House Prices in France : Property Price Index, French Real Estate Market Trends in the Long Run

publié le 9 octobre 2020

Property Price and Rent History, 1936-2020 in France and 1200-2020 in Paris : Statistics and Analyses.

Updated October 2020. Next update around November 10, 2020.
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Historical statistics :

  • about the French property market : apartment and house price and rent indices, number and value of property sales, mortgages, households’ mortgage debt, housing affordability, housebuilding, etc.,
  • and its environment : income per household, interest rate, inflation, value of other investments (stocks, bonds, gold), population, number of households, etc.,
  • including some international comparisons (mainly with the United States, the United Kingdom and Germany),
  • presented in a long run perspective and compared to long-term trends.

1. French property market : 2020 updates
2. House prices and housing market in France : permanent documents in English
3. House prices, rents and housing market in France : permanent documents in French

House price France FAQFAQs (French FAQs)

1. French property market : 2020 updates

Monthly or quarterly updates of the permanent documents listed in § 2. and 3. below.

1.1. The French housing market and its environment since 1800 : charts in English

house price france  (nouvelle fenetre)Evolution since the 19th century of the price, value and number of property sales in France, as well as of rents, inflation, income per household, interest rates, mortage credit, households’ mortage debt, housing affordability, housebuilding, household numbers and stock prices, with respect to long term trends. Chart 5. compares the evolution of home prices, rents and households’ mortgage debt in France, the USA, the UK, Germany, Spain and the Netherlands. Temporary charts 10. track the impact of the coronavirus crisis.

1.2. French home price and rent indices published by the National Institute of Statistics

a) Prices
France house price index and apartment price index- Existing property : Notaires-INSEE apartment and house price index complete historical data since 1992, including local indices (Paris, Lyon, Marseille and their regions and urban areas). Methodology : in English, short version ; in French, complete version.
- New, and new and existing property

b) Rents : principal home rent indices published by the French statistical office (these indices track rents actually paid by tenants, excluding expenses, and are part of the consumer price index, of which they weigh around 6% ; they must not be mistaken with the reference rent index, used to regulate leases ; see exhibit 4.7. page 45 of this paper for a comparison of the various measures of rent increases),

1.3. Number of existing apartment and house sales in France

Existing residential property sale number in France  (nouvelle fenetre)Historical data from 1967 to 2020 (12 month-estimate, all of France). Method (in French).

1.4. Number of sales of properties subject to the regular transaction tax in France, by department

Map real estate sale number, France, regular property transaction tax  (nouvelle fenetre)Historical data from 2004 to 2020 : number of sales of properties of all type (residential or not) taxed at the regular transaction tax rate (12-month estimate, all of France and by department) : data, charts and map. Method (in French).

1.5. Property transaction tax base, by department

Assiette des frais de notaire par département: carteProperty transaction tax base from 2000 to 2020, updated monthly, by month, tax rate and department : maps, charts and values.

- France, all departments and all regions
- Method (in French)
- Data and charts by department : click on this map or in the list below

1.6. Other French property statistics

French real estate statisticsFrench statistical services provide many other statistics about French real estate, including :
- the quarterly housing and construction statistical bulletin, which presents more than one hundred quarterly statistical series since 1980,
- number and price of new dwellings sold by property developers, as well as the National Institute of Statistics’ quarterly property development survey,
- number and price of constructible land plots and of individual houses built by individuals on these plots,
- number of building permits and construction,
- construction cost index (ICC),
- principal home rent indices (France, France excluding overseas departments),
- various other property indices,
- and many yearly data since 1984 in the National Housing Account ("compte du logement").

The Bank of France publishes data about households’ residential mortgages (outstanding amount ; amount, interest rate and term to maturity of new mortgages ; proportion of bridge loans in new morgages) and about builders’ outstanding mortgage amount.

Monthly construction economic reports are published by the National Institute of Statistics as well as by the Bank of France. The National Institute of Statistics also publishes quarterly reports about small construction companies and builders.

79 statistical sources about housing are described in exhibit 12 of this report.

2. House prices and housing market in France : permanent documents in English

  • Long Run Data Series, 1800-2015, which support and update the charts and the papers listed above and below : residential property price and rent indices, number and total value of property sales, interest rates, mortgage duration, households’ income and mortgage debt, value of investments in housing, stocks, bonds and gold, consumer price index, construction cost index, population, number of households, etc. These series apply to France but also, in some cases, to the USA and the UK. (Sources of these series).
  • « Comparing Four Secular Home Price Indices », June 2008. This paper compares four secular home price indices in France, the Netherlands, Norway and the United States, one of which - for Paris - goes back to the 13th century. It stresses that their long term trend should be interpreted with caution.

