House Prices in France : Property Price Index, French Real Estate Market Trends in the Long Run
Property Price and Rent History, 1936-2024 in France and 1200-2024 in Paris : Statistics and Analyses.
Updated November 2024. Next update around December 24, 2024.
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Latest documents posted
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 : 2024 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
1. French property market : 2024 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
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. Charts 5. compares the evolution of home prices, rents and households’ mortgage debt in France, the USA, the UK, Germany, Spain and the Netherlands.
1.2. French home price and rent indices published by the National Institute of Statistics
a) Prices
- 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, ABC zones). 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 support the rent component of the consumer price index ; they must not be confused with the reference rent index, used to regulate leases ; see exhibit 1 of this report for a comparison of the various measures of rent increases).
You may also download data about rent levels observed in the perimeter of rent observatories and advertised in all of France.
1.3. Number of existing apartment and house sales in France
Historical data from 1967 to 2024 (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
Historical data from 2004 to 2024 : 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
Property transaction tax base from 2000 to 2024, 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
- Ile-de-France : Paris (75) Seine-et-Marne (77) Yvelines (78) Essonne (91) Hauts-de-Seine (92) Seine-St-Denis (93) Val-de-Marne (94) Val-d’Oise (95)
- Auvergne-Rhône-Alpes : Ain (01) Allier (03) Ardèche (07) Cantal (15) Drôme (26) Isère (38) Loire (42) Haute-Loire (43) Puy-de-Dôme (63) Rhône (69) Savoie (73) Haute-Savoie (74)
- Bourgogne-Franche-Comté : Côte-d’Or (21) Doubs (25) Jura (39) Nièvre (58) Haute-Saône (70) Saône-et-Loire (71) Yonne (89) Territoire-de-Belfort (90)
- Bretagne : Côtes-d’Armor (22) Finistère (29) Ille-et-Vilaine (35) Morbihan (56)
- Centre-Val de Loire : Cher (18) Eure-et-Loir (28) Indre (36) Indre-et-Loire (37) Loir-et-Cher (41) Loiret (45)
- Corse : ex-Corse-du-Sud (2A) ex-Haute-Corse (2B) (NB : from July 15, 2019 property transaction taxes collected in all of Corsica have been imputed to the 2A code)
- Grand-Est : Ardennes (08) Aube (10) Marne (51) Haute-Marne (52) Meurthe-et-Moselle (54) Meuse (55) Moselle (57) Bas-Rhin (67) Haut-Rhin (68) Vosges (88) (NB : from January, 2021 property transaction taxes collected in all of Alsace have been imputed to the 68 code)
- Hauts-de-France : Aisne (02) Nord (59) Oise (60) Pas-de-Calais (62) Somme (80)
- Normandie : Calvados (14) Eure (27) Manche (50) Orne (61) Seine-Maritime (76)
- Nouvelle-Aquitaine : Charente (16) Charente-Maritime (17) Corrèze (19) Creuse (23) Dordogne (24) Gironde (33) Landes (40) Lot-et-Garonne (47) Pyrénées-Atlantiques (64) Deux-Sèvres (79) Vienne (86) Haute-Vienne (87)
- Occitanie : Ariège (09) Aude (11) Aveyron (12) Gard (30) Haute-Garonne (31) Gers (32) Hérault (34) Lot (46) Lozère (48) Hautes-Pyrénées (65) Pyrénées-Orientales (66) Tarn (81) Tarn-et-Garonne (82)
- Pays-de-la-Loire : Loire-Atlantique (44) Maine-et-Loire (49) Mayenne (53) Sarthe (72) Vendée (85)
Provence-Alpes-Côte d’Azur : Alpes-de-Haute-Provence (04) Hautes-Alpes (05) Alpes-Maritimes (06) Bouches-du-Rhône (13) Var (83) Vaucluse (84) - Départements d’Outre-Mer : Guadeloupe (971) Martinique (972) Guyane (973) Réunion (974)
1.6. Other French property statistics
Cerema provides, based on DV3F data from the Tax Department, many historical data about French local housing markets since 2010 : files, charts and maps. French 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 (amount, term to maturity, interest rate, proportion of bridge loans) 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.
