PARIS PROPERTY END OF YEAR UPDATE

Good news for American buyers for Paris property!

We believe the Parisian housing price decline is close to or at it's bottom point. 

Parisian apartment price have fallen 5.4% on average in the last 12 months. Many factors have driven this decline, the main one being lack of access to financing for French buyers due to rising interest rates and French banks greatly reducing lending. 

What has changed?

The French financial authority (ACPR) have given a strong signal of market confidence by announcing that they will return to a quarterly announcement of the maximum legal lending rate allowed for mortgages in France in January 2024. The ACPR was forced to change to a monthly announcement in January 2023 after repeatedly stalling the French lending markets by not increasing the maximum lending rate fast enough. 

What does this mean? 

We are close to if not at the maximum interest rate increase in Europe that was implemented to stop inflation. As mortgage interest rates stabilize, French banks will begin to open up lending again, allowing French buyers to get back in the game.

This means that in 2024 Parisian real estate prices should stabilize and slowly start to rise and French real estate transactions should start to increase.

For anyone considering buying a Parisian apartment, this is a great time to jump into action and make your dream a reality.

And for the icing on the cake - 

The dollar has been gaining strength against the euro since the beginning of November, currently at 0.93 (at time of writing), which is 5% higher than where it was last year. 

Where to begin?

With no MLS or multiple listing service in France and over 3,500 independent agencies, it is extremely difficult to actually access what is available on the market. The best apartments can sell within minutes or hours. 

As a fully licensed French real estate agency, Paris Buyer's team of English speaking experts will navigate you easily through the complex and competitive world of Paris property. 

Access to prime properties is key. With our exclusive network and market expertise, we'll quickly assess the thousands of Paris properties to find exactly what you are looking for – both on and off market. 

And when it comes to making a sound decision about your purchase, we have you covered with tax and mortgage information, renovation and interior design advice, rentals, and ongoing property management. 

Contact us today for a free consultation for your Paris property search or French mortgage and insurance.