On the other hand, I would like to warn sellers who would be tempted to readjust them upwards quickly.
