Insee conjoncture
7 janvier 2019
N° 2019-311

Pursuit of the rise of second-hand dwellings in Q3 2018Notaries-INSEE second-hand dwellings price index - third quarter 2018

7 January 2019: The file of additional data has been updated compared to the publication of 29 November 2018.

In Q3 2018, prices of second-hand dwellings in France (excluding Mayotte) were still increasing: +1.0% compared to Q2 2018 (provisional seasonally adjusted results), after +0.5%.

Over a year, the rise of prices is stable at +2.9%. As observed since the end of 2016, this increase was mainly due to flat prices: +3.3% over the year, against 2.6% for houses.

Informations rapides
No 311
Paru le : 07/01/2019
Prochaine parution le : 28/02/2019 at 08:45 - fourth quarter 2018

Warning: the Notaries-INSEE second-hand dwellings prices indices are now published in a new version. Their elaboration is based on a revised and improved method of calculation. The scope has been extended to the overseas departments and is now France (excluding Mayotte). This new method is applied from the revised publication of Q1 2018. The reference is from now on the average in 2015 (against T1 2010 until the publication of T1 2018).

In Q3 2018, prices of second-hand dwellings in France (excluding Mayotte) were still increasing: +1.0% compared to Q2 2018 (provisional seasonally adjusted results), after +0.5%.

Over a year, the rise of prices is stable at +2.9%. As observed since the end of 2016, this increase was mainly due to flat prices: +3.3% over the year, against 2.6% for houses.

In Île-de-France, prices of second-hand dwellings were still dynamic in spite of a little reduction

In Q3 2018, prices of second-hand dwellings in Île-de-France continued to rise: +1.0% compared to Q2 2018, after +1.1%.

Year on year, prices were increasing at a quite slower pace than observed the quarters before: +3.5%, after +4.1%. The rise of the flat prices pursued, with a slight slowdown: +4.2% over a year (+6.2% for flats in Paris), after +4.9%. The house prices in Île-de-France, whose rise is less important,  also decelerated: +2.0% after +2.5% the quarter before.

Rise of prices of second-hand dwellings in provincial France

In Q3 2018, the rise of prices of second-hand dwelling in provincial France increased by 1.0% compared to the previous quarter, after +0.3%.

Over one year, the prices increased by +2.7% after +2.3% and 2.4%. The annual rise was equivalent for houses (+2.7%) than for flats (+2.6%). The rise of prices in provincial France was less strong than the rise observed in Île-de-France (+3.5%), but exceeded this quarter the rise in Île-de-France excluding Paris (+2.2%).

Graphique1aVariation in prices of second-hand dwellings in France over a year

  • Scope: France (excluding Mayotte)
  • Sources: INSEE, French notaries - Database Bien, Perval society

Graphique2aPrices of second-hand dwellings in metropolitan France

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

Tableau1aVariation in prices of second-hand dwellings in France

Variation in prices of second-hand dwellings in France
change in
3 months (S.A.) 12 months
2018 Q1 2018 Q2 (sd) 2018 Q3 (p) 2018 Q1 2018 Q2 (sd) 2018 Q3 (p)
France 1.1 0.5 1.0 2.9 2.9 2.9
Flats 0.8 0.7 1.4 3.8 3.3 3.3
Houses 1.2 0.4 0.7 2.3 2.5 2.6
  • (p): provisional; (sd): semi-definitive
  • Scope: France (excluding Mayotte)
  • Sources: INSEE, French notaries - Database Bien, Perval society

The annual volume of transactions was still high

In Q3 2018, the annual volume of transactions remained at a high level: in September, the number of transactions carried out over the last twelve months was 956,000. This volume was similar as the one recorded one quarter earlier (954,000 in June), but remained slightly higher than the one recorded one year earlier (948,000). Compared to the stock of available housing, which increases by around 1% per year, the proportion of transactions was equivalent to what was observed in the early 2000.

Graphique3aVolume 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 1st October 2018, the change in prices in Q2 2018 has not been revised (no revision for houses, +0.1 points for flats). The overall change in prices in Q2 2018 stands at +0.5% compared to Q1 2018, which is the same as the figure updated on 1st October 2018 and as the one estimated on 6 September 2018.

Tableau2aVariation 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
2018 Q1 2018 Q2 (sd) 2018 Q3 (p) 2018 Q1 2018 Q2 (sd) 2018 Q3 (p)
Metropolitan France 1.1 0.5 1.0 3.0 2.9 2.9
Île-de-France 0.7 1.1 1.0 4.2 4.1 3.5
Provincial France 1.2 0.3 1.0 2.4 2.3 2.7
- Auvergne-Rhône-Alpes 1.1 0.4 ** 2.5 2.5 **
- Hauts-de-France 0.1 0.5 ** 0.9 1.1 **
- Provence-Alpes-Côte d'Azur 1.8 -0.4 ** 2.0 1.5 **
Flats 0.9 0.7 1.4 3.8 3.4 3.4
Île-de-France 0.9 1.2 1.3 5.1 4.9 4.2
- Paris 0.6 2.1 1.2 7.5 7.2 6.2
- Immediate suburbs 1.7 0.7 1.5 4.1 3.7 3.1
- Outer suburbs 0.1 -0.1 1.4 0.7 0.9 0.9
Provincial France 0.9 0.1 1.5 2.7 2.0 2.6
- Conurbation > 10 000 inhabitants 1.0 0.2 ** 2.9 2.1 **
* Central town 0.8 0.1 ** 3.5 2.5 **
* Suburb 1.3 0.2 ** 2.0 1.6 **
- Conurbation < 10 000 inhabitants -0.1 -0.2 ** 0.6 0.6 **
- Auvergne-Rhône-Alpes 1.7 -0.2 ** 3.7 2.6 **
* Lyon 2.0 0.9 ** 10.3 7.8 **
- Hauts-de-France 0.0 2.0 ** 0.0 1.1 **
- Provence-Alpes-Côte d'Azur 1.5 -0.9 ** 1.6 0.6 **
* Marseille 1.5 -2.8 ** 2.9 0.9 **
Houses 1.2 0.4 0.7 2.3 2.5 2.6
Île-de-France 0.2 0.9 0.4 2.5 2.5 2.0
- Immediate suburbs 0.0 2.2 0.7 3.0 3.9 3.5
- Outer suburbs 0.4 0.3 0.3 2.3 1.9 1.3
Provincial France 1.4 0.3 0.7 2.3 2.5 2.7
- Auvergne-Rhône-Alpes 0.7 0.8 ** 1.4 2.4 **
- Hauts-de-France 0.1 0.3 ** 1.1 1.1 **
* Conurbation of Lille -1.3 2.3 ** 2.0 3.7 **
- Provence-Alpes-Côte d'Azur 2.3 0.2 ** 2.4 2.4 **
  • ** index released on 7 January 2019.
  • Additional data (for example by department in Île-de-France) are available on the web page of the indicator.
  • (p): provisional ; (sd): semi-definitive
  • Scope: Metropolitan France
  • Sources: INSEE, French notaries - Database Bien, Perval society

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