The French real estate market went through a correction phase in 2024 that reshuffled the cards between buyers and sellers. Decreased transaction volumes, falling prices in the old market, and still high credit rates: the usual benchmarks of a market long perceived as resilient have shifted. Understanding these real estate trends allows for calibrating a buying or selling project on realistic bases.
Restructuring of the real estate transaction profession in 2024
Content about the real estate market almost always focuses on buyers and sellers. The blind spot is the transformation of the professionals who act as intermediaries. Recent sector studies, particularly those from Xerfi, describe an increased concentration around major networks and a rise in online agencies.
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Small independent structures have seen a significant decline in their turnover since 2023. The pressure on fees is intensifying in a context where the number of transactions has dropped. This restructuring changes the game for sellers negotiating mandates and for buyers seeking reliable support.
Platforms like Immo Factory are participating in this dynamic by offering digital approaches tailored to the new market expectations. The choice of intermediary has become a full-fledged negotiation lever, not just an administrative detail.
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Real estate prices in the old market: a correction to be put into perspective
The 2024 data from notaries confirm a simultaneous drop in prices and volumes in the old market. The number of transactions has fallen to a level not seen in several years. For sellers, the reflex is to cling to the price estimated two years earlier. For buyers, the temptation is to wait even longer.
The analysis from IGEDD (General Council for the Environment and Sustainable Development) provides useful insight. When placed in a long-term historical perspective, comparing French cycles with those of the Netherlands, Norway, or the United States, the decline that began in 2023-2024 remains modest compared to major past correction episodes. The scenario of a crash comparable to the largest historical reversals is considered limited at this stage.
This does not mean that prices will rebound quickly. The available data does not allow for conclusions about the timing of stabilization. However, a seller who sets a realistic price relative to the local market finds a buyer, while an overvalued property remains without offers for months.
Borrowing capacity and credit rates: what changes for a real estate purchase
Interest rates have nearly quadrupled in eighteen months starting from 2022, reducing the borrowing capacity of the majority of households. In 2024, this constraint has weighed heavily on demand, particularly for first-time buyers. The PTZ (zero-interest loan) remains a monitored device, but its eligibility criteria and conditions are evolving regularly.
Three elements deserve attention to assess the feasibility of a purchase project:
- The usury rate, which sets the legal ceiling for the total cost of credit, has been recalculated monthly in 2023-2024, which has partially unlocked access to loans for certain profiles
- The loan duration plays a more determining role than the nominal rate itself on the monthly payment, and thus on the actual purchasing capacity
- The personal contribution required by banks has increased, which penalizes young buyers or those without mobilizable assets
A buyer borrowing today pays more for their loan than in 2021, but buys a property whose price has decreased. The trade-off between waiting for a rate drop and taking advantage of a price correction is at the heart of the decision.
Energy performance diagnosis and energy renovation: a structural market filter
The energy performance diagnosis now has a concrete impact on property values. Homes classified as F or G are subject to progressive rental bans, pushing some landlord-owners to sell. The supply of energy-inefficient properties on the sales market has increased, creating a separate segment with sometimes significant discounts.
For an investor, buying a poorly rated property can represent an opportunity, provided the cost of energy renovation is precisely estimated. Field feedback varies on this point: some insulation work allows for gaining two energy classes for a controlled budget, while other projects go over budget due to unanticipated technical constraints (co-ownership, old buildings, connections).
For a seller, not having undertaken renovations before putting the property on the market results in an extended selling period and reduced negotiating power against buyers who incorporate renovation costs into their offers.
Unlisted real estate investment: a signal for the residential market
Recent reports on investment real estate in Europe (SCPI, real estate companies, club deals) show that, despite the decline in valuations of certain assets in 2023-2024, this segment is regaining positive momentum starting from 2025-2026. This gradual normalization may foreshadow a stabilization of the residential market, as capital flows into unlisted real estate reflect the confidence of institutional investors.
The link between commercial and residential real estate is not mechanical. However, when real estate companies start raising funds again and SCPI adjust their reconstruction values upwards, it indicates that the correction floor has likely been reached or is near.
The French real estate market in 2024 remains a transitional market, where patience and project precision matter more than perfect timing. A well-calibrated purchase in terms of financing and energy performance diagnosis, or a sale at the right price with the right intermediary, remain the two most reliable levers for successfully completing a transaction in this context.