Etalab provides a list of more than 100 sources about housing and urbanism and presents a selection here.
2. House prices and housing market in France : permanent documents in English
- Long Run Data Series, 1800-2020, 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).
- Paris Home Price Indices since 1200. These data are commented, among others secular series, in the paper below « Comparing Four Secular Home Price Indices ».
- « The Share of Capital in National Income decreases in the United Kingdom as in France : Update of Figures by T. Piketty in "Capital in the Twenty-First Century". Largely due to imputed rent revisions, a mere update, without change in the methodology, of figures 6.1. et 6.8. of "Capital in the Twenty-First Century" by T. Piketty reverses their result : in the United Kingdom as in France, the share of capital in national income has not increased, but decreased lately.
- « Home Prices in France Over the Long Run », June 2012, presentation.
- « Home Prices in France, Past and Prospects - in One Page », October 2010, an English abstract of documents listed in § 3. below.
- « 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.
- « Long Term (1800-2005) Investment in Gold, Bonds, Stocks and Housing in France - with Insights into the USA and the UK : a Few Regularities », January 2007. This paper comments on the evolution of asset prices for the past two centuries. Its exhibit 1 compares British and French property prices in the long run. Its exhibit 2 comments on French American cross-border investments in the past two centuries, in terms of return, volatility and diversifying power.
- « Home Prices over the Long Run », presentation at Western Economic Association International 85th Annual Conference, Vancouver, June 2009.
- « Home Purchases by Foreigners in France », English version of a review published in Études Foncières, 129, September - October 2007 about a paper by L. Fauvet.
- « Long Term Home Prices and Residential Property Investment Performance in Paris in the Time of the French Franc, 1840-2001 », February 2002.
- « Managing Home Price Risk by Financial Instruments Indexed on the Notaires-INSEE Home Price Indices », September 2001.
3. House prices, rents and housing market in France : permanent documents in French
3.1. Property Prices and Rents in the Long Run : Presentations
- « Rents, Home Prices and Income per Household in the Long Run », presentation at Paris Region Land Authority, December 2024.
- « Home Prices in the Long Run (March 2024) ».
1. Home Price History Since 1200. 2. Rents and Incomes since 1970. 3. Volumes. 4. Property Investment and Other Investments Since 1840. 5. Some Properties of Home Prices. 6. The Takeoff of Home Prices (but not Rents) from 2000 to 2008 and their Subsequent Levitation. 7. Prospective. 8. Conclusion. - « Rents and incomes in the long run, comparison of three versions of the rent to income ratio »,, presentation, Inxauseta symposium, Bunus, August 2022.
- « Home Prices in the Long Run (January 2020) », short presentation at the regional chamber of notaries of Rennes, Brittany.
- « Home Prices in Paris from 1200 to 2015 and Prospects (November 2015) », course material, continuing education for managers of the City of Paris.
- « Four Secular Home Price Indices (October 2009) », presentation at IDEP (Marseille).
3.2. Home prices
- « Home prices, rents and property investment return and risk », excerpt from an IGF-CGEDD report, April 2021.
- « The Elasticity of Home Prices with Respect to the Number of Dwellings », March 2021. This elasticity 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".
- « 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.
- « Why Have Home Prices Fallen so Little in France Since 2008? », April 2015. The inflationary effect of financial environment. Paper published in the « cahiers de l’Audap ».
- « Home Prices in Paris, 13th to 15th Centuries : comparing G. d’Avenel and S. Roux’s series », June 2015. The outbreak of the Great Plague coincided with a sharp fall in home prices in Paris in the mid-14th century.
- « 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.
- « Which Perspectives for Home Prices after their Surge? », prospective paper, Regards croisés sur l’économie, May 2011.
