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House Prices in France 2019

The notaires have recently published their figures for the movement in house prices for 2019, for each department of France.

In the year, the volume of transactions (houses and apartments, excluding new build) continued apace, increasing by 11% over 2018, to reach 1,076,000.

The government statistical office state that: 'Transactions remain at a level never before achieved, even taking into account the increase in the housing stock (about 1% per year): in relation to the housing stock, the number of transactions is greater than or equal to the highest level of sales observed in the early 2000s.'

Most commentators consider that the historically low level of mortgage interest rates (around 1.2%) has been the main factor behind the increase, prompting many investors seeking to build a rental portfolio to pile into the market.

The graphic below shows the level of sales since 2000. No geographic breakdown of sales is available.

In terms of prices, the notaires state that house prices outside of the Ile-de-France rose by an average of 3.1% over the year, following an increase of 2.9% in 2018. Apartment prices rose by 4.9%. Within the Ile-de-France apartment prices rose by an average of 5.6%, whilst house prices by a more meagre 0.4%.

As can be seen from the table below, these averages disguise huge disparities across the country, ranging from +12.5% in Deux Sèvres (Nouvelle Aquitaine) to -12.5% in Nièvre (Burgundy).

However, due to the relatively low number of sales in many departments, such movements in prices need to be treated with caution. A more realistic picture is the 5-year average movement that we also show.

Lowest average house prices in France are in Creuse (Nouvelle Aquitaine) where price fell -6.6% in the year to reach €59,700. Over the last 5 years average prices in the department have fallen by -6.8%.

Highest prices are in Alpes-Maritimes (PACA), where prices fell by -2.7% in the year to €437,100.

The table shows the percentage movement in prices for each department in the year to Dec 2019, the percentage price change for the period 2014-19, and the average house price for each department at the end of Dec 2019.

As we have previously stated with these tables, there is an urban bias to the analysis, as most sales occur within towns and cities, so they do not necessarily reflect what is happening in the much smaller, disparate rural property market.

A recent short review of prices in that market by observers Meilleurs Agents, shows that over the past 10 years prices had fallen on average by -4.4%; over 5 years they had increased by +2.8%, and in 2019 they had increased by +1.9%.

A specific analysis of the market for country properties was also provided in our article Rural House Prices in France 2018. We shall be updating these figures when those for 2019 are published.

Not surprisingly, the notaires and other commentators are forecasting that prices will fall in 2020 due to higher levels of unemployment, a lack of confidence in the future by potential buyers, and tighter restrictions on lending by banks.  Sales are also forecast to be down to 700,000 to 800,000 in the year.

