Published on November 30, 2023 at 1:26 pm Updated on November 30, 2023 at 2:01 pm
The drop in real estate prices continues to spread in most major cities in France. Paris is no exception to the trend. The Notaires du Grand Paris have just announced for the first time since 2019, the return of the average price per square meter in the capital below the 10,000 euro mark in November (9,920 euros), according to advanced indicators of pre-contracts. Three years after its peak in 2019 (10,860 euros/m2), it should approach 9,760 euros in January 2024 (for properties sold between November and January). This drop is not a surprise. The shift below 10,000 euros has already been observed for several months by the Meilleurs Agents price indices – “Les Echos”.
However, this is not enough to roll out the red carpet for buyers. In a context of interest rates of over 4%, buying real estate in the capital remains a luxury that is still difficult to access for many households. Even with declining prices, real estate purchasing power continues to decline. Credit rates have risen from 1.20% at the end of 2019 to around 4.2% on average for 20 years in October.
