Drop in transactions, rise in prices, and pressure on new builds: the Housing Real Estate Observatory reviews a difficult year for the real estate market in the Alpes-Maritimes.
During its annual meeting on December 5, 2024, the Housing Real Estate Observatory (OIH) provided a concerning assessment of real estate in the Alpes-Maritimes. Transactions for old apartments dropped by 21% in September 2024 compared to the previous year. At the same time, median prices continue to rise, reaching €4,700/m², up from €4,660/m² in 2023.
The decline in transactions affects all categories of buyers. Young people under 30 years old represent only 13% of buyers. Conversely, seniors aged 60 and above constitute 29%. This generational imbalance highlights the growing difficulties young professionals face in accessing property ownership.
A strained new-build market
The new housing segment is not immune to difficulties. Between 2023 and 2024, building permits decreased by 38%. Sales launches also fell by 24%. Despite a slight increase in sales, the availability of new housing remains limited, fueling strong pressure on prices. These prices reached an average of €7,238/m² in 2024, a significant increase compared to 2023.
These trends highlight a dual challenge: reviving construction while making housing accessible. The production of social housing, particularly through Sales in Future State of Completion (VEFA), also suffered, with a 61% decrease compared to 2022.
Uncertain outlook
Industry players are unanimous: the economic crisis and inflation are heavily weighing on the market. Enhanced coordination between local authorities and real estate professionals is necessary to meet demand and limit the skyrocketing prices.
The OIH emphasizes the need to adopt innovative policies to support construction and promote more equitable access to housing. In a context marked by complex challenges, the real estate situation in the Alpes-Maritimes reflects a national issue.