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Money First signs of a fall in the old housing market in France

02:10  29 may  2020
02:10  29 may  2020 Source:   europe1.fr

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En plein essor depuis plusieurs années, le marché français du logement ancien est tombé à l'arrêt avec la crise du coronavirus © JACQUES DEMARTHON Booming for several years, the French old housing market has come to a halt with the coronavirus crisis

Rising house prices The former accelerated in the first quarter, but market activity gave signs of a sharp decline due to the confinement of the coronavirus, figures from INSEE and notaries show on Thursday.

In the first quarter, the prices of old housing increased on average by 5% compared to a year earlier, a more marked development than in 2019 (+ 3.7%), according to this benchmark index.

But, in Île-de-France, the number of sales fell by 22% compared to a year earlier, according to notaries in the region, who gave their figures separate from INSEE on this occasion.

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The first quarter was marked by the start of the health and economic crisis of the coronavirus, with the entry into force in mid-March of strict containment only lifted in early May.

These restrictions have in particular prevented real estate agents from showing accommodation and have also drastically reduced the possibility of signing sales to notaries.

There are no data on the number of sales in the first quarter at the national level. INSEE only gives figures for the year to the end of March, and they therefore reflect a much less marked development.

These sales totaled 1.04 million over the year to the end of March. This is a small slowdown from 2019 (1.07 million), but they remain above the threshold of a million crossed last year.

For their part, French prices, which were already coming out of four years of consecutive increases, have further seen their growth accelerate, a development which does not yet reflect the effects of the crisis as it reflects transactions negotiated significantly before.

Their increase is marked in Île-de-France (+ 5.7%) as in the provinces (+ 4.7%) and affects apartments (+ 6.4%) as well as houses (+ 4%).

jdy / tq / shu

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