In 2023, the French real estate market faced challenges due to rising mortgage rates, which dampened buying intentions. However, a recent study commissioned by the Guy Hoquet real estate network from the YouGov institute indicates a resurgence in interest among potential buyers. The survey highlights that more than half of French adults over 30 (55%) plan to purchase a property by the end of 2024, driven partly by more favourable borrowing conditions.
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The study underscores the enduring appeal of homeownership, with 72% of prospective buyers preferring single-family houses. Interestingly, half of these aspiring buyers already own property, with 50% having ongoing mortgages and the rest having paid off their loans. For many, purchasing real estate is seen as a secure investment (34%) or an opportunity to make their first property acquisition (27%), with aspirations for larger, brighter spaces ranking third in motivations.
Affordability remains paramount, with 73% of buyers intending to finance their purchases through mortgages. Controlling costs is crucial, as 74% aim to limit monthly payments to under €1,000. Concerns over high property prices (27%) and mortgage accessibility (18%) also weigh on prospective buyers' minds.
Despite uncertainties in the real estate market, there is optimism about the resilience of the furniture market, as evidenced by its stability despite downturns in real estate activity.
Overall, the study by YouGov provides a comprehensive snapshot of French buyers' sentiments and intentions for 2024, highlighting a resurgence in real estate interest buoyed by improving economic conditions and evolving buyer preferences.
Source: www.meuble-info.fr