Insee conjoncture

The prices of the second-hand dwellings and the volume of transactions were still increasing in Q4 2017Notaries-INSEE second-hand dwellings price index - fourth quarter 2017

3 April 2018: The file of additional data has been updated compared to the publication of 22 February 2018.

In Q4 2017, prices of second-hand dwellings accelerated slightly: +1.0% compared to the previous quarter (provisional seasonally adjusted results), after +0.9%. As observed since the end of 2016, the increase was more important for flats (+1.2%) than for houses (+0.9%).

Over a year, prices continued to accelerate: +4.0% compared to Q4 2016, after +3.3% the quarter before. This increase was mainly due to prices of flats, which increased by +5.0% over the year, against +3.2% for houses.

Informations rapides N° 40
No 40
Principaux indicateurs
Paru le : 03/04/2018
Prochaine parution le : 29/11/2018 at 08:45 - third quarter 2018

In Q4 2017, prices of second-hand dwellings accelerated slightly: +1.0% compared to the previous quarter (provisional seasonally adjusted results), after +0.9%. As observed since the end of 2016, the increase was more important for flats (+1.2%) than for houses (+0.9%).

Over a year, prices continued to accelerate: +4.0% compared to Q4 2016, after +3.3% the quarter before. This increase was mainly due to prices of flats, which increased by +5.0% over the year, against +3.2% for houses.

In Île-de-France, the rise of prices of second-hand dwellings pursued

In Q4 2017, the prices of second-hand dwellings in Île-de-France continued to rise: +1.1% compared to Q3 2017, after +1.4%.

Year–on–year, the rise of prices reached +5.1%, after +4.6% in Q3 2017 and +3.9% in Q2 2017. This acceleration continued to come from a more accentuate rise in the prices of flats (+5.9% over the year), especially for the flats in Paris which increased by 8.6% in one year. Yet, the rise in the prices of houses in Île-de-France also amplified (+3.3% after +2.5%).

In provincial France, prices of second-hand dwellings also increased

In Q4 2017, the rise of prices of second-hand dwelling in provincial France increased by 1.0% compared to the previous quarter.

Over one year, the prices increased less markedly than in Île-de-France, though an acceleration: +3.5% between Q4 2016 and Q4 2017, after +2.7% in the previous quarter. Like in Île-de-France, the rise was more important for flats (+4.2%) than for houses (+3.1%).

Graphique1a – Variation in prices of second-hand dwellings in metropolitan France over a year

  • Sources: INSEE, French notaries - Database Bien, Perval society

Graphique2a – Prices of second-hand dwellings in Île-de-France

  • Scope: Île-de-France
  • Sources: INSEE, French notaries - Database Bien, Perval society

Tableau1a – Variation in prices of second-hand dwellings in metropolitan France

Variation in prices of second-hand dwellings in metropolitan France
change in
3 months (S.A.) 12 months
2017 Q2 2017 Q3 (sd) 2017 Q4 (p) 2017 Q2 2017 Q3 (sd) 2017 Q4 (p)
France 0.7 0.9 1.0 3.1 3.3 4.0
Flats 1.1 1.2 1.2 3.7 4.5 5.0
Houses 0.4 0.7 0.9 2.6 2.4 3.2
  • (p): provisional; (sd): semi-definitive
  • Scope: Metropolitan France
  • Sources: INSEE, French notaries - Database Bien, Perval society

An annual volume of transactions still increasing

In Q4 2017, the annual transaction volume continued to grow: in December, the number of transactions carried out over the last twelve months reached a new historical peak (968,000). This volume of transactions was thus higher than the one recorded one quarter earlier (951,000 in September 2017). Compared to the stock of available housing, which increases by around 1% per year, the proportion of transactions became equivalent to what was observed in the early 2000.