- « Apartment versus House Price Trend : the Inversion of 2001 », August 2011. From 1965 to 2000 sale prices as well as occupiers’ income had been growing slower for apartments than for individual houses in France. Since 2001, while incomes have been following on the same trend, on the contrary apartement prices have been increasing relative to house prices in a majority of departments, particularly in large urban areas and on the Mediterranean coast. This divergence does not look sustainable in the long run. This paper follows on an previous one, « Depreciation and Pauperization of Apartments relative to Detached Houses, 1994-2002 », September 2005.
- « 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.
- « Existing Home Prices in the 2000’s », INSEE-Première, May 2010, paper coauthored with Catherine Rougerie (INSEE - Housing Division).
- The Spatial Relationship between Income and Home Prices :
- in the main French urban areas (numerical data : html or Excel),
- and in the main cities of the Paris Region (numerical data : html or Excel),
two short papers published in the French Notaries’ quartely property market review (2010).
- « Home Price Seasonality », paper published in Études Foncières, 121, May-June 2006.
- « Home Prices in 2004 : some Historical Abnormalities », Urbanissimo, 78, October 2004.
- « Investments in Stocks and Dwellings : some Regularities in the Long Run », Réflexions immobilières, 33, September 2002.
- « 40 years of home prices in the Region of Paris » paper presented at a conference organised by the Council of the Region of Paris and the Interdepartmental Paris Chamber of Notaries, October 23, 2001.
- « Long Run Home Price Evolution », SES synthesis paper, Ministère de l’Équipement, March-April 2001.
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
- « Which Long Run Trend for the Number and Amount of Existing Home Transactions ? », J. Friggit, avril 2024.
- « Rental Brokerage Market Share since the 1990s », working paper, January 2021. Proportion of leases brokered directly between individuals through ads, by a realtor, or by other means.
- « Existing-Home Brokerage Market Share since 1945 », working paper, November 2019 (revised version). Proportion of sales brokered directly between individuals, through a realtor, or through a notary.
- « The Amount and the Number of Existing Home Sales since 1967 and their « Long Run Trends » », J. Friggit, February 2015 : this paper revises downwards the growth of the « long run trends » to which we compare the amount and the number of existing-home sales, compared to previous documents. It reconstitutes approximately the number of existing home sales since 1967.
- « Property Transaction Taxes and Amounts of Transactions , 1800-2008 » , April 2009. A history of property transaction taxes (rate, receipts, tax base, etc.) over the past two centuries.
- « 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.
- « Departments’ Property Transaction Tax Receipts : a Euphoria which Can’t Last », paper published in « Urbanissimo », 87, October 2005.
3.5. Change in Housing Conditions in the Long Run
- « Households and their Dwellings since 1970, Results from INSEE’s Housing Surveys », May 2018 . Based on analyses by occupancy status, type of dwelling, age bracket and income bracket, this factual paper documents several long term trends over the latest decades : increase in home ownership, pauperization of tenants with respect to owner-occupiers, increase in tenants’ rent / income ratio, decrease in the number of persons per household, increase in the number of square meters per person, etc.
- « Fifty Years of Household’s Housing Condition Changes », Alain Jacquot, INSEE, Données Sociales, 2006.
3.6. Miscellaneous papers
- « What are International Housing Comparisons Worth ? », J. Friggit, septembre 2024, short paper published in Variances, webzine of ENSAE Alumni Association, extract from the report « Fragility of International Housing Comparisons ».
- « Twenty years of short and long term vacancy », September, 2021, excerpt from a presentation to CGEDD housing college. Since the late 1990’s, short term and long term housing vacancies have been evolving differently. The growth in vacancy in zones Abis, A and B1 after 2006 proceeds mostly from short term vacancy.
- « 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" Sales », 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 Mixity », November 2005.
- Long term (1988-2010) data about housing benefits in exhibit 4.1. of this report (July 2012).
This file has been prepared and is updated by Jacques Friggit, as part of IGEDD’s watch and prospective mission. The analyses and points of view expressed are the author’s, and, in particular, not necessarily IGEDD’s or the government’s.