Informations Rapides ·
24 April 2026 · n° 102
In April 2026, the outlook for housing starts has rebounded but remains deteriorated Quaterly business survey in the real-estate development - April 2026
In April 2026, developers’ opinion regarding the outlook for housing starts has improved but remains below its long-term average. Asked about the level of housing demand addressed to them and about the future evolution of their clients’ financing conditions, developers display more pessimism than in January. However, the balance of opinion relating to the study of new building programs is stable, below its long-term average. Developers report an increase in the level of their unsold dwelling stocks: the corresponding balance stands at its highest level since October 2011.
In April 2026, developers’ opinion regarding the outlook for housing starts has improved but remains below its long-term average. Asked about the level of housing demand addressed to them and about the future evolution of their clients’ financing conditions, developers display more pessimism than in January. However, the balance of opinion relating to the study of new building programs is stable, below its long-term average. Developers report an increase in the level of their unsold dwelling stocks: the corresponding balance stands at its highest level since October 2011.
tableauNew dwelling demand tendency and expected housing starts
| New dwelling demand tendency | Expected housing starts | |
|---|---|---|
| 2026-Q2 | -32.8 | -13.6 |
| 2026-Q1 | -27.6 | -18.7 |
| 2025-Q4 | -29.3 | -12.8 |
| 2025-Q3 | -29.6 | -22.3 |
| 2025-Q2 | -32.1 | -17.4 |
| 2025-Q1 | -36.5 | -28.9 |
| 2024-Q4 | -47.8 | -27.4 |
| 2024-Q3 | -46.1 | -34.8 |
| 2024-Q2 | -53.3 | -33.6 |
| 2024-Q1 | -51.5 | -39.3 |
| 2023-Q4 | -51.7 | -39.3 |
| 2023-Q3 | -50.4 | -34.4 |
| 2023-Q2 | -42.6 | -29.8 |
| 2023-Q1 | -33.9 | -21.2 |
| 2022-Q4 | -27.5 | -18.5 |
| 2022-Q3 | -20.6 | -10.7 |
| 2022-Q2 | -14.4 | -4.9 |
| 2022-Q1 | -6.4 | 3.7 |
| 2021-Q4 | 0.0 | -4.9 |
| 2021-Q3 | -0.6 | -3.9 |
| 2021-Q2 | 1.4 | -3.2 |
| 2021-Q1 | -16.5 | -4.6 |
| 2020-Q4 | -16.0 | -8.7 |
| 2020-Q3 | -13.2 | -6.2 |
| 2020-Q2 | NaN | NaN |
| 2020-Q1 | -5.4 | -7.1 |
| 2019-Q4 | -7.4 | -5.3 |
| 2019-Q3 | -12.3 | -10.5 |
| 2019-Q2 | -19.9 | -9.1 |
| 2019-Q1 | -25.7 | -15.4 |
| 2018-Q4 | -19.3 | -6.1 |
| 2018-Q3 | -15.9 | -9.9 |
| 2018-Q2 | -11.0 | -9.0 |
| 2018-Q1 | -7.2 | -8.7 |
| 2017-Q4 | -3.9 | -1.6 |
| 2017-Q3 | -2.8 | -0.5 |
| 2017-Q2 | -3.4 | 2.4 |
| 2017-Q1 | -1.9 | 1.2 |
| 2016-Q4 | -5.1 | 0.1 |
| 2016-Q3 | -9.7 | 1.6 |
| 2016-Q2 | -11.9 | -6.4 |
| 2016-Q1 | -26.1 | -3.4 |
| 2015-Q4 | -26.0 | -11.9 |
| 2015-Q3 | -28.1 | -13.2 |
| 2015-Q2 | -36.7 | -18.0 |
| 2015-Q1 | -46.0 | -27.9 |
| 2014-Q4 | -51.8 | -31.5 |
| 2014-Q3 | -53.3 | -36.5 |
| 2014-Q2 | -45.7 | -23.4 |
| 2014-Q1 | -44.4 | -21.4 |
| 2013-Q4 | -42.1 | -23.5 |
| 2013-Q3 | -42.8 | -24.7 |
| 2013-Q2 | -47.7 | -30.4 |
| 2013-Q1 | -47.7 | -30.1 |
| 2012-Q4 | -47.7 | -25.9 |
| 2012-Q3 | -42.1 | -29.2 |
| 2012-Q2 | -33.6 | -18.3 |
| 2012-Q1 | -24.6 | -8.4 |
| 2011-Q4 | -22.7 | -7.5 |
| 2011-Q3 | -20.8 | 5.9 |
| 2011-Q2 | -15.1 | 1.7 |
| 2011-Q1 | -10.2 | -0.2 |
| 2010-Q4 | -0.3 | 1.5 |
| 2010-Q3 | -6.5 | -0.5 |
| 2010-Q2 | -8.5 | 4.4 |
| 2010-Q1 | -3.9 | 2.0 |
| 2009-Q4 | -8.6 | 5.9 |
| 2009-Q3 | -10.6 | -0.9 |
| 2009-Q2 | -13.8 | -13.5 |
| 2009-Q1 | -26.7 | -14.6 |
| 2008-Q4 | -33.1 | -23.1 |
| 2008-Q3 | -13.4 | -8.9 |
| 2008-Q2 | -13.7 | 1.5 |
| 2008-Q1 | -7.0 | 1.7 |
| 2007-Q4 | -1.8 | 6.4 |
| 2007-Q3 | 3.1 | 10.6 |
| 2007-Q2 | 1.4 | 7.4 |
| 2007-Q1 | 9.2 | 10.0 |
- Data for the second quarter of 2020 are not available as the survey was cancelled in the context of the health crisis.
