Discover the nuances of the French real estate market in 2023 with insights from a luxury agent at PRESTANT Realty, your trusted real estate agency in France. Navigate the trends and prepare for 2024 confidently.
As a seasoned luxury real estate agent with PRESTANT Realty, my expertise lies in serving international buyers and sellers within the dynamic French market. This comprehensive market report for 2023 aims to unravel the intricacies of France’s real estate landscape, offering unique perspectives from my role as a partner at PRESTANT Realty.
International & Local Changes:
In the macro-economic theme park of 2023, international quarrels, inflation, and fluctuating interest rates created a roller coaster ride. Locally, the Basque Coast’s real estate faced challenges with regulatory changes, impacting everything from rental rules to urban planning. Despite this, the market maintained its pricing stability, though transaction volumes experienced a noticeable dip.
Prices:
While rumors circulated about a significant drop in prices along the picturesque coast, a closer look reveals a mixed scenario. Unique, well-maintained homes continued to command high prices, while others experienced drops of up to 30 percent, particularly those with significant faults. Factors like extensive renovations, noise issues, or atypical layouts contributed to these price adjustments.
Navigating the Market Currents:
2023 witnessed changes in the winds of the real estate market. Though the inventory increased, finding ideal properties became a more extended process. Houses outpaced apartments in finding new owners, but overall, the market shifted towards thoughtful buyers and genuine sellers, emphasizing quality over speed. This trend aligns with the typical characteristics of a real estate down cycle.
The French Way – Investing with a Twist:
Despite economic uncertainties, the French maintained their unique perspective on real estate, viewing homes as more than just investments. A resurgence in the love for second homes dominated purchases in the region, reflecting a desire to savor life the French way. Primary residences remained strong sellers in high-end markets like Biarritz, attracting both local and foreign buyers, especially Americans seeking a lower cost of living, favorable exchange rates, and an escape from domestic political unrest.
Tips for 2024: Embracing the Future with Confidence:
Looking ahead to 2024, navigating the real estate waters requires a strategic approach:
- Patience Pays Off: In a shifting market, take your time to find the perfect match for your dreams and budget.
- Keep an Eye on Quality: Rare but perfect properties exist; prioritize location, condition, and charm.
- Stay Informed: Knowledge is power; stay updated on market trends and regulations.
- Consider the Long Term: View a home as a long-term investment and anticipate future needs.
- Seek Expert Advice: Rely on a trustworthy real estate agent as your guide through market complexities.
As we step into 2024, staying well-informed about the evolving real estate market is vital. Whether you’re buying, selling, or staying abreast of market trends, PRESTANT Realty, your trusted real estate agency in France, is dedicated to offering the latest insights. Feel free to connect with us for a detailed discussion over coffee, and here’s to a successful year ahead!
