Immobilia Ile-de-France: declining sales and falling prices
There were 11,700 fewer older dwellings sold in Ile-de-France in 3 months compared to the same period last year, with the decline becoming more severe over time. A comparison with the first half of 2022, which was exceptionally active, still reinforces the decline. This figure is still quite realistic, even when long-term averages are taken into account.
From March through May 2023, older residential sales volumes declined 7% from the 10-year average. The decline for apartments was 4% and for houses 15%.''slightly exceeding the symbolic threshold of €10,000. It stands at €10,170 in May 2023, resulting in a 3.5% annualized decrease. According to prices from preliminary contracts, the price of apartments should reach €10,070 per square meter in September 2023 in the capital, which would increase the annual price decline to 5.5%, although prices usually stabilize from July to September.
Other market segments also expect more moderate price changes in the coming months.
Prices typically rise in the summer when sales are recorded, allowing for a change of homes before the school year begins. In the current environment of declining trends, this traditional summer phase becomes the price consolidation seen in most Ile-de-France markets.
From June through September 2023, apartment prices stabilize (-0.2% in the small urban county and -0.7% in the large urban county). House prices that remain seasonally stable should increase by 1.4% over the 3 months (+1.9% in the small urban county,''+1.2% in the large metropolitan area). Given the total price decrease, this will not be sufficient to change the overall downward trend. Annual price declines would be 5.7% in the small urban county and 3.9% in the large urban county for apartments, and 4.8% and 4.5% for houses, respectively.
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