In Asnières-sur-Seine in the Hauts-de-Seine, it’s a cold shower for this seller, who wants to remain anonymous. Last spring, he put up for sale a 3-room apartment of almost 60 m² in a recent building with a terrace and parking for 480,000 euros. In June, potential buyers did not receive their loan. The summer passes and the property is put back up for sale at €450,000: he rejects a cash offer of €420,000 and accepts a loan offer of €440,000. But this last buyer, who has to sell his apartment himself, withdraws due to the absence of a visit to his own property…
The real estate market in the department, although a locomotive from Ile-de-France, has also tightened. Like other departments in the region: according to the Notaries of Greater Paris, the volume of transactions fell by 30% at the end of August, both in small and large suburbs. The activity still works a bit, but at several speeds.
Read also Find real estate prices in Paris and the regions
Those who do not need a loan
In Asnières-sur-Seine in the Hauts-de-Seine, it’s a cold shower for this seller, who wants to remain anonymous. Last spring, he put up for sale a 3-room apartment of almost 60 m² in a recent building with a terrace and parking for 480,000 euros. In June, potential buyers did not receive their loan. The summer passes and the property is put back up for sale at €450,000: he rejects a cash offer of €420,000 and accepts a loan offer of €440,000. But this last buyer, who has to sell his apartment himself, withdraws due to the absence of a visit to his own property…
The real estate market in the department, although a locomotive from Ile-de-France, has also tightened. Like other departments in the region: according to the Notaries of Greater Paris, the volume of transactions fell by 30% at the end of August, both in small and large suburbs. The activity still works a bit, but at several speeds.
Read alsoFind real estate prices in Paris and the regions
Those who do not need a loan, rich senior managers or foreigners with more than 1 million euros and who are looking in luxury cities (Vincennes, Versailles, Neuilly-sur-Seine, etc.) have the advantage of choice and do not hesitate to negotiate at the slightest mistake. “Aware of their purchasing power, they are very demanding,” emphasizes Richard Tzipine, CEO of the Barnes network.
Up to 20% off
For those who use credit, the situation is complicated, both for the first loan and for the bridging loan. In Montreuil, in Seine-Saint-Denis, “we no longer have requests above €600,000 and sales are rare,” complains Marc Soussan of the Orpi MS agency.
In response to the broken compromises due to the lack of credit and the extension of the sales period, according to the professionals interviewed, prices began to fall by almost 5%, sometimes more: “The decline can reach 20% for some houses, notes Pascal Rollot , director of several Century 21 agencies (Bondy, Pantin , Les Lilas, etc.). Especially for those who get a bad rating after the energy efficiency diagnosis.
“It’s not just a question of price, buyers assume either the potential rental or the future liquidity of the property,” analyzes Alexis Caquet, president of the French Engel & Völkers network.
Finally, note the departure of investors from small apartments due to difficulties in obtaining credit, anticipated renovations and the introduction of rent control by some municipalities. Those who remain “are making increasingly aggressive offers,” notes Stéphane Lorenzini of Orpi Berec Immobilier in Maisons-Alfort.
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This article is part of our special report “Property at the start of the 2023 school year”. Writing about Challenges invites you to continue reading with a selection below.
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File created in collaboration with Meilleurs Agents for used property prices.