House Prices 2019
Region/Dept
% Change 2019
Average % Change 2014-19
Average Price 2019
AUVERGNE-RHONE-ALPES
Ain +2.6% +11.2%
€205,000
Allier +5.9%+0.2% €98,200
Ardèche +3.1%
+12.3% €163,000
Cantal -4.7%
+0.1% €100,100
Drôme +9.1%+16.6% €205,800
Isère +4.5%+14.9% €230,000
Haute-Loire -2.0%-0.4% €116,200
Loire +5.3%+6.7% €160,000
Puy-de-Dôme+0.9%+5.3%€160,000
Rhône +6.8%+19.9% €315,200
Haute-Savoie +10.2%+13.6% €374,600
Savoie+9.7%+1.9% €240,000
BRITTANY
Côte d'Amour+6.3%+16.4% €135,000
Finistère+0.3%+8.4% €149,000
IIe-et-Vilaine -4.0%+7.4% €177,300
Morbihan
+4.7%+12.5% €180,000
BOURGOGNE FRANCHE-COMTE
Belfort
+2.3%+16.9% €163,700
Côte-d'Or+6.7%+11.8% €170,000
Doubs
+8.6%+9.8% €186,600
Haute-Saône-6.3%-1.2%€107,700
Jura
+1.0%+9.8% €136,100
Nièvre-12.5%-8.2% €70,000
Saône-et-Loire-1.6%+1.9% €117,200
Yonne
-7.6%-1.9% €103,000
CENTRE-VAL DE LOIRE
Cher
+3.2%+6.5% €98,000
Eure-et-Loir
+3.4%+3.4% €150,000
Indre
0.0%-4.2%€80,000
Indre-et-Loire
+5.7%+4.0%€180,000
Loir-et-Cher
+7.3%-3.3% €118,000
Loiret
+3.3%+6.9% €155,000
GRAND EST
Ardennes
-5.1%+0.6% €100,000
Aube
0.0%+2.5%€125,000
Haute-Marne
+1.3%-16.0%€76,000
Marne
+0.8%+0.6%€163,000
Meurthe-et-Moselle
+5.7%+3.6%€156,500
Meuse
-3.6%+17.9%
€95,000
Moselle
+8.2%+23.1%
€179,300
Bas-Rhin
-0.1%+11.2% €220,600
Haut-Rhin
-1.8%+11.6% €206,600
Vosges
-0.8%-0.8%€109,100
HAUTS DE FRANCE
Aisne -4.9%+1.0%€101,000
Nord +2.0%+6.3% €153,000
Oise +4.3%+6.7% €183,500
Pas-de-Calais+2.2%+6.2%€138,000
Somme +3.9%+8.3% €130,000
ILE-DE-FRANCE*
Paris+6.6%
N/A
€10,210m2
Seine-Saint-Denis+4.3%N/A€3,640m2
Haute-de-Seine+5.8%N/A€6,090m2
Val-et-Marne +4.3%N/A€4,660m2
Val d'Oise +2.9%N/A€2,760m2
Yvelines+3.9%N/A€3,930m2
Essonne +2.5%N/A€2,670m2
Seine-et-Marne+2.9%
N/A€2,680m2
NOUVELLE-AQUITAINE
Charente +1.3%+15.4% €120,000
Charente-Maritime +4.9%+10.7% €191,000
Corrèze +11.5%+7.0% €107,000
Creuse -6.6%
-6.8% €59,700
Deux-Sèvres +12.5%+14.3% €120,000
Dordogne +3.7% +10.8% €121,900
Gironde +5.9%+28.8% €259,800
Landes +6.0%+18.9% €196,100
Lot-et-Garonne +1.1%0.0% €120,000
Pyrénées-Atlantiques+3.6%+8.1% €216,100
Haute-Vienne +9.1%+2.5% €120,000
Vienne
-0.8%+4.2% €125,000
OCCITANIE
Ariège 0.0%+4.2%
€105,500
Aude -3.0%-3.7%€130,000
Aveyron +11.0%
+3.7% €111,000
Gard +1.3%+8.5% €199,600
Gers -9.9%
+10.3%€128,500
Haute-Garonne +2.7%+12.0% €246,500
Hautes-Pyrénées +9.9%+10.8%
€144,000
Hérault +5.0%+6.1% €225,000
Lot+4.2%+6.3%€125,000
Lozère +12.2%
+12.2% €110,000
Pyrénées-Orientales-1.8%-2.4% €166,000
Tarn -2.0%-0.5% €137,300
Tarn-et-Garonne +11.8%+10.3% €162,100
NORMANDY
Calvados
+5.1%+13.9% €180,000
Manche
+5.1%+21.9% €137,000
Orne
+2.7%-5.0% €95,000
Eure
+2.0%+4.9% €153,000
Seine-Maritime
+3.0%+6.2% €155,000
PAYS DE LA LOIRE
Loire-Atlantique
+7.1%+18.4% €225,000
Maine-et-Loire
+3.8%+10.0% €154,000
Mayenne
+6.1%+20.4%€116,800
Sarthe
+1.6%+13.1% €127,000
Vendée+5.3%+15.6% €165,300
PROVENCE-ALPES-COTE D'AZUR
Alpes-de-Haute-Provence
+6.8%+21.9% €185,000
Alpes-Maritimes-2.7%+2.3% €437,100
Bouches-du-Rhône
+0.2%+14.3% €320,000
Hautes-Alpes
+9.6%+18.3% €224,800
Var+5.4%+6.8% €325,600
Vaucluse
+5.2%+3.1% €226,800
*Apartments for Ile-de-France

Source: Notaires de France

Related Reading:

This article was featured in our Newsletter dated 05/05/2020





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