Rising interest, inflation and a tightening supply of homes all weighed upon the French property market in 2023, as the volume of home sales decreased for the first time since 2015.
Aerial view of homes in Loire Valley, France – Image: Vincent JIANG via Shutterstock
The French property market
Maître Edouard Grimond, spokesperson of the superior council of the Notariat, in charge of housing and real estate, said, “The year 2023 will have been marked by the conjunction of several unfavourable parameters for the market with the end of euphoria and the abnormal period.” (translated from French, Presse Notaires France)
He also noted that the rise in interest rates has heavily impacted the real estate market, with a considerable fall in the number of old building sales across the country.
The stats:
-2% annual decline in the price index for old apartments in metropolitan France.
-1.6% annual decline in the price index for old houses in metropolitan France.
Stone home in France for sale in Bellac, €213,000
What does this mean for buyers of French property?
Well, it’s largely good news. For the French market, the same sentiment cannot be shared. Since 1999, the buying power of a homebuyer in France has decreased by 24m2, meaning that in 2023, you’re actually getting less space for your money, but I’m sure the same can be said across Europe.
Apartments in France
Apartments in France are currently the most expensive per metre squared in Paris, Montpellier is middle of the pack, and the most affordable city as of late 2023 is Saint Etienne.
The average cost for a 60m2 apartment in France in 2023 was around €1,000 per month, with highs of €1,400 and lows of €700.
Houses in France
The prices for homes in France increased between 0-5% in six out of the 18 most popular cities in France. Cities that saw the average home price decrease include Strasbourg (-4.4% year-on-year to €361,000) and Toulon (-4.3% to €469,000).
The average cost for a 100m2 house in France in 2023 was around €1,000 per month, with highs of €1,400 and lows of €700.
Find your dream house in France here
The French property market in numbers
According to the Chambre des Notaires de Paris, published 11th December 2023, this is how it currently stands, money-wise…. Please note these are average prices taken from Presse Notaires’ research.
Four homes under €100,000 on Your Overseas Home today
€100,000 could get you…
- a four-bedroom house in Tourcoing or Calais
- a studio apartment in Nice
- a three-bedroom apartment in Saint-Etienne
Properties for sale on Your Overseas Home between €290,000-310,000
€300,000 could get you…
- a two-bedroom apartment in Paris’ 18th arrondissement
- a three-bedroom apartment in Marseille
- a four-bedroom house in Montpellier
- a five-bedroom house in Lille
Properties for sale on Your Overseas Home for €490,000-510,000
€500,000 could get you…
- a three-bedroom apartment in Cannes
- a four-bedroom apartment in Lyon
- a five-bedroom house in La Rochelle
- a six-bedroom home in Rezè
Do you know what budget you’ve got to play with? If so, update your details on Your Overseas Home and one of our property consultants will be in touch to help you find your dream home in France.
Energy-efficient homes
A woman adjusts the thermostat on her central heating to be more energy efficient
The quality of energy in homes in France is becoming increasingly important. The second most popular reason for people in France moving in 2023 was to gain access to a home with better energy performance, on par with the desire to own a larger home.
According to Presse Notaires France, almost 8/10 people in France attach great importance to energy performance, placing “energy autonomy” at the top of the list when asked to define housing of the future.
You might also like:
