Real estate: prices fall in Paris in November, something not seen since 2009

The drop in prices that has been underway for several months is confirmed in large cities. According to Meilleurs Agents, which published its national barometer of real estate prices this Friday, November 3, prices fell by 1.9% on average over one year in the 10 largest cities in the country. The situation is particularly spectacular in Paris, where prices fell by 0.7% over one month in October. Unheard of since the real estate crisis that shook the country in 2009!

The price per square meter, which has lost 5.6% in one year, is trading on average at 9,733 euros in the capital as of November 1. Statistics in line with those of the National Real Estate Federation (Fnaim), released a few days earlier, which reported a annual decline in prices in the capital of 5.2%. “Prices are adjusting to new market conditions, sellers in large cities are starting to adapt to the drop in demand linked to the rise in rates,” analyzes Meilleurs Agents in a press release.

This downward trend concerns most urban areas since eight of the eleven largest French cities show falling prices over one month. Nantes recorded the biggest drop in November (-0.8%) with an average price per square meter limited to 3,746 euros. Prices are also falling in Lyon (-0.5% over one month, 4,932 euros per square meter), Marseille (-0.5%, 3,745 euros), Strasbourg (-0.3%, 3,978 euros ) and Rennes (-0.3%, 4,012 euros).

Ile-de-France sees its prices fall

While it had been relatively spared since the end of the health crisis, the entire Paris region now has prices in the red. Unsurprisingly, it was the most expensive departments which recorded the greatest decline. Hauts-de-Seine thus saw the price of apartments fall by 4.7% in the space of one year (6,897 euros per square meter). Prices in Val-de-Marne (5,387 euros per square meter) and in Seine-Saint Denis (4,336 euros) have at the same time decreased by 3.4% and 2.6% respectively.

And good news for buyers: prices could continue to fall in the coming months. “Rates are not expected to fall anytime soon and the income of project leaders will not grow quickly,” continues Meilleurs Agents. Everything suggests that prices should continue on this downward trend at least until next spring, and the possible seasonal rebound.” Note that only departments with a high proportion of second homes, particularly on the coast or in the mountains, continue to see their prices increase.

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