This is a first since 2015. The price of old real estate fell by 1.8% in the third quarter year-on-year, according to the benchmark Notaires-Insee index published Thursday, November 30.
The rise in prices, which has continued since the end of 2015, has marked a clear slowdown since mid-2022 when it still exceeded 6% per year. From + 6.8% in the second quarter of 2022, the increase in prices in old real estate fell to 6.4%, 4.6% and 2.7%, then 0.5% in the second quarter, mainly due to of the surge in interest rates which have increased the cost of credit. Prices fell 1.8% year-on-year in the third quarter.
An absolute record in 2021
The number of transactions, an indicator of market activity and which reached an absolute record in 2021, continues to decline rapidly. For the whole of France excluding Mayotte, it fell below 1 million, to 928,000 in the 3rd quarter, compared to 1 million at the end of June. Prices fell by 1.6% for houses and 2% for apartments.
Over one year, the prices of old housing in Île-de-France fell sharply in the third quarter: -5.3%, after -3.1% in the second quarter. Prices of houses in the Ile-de-France region fell by 5.4%, while those of apartments fell by 5.3%. The fall in apartment prices over one year is accentuated both for the inner suburbs (-6%) and for the outer suburbs (-4.0%).
For the first time since 2015, prices of old housing fell over one year in the provinces, to -0.5% in the third quarter, after +1.8%. They are driven downward by house prices (-1% after +1.3%), while apartment prices continue to increase slightly (+0.5% after +2.8%).