News Digest: Notaires de France Property Report & France’s Government Reshuffle – FrenchEntrée

News Digest: Notaires de France Property Report & France’s Government Reshuffle – FrenchEntrée

1. Latest report from Notaires of France

The official numbers are in on the 2023 French property market as Notaires de France releases their latest report, which includes statistics from the 3rd quarter (July through September) of 2023. The report, released on February 7th, shows a clear downward trend in national property sales, with a more than 20% drop in property sales (of houses and apartments, excluding new builds) compared with the previous year – from 1,100,000 properties to 850,000 properties over the same time period. To put this in perspective, it’s the largest annual decline that the property market has seen since 2013, and numbers haven’t dipped below 900,000 since 2017.

This drop also coincided with a -1.8% decrease in property prices nationwide and -5.3% in the Ile de France region, much of which took place during the final three months (between the 2nd and 3rd quarters of 2023) when prices dropped by an average of -1.1%.

The notaires predict a continuing decline in prices of existing houses into 2024, with estimates of up to -4.2% by February 2024 (although the official data on this isn’t in yet), with sales also continuing their decline. However, there is light at the end of the tunnel – the report also concludes that “most of the upheaval created by the rise in key rates on the real estate market now seems to be behind us”, with interest rates beginning to gradually decline towards the middle and end of 2024.

You can read the full report here.

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