© Unsplash/Constantin Wenning
Becoming the owner of your own home is a goal to which many French people aspire. A great project which, however, saw a big brake put on it in 2023 when, in just two years, the interest rates on real estate loans rose from 1 to 4.5% for loans over 25 years.< /p>
Thus, the inhabitants of France have come up against the harsh reality of the real estate market, where if the situation remains as it is, it will be impossible for many of them to maintain the hope of owning a home.
Unfortunately, this state of affairs is having a severe impact on the real estate sector, which is experiencing this crisis head-on. While sales in existing properties have obviously fallen, it is in new single-family homes that the situation is most alarming.
© Unsplash/Breno Assis
With sales almost doubling to single, it is becoming impossible to buy a new house at the moment. With a drop in mortgage production of 42% last year, less than 900,000 homes were exchanged. However, with the banks' desire to return to the market, the situation could well change before long…
Given that most banks have closed their doors to potential home buyers, they are now deciding to relax the conditions for granting creditin order to once again make profits on the subject. According to brokers, borrowers will once again be able to establish a balance of power in their favor, by trying to obtain the property loan with the lowest possible interest rate through competition.
Thus, Artémis Courtage affirms that it is now possible to borrow at 4% over twenty years without problem today, so that rates were closer to 4.5% just two months ago. The Meilleurtaux spokesperson is delighted to see that the best applications are currently obtaining real estate loans at 3.6% over 20 years, which offers a glimmer of hope for people wishing to access property.
Obviously, who says good record says contribution, and it is important to know how much you need to have saved in order to buy a home. Thus, the co-founder of Artémis brokerage indicates that at the start of the year, banks are not asking for more than 8 to 10% of the price of the property, enough to pay notary fees.
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