graphiqueNew dwelling demand tendency and expected housing starts
- Data for the second quarter of 2020 are not available as the survey was cancelled in the context of the health crisis.
- Source: INSEE.
The outlook for housing starts has slightly improved, but the opinion on demand for new housing has deteriorated
In April 2026, the balance of opinion regarding prospects for housing starts has rebounded, for the overall balance as well as balances associated with rental housing (mainly social) and housing intended for sale. All of these balances remain below their respective long-term average.
Developers are as numerous than in the previous quarter to consider the study of new building programs with architects or design offices. This proportion, which is stable, stands below its long-term average.
Developers are more pessimistic regarding the demand for housing addressed to them. After five consecutive quarters of increase, the corresponding balance has fallen back and remains very deteriorated, markedly below its long-term average.
The balance of opinion on unsold dwellings has rebounded and reached its highest level since October 2011 (including the COVID-19 pandemic), well above its long-term average.
Real estate developers are more pessimistic regarding the evolution of their clients' financing capacity
In April 2026, developers’ opinion regarding the outlook for changes in their clients’ financing capacity has worsened: the corresponding balance has fallen back and has moved away from its long-term average.
The balance of opinion relating to the evolution of the average down payment by applicants for the acquisition of a new dwelling over the past three months has decreased again, dropping back below its long-term average.
The balance of opinion relating to the change in the expected average price of housing put up for sale has fallen back and still hovers at levels well below its long-term average.
tableauReal-estate development economic outlook
| Average* | Jul. 25 | Oct. 25 | Jan. 26 | Apr. 26 | |
|---|---|---|---|---|---|
| New dwelling demand | -13 | -30 | -29 | -28 | -33 |
| Expected housing starts | -9 | -22 | -13 | -19 | -14 |
| for sale | -17 | -35 | -28 | -27 | -21 |
| for rent housing (mainly social housing) | 1 | -6 | 8 | -9 | -5 |
| Companies considering the study of new programs ** | 62 | 51 | 53 | 54 | 54 |
| Unsold dwelling stock | -25 | -20 | -6 | -10 | -4 |
| Housing average price for sale | 6 | -10 | -15 | -10 | -12 |
| Downpayment | -18 | -17 | -14 | -17 | -20 |
| Financing capacity | -21 | -21 | -37 | -25 | -33 |
- * Average since July 1991.
- ** Share of companies, in % of answers, SA.
- Source: French business survey on real-estate development – INSEE.
For further information
A balance of opinion is calculated as the difference between the percentage of “higher than usual” or “increase” responses and the percentage of “lower than usual” or “decrease” responses.
The responses to this survey have been collected between 26 March and 21 April 2026. The response rate to this survey is usually lower than that measured in most other business surveys.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of this page.
Next issue: 24 July 2026 at 12:00 pm.
Pour en savoir plus
A balance of opinion is calculated as the difference between the percentage of “higher than usual” or “increase” responses and the percentage of “lower than usual” or “decrease” responses.
The responses to this survey have been collected between 26 March and 21 April 2026. The response rate to this survey is usually lower than that measured in most other business surveys.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of this page.
Next issue: 24 July 2026 at 12:00 pm.