3. House prices, rents and housing market in France : permanent documents in French

3.1. Property Prices and Rents in the Long Run : Presentations

3.2. Home prices

  • « Interdepartmental Differentiation of the Level of and the Change in Home Prices from 1994 to 2018 », November 2019. On average from 1994 to 2018, the interdepartmental differentiation of the level of home prices was 90% correlated with that of three variables : income per household, temperature and the specificity of departments 06, 83 et 84. From 2000 to 2015, the interdepartmental differentiation of the change in home prices was 70 % correlated with that of three variables : the change in the number of dwellings (excl. secondary homes) net of population growth, the change in unemployment rate and the proportion of owner-occupied dwellings.
  • « The Inflationary Effect of Housing Benefits Remains to be Assessed », exhibit 4.5. of this note (July 2012) about housing benefits.
  • « Home Prices in Paris over Eight Centuries », August 2012, paper published in the September 2012 issue of « Variances », the quarterly bulletin of the alumni of ENSAE, the National School of Statistics and Economic Management.
  • « The Elasticity of Home Prices with Respect to their Number », March 2015 (update of an August 2011 paper on the same subject). Based on estimates found in the literature, on a comparison between French departments, and on a comparison between France and the United Kingdom, the elasticity of home prices with respect to the number of dwellings seems to be in the -1 to -2 range, which means that when the number of dwellings increases by 1% their price decreases by around 1% or 2%, "everything else being equal". The size of this elasticity appears little sensitive to the urban type, to the local level of home prices or construction subsidies, etc.
  • « Home Prices in the Long Run », March 2010. This paper recalls the evolution of the price of non-property assets over the past two centuries, presents the evolution of home prices since the 13th century, their main properties over the latest decades, including in relation with economic, financial, demographic and housing aggregates, considers residential property as a long run investment, describes the number and the amount of dwelling sales, draws prospective scenarios then concludes.

3.3. Rents

  • « Rents and Incomes since the 1970s », June 2013. For the past forty years, INSEE’s rent index has been growing parallel to the average French household income, but rents have doubled as a proportion of tenants’ income. This stems from tenants’ relative pauperization, which mirrors young households’ pauperization, and from the fact that the average rent has been growing faster than the rent index.
  • « Existing-Home Prices and Rents from 2000 to 2010 », P. Gallot, E. Leprévost et C. Rougerie (INSEE), INSEE-Première, May 2011.

3.4. Numbers and amounts of property sales, property transaction taxes

  • « Number of dwelling ownership changes by type and by occupancy status, August 2014. From 2000 to 2010, around 800 000 existing dwellings were sold every year, except for a dip in 2008 and 2009, and 330 000 changed owner by other means (inheritance, donation, etc.). In addition 160 000 incurred a "virtual" ownership change. The paper provides estimates about the occupancy status and the age of the owner before and after the ownership change.
  • « Occupancy Status of Dwellings Purchased or Built by Individuals », June 2007. Estimates of the decomposition of existing and new home sales by occupancy status (owner-occupied principal home, rented principal home, other principal home, secondary home, vacant), by type (apartment, individual house), size, location, etc., for years 2001 and 2003.

3.5. Change in Housing Conditions in the Long Run

3.6. Miscellaneous papers

  • « Projection to 2030 of Households’ Mortgage Debt », August 2010. French households’ mortgage debt doubled from 2000 to 2010. Its projected increase depends on the assumptions.
  • « Principal Residence Mortgage Duration, 1967-2005 », May 2010. Reconstitution based on INSEE’s Housing surveys.
  • « [Existing Home "Viager" Sales6>IMG/doc/viager_cle12cf8f.doc] », February 2008. Statistics on "viager" sales : number, sellers’ and buyers’ age, sex and other characteristics, types of dwellings, etc.
  • « [On the Cost of Housing Social Mixity6>IMG/pdf/cout-mixite-sociale-logement-friggit_cle1df62b.pdf] », November 2005.
  • Long term (1988-2010) data about housing benefits in exhibit 4.1. of this report (July 2012).

(French FAQs)

  •  (format jpg - 868 octets - 02/12/2019)

This file has been prepared and is updated by Jacques Friggit, as part of CGEDD’s watch and prospective mission. The analyses and points of view expressed are the author’s, and, in particular, not necessarily CGEDD’s or the government’s.