Graphique3a – Volume of transactions of second-hand dwellings over the last 12 months

  • Scope: France excluding Mayotte
  • Sources: CGEDD, based on notarial databases and DGFiP (MEDOC)

Revisions 

The second-hand housing price index is revised to include observations recorded after the previous publication. In comparison with the results released on 3 January 2018, the change in prices in Q3 2017 has been revised downwards by −0.4 points overall: −0.4 points for houses, −0.4 points for flats. The overall change in prices in Q3 2017 stands at +0.9% compared to Q2 2017, instead of +1.3% (figure published on 3 January 2018) and +1.6% estimated on 30 November 2017.

Tableau2a – Variation in prices of second-hand dwellings in metropolitan France

Variation in prices of second-hand dwellings in metropolitan France
Change in
3 months (S.A.) 12 months
2017 Q2 2017 Q3 (sd) 2017 Q4 (p) 2017 Q2 2017 Q3 (sd) 2017 Q4 (p)
Metropolitan France 0.7 0.9 1.0 3.1 3.3 4.0
- Flats 1.1 1.2 1.2 3.7 4.5 5.0
- Houses 0.4 0.7 0.9 2.6 2.4 3.2
Île-de-France 1.2 1.4 1.1 3.9 4.6 5.1
Provincial France 0.4 0.7 1.0 2.7 2.7 3.5
Flats
Île-de-France 1.5 1.8 1.0 4.7 5.6 5.9
- Paris 2.6 2.1 2.1 6.8 7.8 8.6
- Seine-et-Marne -0.9 -0.1 -0.3 2.3 1.3 0.5
- Yvelines 0.5 1.1 0.6 2.0 2.7 2.5
- Essonne -0.7 0.1 -0.2 1.2 0.8 0.6
- Hauts-de-Seine 1.4 2.0 0.2 3.9 5.3 5.2
- Seine-Saint-Denis 0.4 2.0 -0.3 2.6 4.1 4.3
- Val-de-Marne 0.6 1.7 0.0 3.1 4.2 4.0
- Val-d'Oise -0.7 0.2 0.1 1.4 1.1 0.6
Provincial France 0.7 0.7 1.3 2.8 3.4 4.2
- Conurbation > 10 000 inhabitants 0.9 0.8 ** 2.9 3.5 **
- Central town 1.0 0.7 ** 3.3 3.7 **
- Suburb 0.6 1.0 ** 2.3 3.2 **
- Conurbation < 10 000 inhabitants -0.5 0.3 ** 1.9 2.3 **
Houses
Île-de-France 0.6 0.7 1.1 2.1 2.5 3.3
- Seine-et-Marne 0.2 1.0 0.3 2.0 2.5 2.5
- Yvelines 0.6 0.2 1.8 2.3 1.9 3.4
- Essonne 0.6 0.4 1.0 2.1 2.3 3.0
- Hauts-de-Seine 1.3 1.4 2.2 2.2 3.7 5.0
- Seine-Saint-Denis 0.7 1.1 0.1 2.3 3.3 3.2
- Val-de-Marne 0.9 0.7 1.3 2.1 2.8 3.8
- Val-d'Oise 0.1 0.6 0.7 1.9 1.8 2.7
Provincial France 0.3 0.7 0.9 2.7 2.3 3.1
Nord-Pas de Calais 0.3 0.0 ** 2.4 1.5 **
- Flats 0.6 1.2 ** 3.0 4.2 **
- Houses 0.3 -0.3 ** 2.3 1.1 **
- Conurbation of Lille Houses 0.2 0.6 ** 1.5 1.2 **
Provence-Alpes-Côte d'Azur 0.1 1.3 ** 2.5 2.6 **
- Flats 0.1 1.3 ** 1.6 2.6 **
- Houses 0.1 1.4 ** 3.6 2.5 **
- Marseille Flats -1.8 0.8 ** 2.2 2.8 **
Rhône-Alpes 0.4 1.0 ** 2.4 2.7 **
- Flats 1.0 0.6 ** 3.2 3.4 **
- Houses -0.2 1.4 ** 1.5 2.0 **
- Lyon Flats 3.5 2.0 ** 6.7 7.8 **
  • ** index released on 3 April 2018.
  • (p): provisional ; (sd): semi-definitive
  • Sources: INSEE, French notaries - Database Bien, Perval society