2023-10-02 20:43:02
Pair Jorge Carasso
Published 2 hours ago, Updated 35 minutes ago
From Bordeaux to Lyon, via Paris, Île-de-France and Nantes, real estate prices are in sharp decline. Adobe Stock and Laurent Hazgui / Divergence
EXCLUSIVE – The high cost of real estate credit has reduced the number of buyers. The value of apartments fell by 4.1% over one year, according to Century 21. This decline is expected to continue.
Nothing resists the shocks caused by the sudden rise in interest rates. And especially not the real estate market where credit is the main driver. Households who have plans to purchase a home are seeing their purchasing power visibly dwindle. Many pass on, waiting for better days. The agency windows are filling up. After a while, owners forced to sell must adjust and lower their prices. “The mechanics are relentless”, underlines Charles Marinakis, president of the Century 21 network, one of the main French networks with nearly 960 agencies in France. And it is accelerating. Until now, the decline in prices had been timid.
Rather than lower their expectations, the sellers, some of whom had the prices of two years ago in mind, preferred to wait; or they negotiated on the margins. The number of sales has therefore continued to slow down for months. Fnaim therefore expects 900,000 transactions…
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