It is one of the markets for Parisians looking for a “village” feel. Vanves, a small town in Hauts-de-Seine of 1.5 square kilometers, very attractive since the health crisis, is seeing its market decline like everywhere else. “This summer, we sold half as many homes as in 2022”indicates Ahlem Adjemi, director of the Stéphane Plaza Issy-les-Moulineaux, Vanves and Malakoff agency.
The sluggishness of the real estate sector is explained by the increase in property loan rates, which reached on average 3.80% in August, excluding insurance and all durations combined, according to the latest calculations from the Housing Credit Observatory/CSA. Unable to sell at the price they want, owners withdraw their properties from the market. “In addition, a quarter of our sellers choose to rent their property. The rental market is very tight this year and the gross rental profitability that a lessor can expect is around 4%”adds the real estate agent.
Although they have increased by more than 20% over ten years in the town, property prices are starting to fall. Meilleursagents reports a decline of 6.9% over one year, with a square meter estimated at 6,848 euros on average for apartments. “On the Vanves plateau, on the border with the XVe district, prices range from 5,000 euros to 6,000 euros. There are mainly buildings from the 1970s and 1980s that are quite tall”specifies Mme Adjemi. In the heart of Vanves, the Saint-Rémy district is among the most expensive in the city, with an average square meter close to 7,000 euros.
One area in the city, however, seems to be resisting this correction: the one which will host, in 2025, the Fort d’Issy-Vanves-Clamart station of metro line 15 south of the Grand Paris Express, in the Clos Montholon district, in the south of the city. In this sector, real estate prices are on an upward trend, according to data from the chamber of notaries of Paris Ile-de-France (+4.3% over the quarter). The average square meter is estimated at 7,200 euros, an increase of 35.7% over five years.
Dear houses
“In 2003, we had a lot of difficulty selling in this part of the city because it is very poorly served by public transport, but everything has changed. We are building a lot of new real estate programs here to the detriment of old houses, which are often destroyed”underlines Mme Adjemi.
Being rarer, houses are also much more expensive, with an average square meter estimated at 8,697 euros, according to figures from Meilleursagents, or 27% more than for an apartment in the town. “The area was sparse and the owners saw it as a land opportunity by reselling their property and deciding to settle elsewhere”relates Bernard Gauducheau, mayor (UDI) of Vanves.
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