FRANCE - Sales back to a ‘normal’ level

Century 21 predicts an average potential lowering of 5-7% in 2023. However, agencies agree there are too many unpredictable factors to speak with confidence for the long term.

Notaire data for 2022 shows just over 1,100,000 sales, a 6% drop on 2021 but still the second-highest yet, 2021 having been a record.

Edouard Grimond, property spokesman for the notaires' professional body CSN, said they expect sales volumes to continue to lower.

"It is not a collapse or crash. We've had constant increases in the last four or five years but at some point this had to stop. We're perhaps coming back to a more 'normal' level.

"In a few areas, prices are still rising slightly. In others, there is stagnation or they are just starting to drop.

"The reduction in sales and the increase in interest rates and inflation have not caused heavy falls in selling price."

Generally, however, fewer sales means more homes remaining on the market, so it is natural for prices to lower.

Sales of around one million are likely this year, said Mr Allouche. This compares to around 900,000 five years ago.

"Prices went up a lot, so if these drop down a little again, it is not a catastrophe."