Prices of old housing almost stable in the 3rd quarter, indicates INSEE

In France, old property prices stabilized in the third quarter (-0.1%) after a year and a half of decline, according to the benchmark Notaires-Insee index published on Thursday. The decline in prices of existing housing had already slowed down in the previous quarter, with a decrease of 0.5%, compared to -1.5% in the first quarter of 2024 and -1.8% in the fourth quarter of 2023. Over one year, the decline prices also eased and stood at -3.9%, after -4.9% in the second quarter and -5.2% in the first quarter of 2024. Prices fell for the fifth consecutive quarter. In Ile-de-France, the value of old real estate is stabilizing (-0.1%), after seven consecutive quarters of decline. Outside Ile-de-France, where prices have been falling since mid-2023, the drop is equivalent.

According to provisional seasonally adjusted data, price declines are similar for houses (-3.9% year-on-year) and apartments (-3.8%). The number of transactions recorded by notaries “continues to decline”as is the case “since the end of September 2021”notes the document published by INSEE. At the end of September 2024, the number of transactions carried out over the last 12 months is estimated at 780,000, after 792,000 at the end of June 2024 and 825,000 at the end of March 2024. The number of transactions accumulated over twelve months has thus reached a new low since 2015.