Here is a summary of the French property market news in May 2024:
Mortgage interest rates continue to fall
The average mortgage interest rate in April 2024 was 3.81% fixed, down from 3.90% fixed in March. In April, the average interest rates were as follows:
- 15 year fixed rate mortgage: 3.69%
- 20 year fixed rate mortgage: 3.76%
- 25 year fixed rate mortgage: 3.84%
Remember in France that most mortgage interest rates are fixed for the entire term. Feel free to check out our French mortgages FAQ.
An increase in the number of mortgage completions in 2024
The number of mortgages completed has increased by 73.8% from January to April 2024, but the number of mortgages being completed is still far below previous years. You can find out more information and statistics here.
Fall in property prices
New data has been published which shows that property prices in France fell in 2023. The numbers are as follows:
- Overall fall in France (excluding overseas territories): 3.9%
- This can be broken down as an average price decrease of 3.8% for houses and 4.1% for apartments
- The fall in apartment prices was even higher for big cities, such as 6.8% in Paris and 10.3% in Lyon.
You can read more about French property price trends in this report produced by French notararies (in French).
How can Aisa International France help you?
We are experts in French mortgages and French residential property transactions. We can guide you throughout the whole property purchase process. We could also help save you money on any currency exchange transactions. Feel free to contact us to find out more.
The views expressed in this article are not to be construed as personal advice. Therefore, you should contact a qualified, and ideally, regulated adviser in order to obtain up-to-date personal advice with regard to your own personal circumstances. Consequently, if you do not, then you are acting under your own authority and deemed “execution only”. Additionally, the author does not accept any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Importantly, this article is dated and is based on legislation as of the date. It should be noted that legislation changes, but articles are rarely updated. Sometimes a new article is written; so, please check for later articles. Additionally, check for changes in legislation on official government websites. Finally, this article should not be relied on in isolation.
