The November barometer published by Meilleurs Agents reports a change in the dynamics of the real estate market. While prices are holding up in some major cities, they are falling in many others.
Inflation revised upwards (+6.2% in October over one year according to INSEE) and real estate credit rates that continue to climb regardless of the duration of the loan: the period is not rosy for the French real estate market. This is in any case the conclusion of the November Best Agents barometer published in recent days. According to the site, lower prices are taking hold in major cities, and the trend is here to stay.
As the economist Xavier Timbeau explained to MoneyVox a few days ago, rising rates go hand in hand with a decline in borrowers’ real estate purchasing power. Faced with less fortunate buyers than before, a fall in prices therefore seems inevitable.
A decline in the largest cities
The economist also assured that this decline could take a little time. The data from the November barometer published by Meilleurs Agents seems to confirm these remarks: throughout France, prices are hardly budging (+0.1%). Some cities even do better than resist, the image of Lille and Montpellier which recorded an increase of 1%. Ms. dynamic Marseille (+0.8%) and Nice (+0.3%). Unsurprisingly, these increases are occurring in the cities of the Top 10 which currently offer the lowest prices per m2.
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But these figures hide another reality in the majority of cities in the Top 10 of the Best Agents barometer. Thereby, prices fall by 0.8% Strasbourg and Bordeauxbut also Toulouse, Rennes, Paris, Nantes and Lyon.
| Cities | price evolution | Price per m2 |
|---|---|---|
| Strasbourg | -0.8% | 4180 euros/m2 |
| Bordeaux | -0.8% | 4803 euros/m2 |
| Toulouse | -0.7% | 3690 euros/m2 |
| reindeer | -0.6% | 4158 euros/m2 |
| Paris | -0.5% | 10,346 euros/m2 |
| Nantes | -0.4% | 3945 euros/m2 |
| Lyons | -0.4% | 5335 euros/m2 |
Source: barometer November 2022 Best Agents
In contrast, average sales times are up sharply in all these cities. Since August, sales take a week longer to close. An even more pronounced increase in Paris (+9 days), Rennes (+10 days) and Lyon (+11 days). The average is now two months in almost all of the largest metropolitan areas in France.