10 September 2020
2020- n° 229In Q2 2020, the rise in prices of second-hand dwellings continued Notaries-INSEE second-hand dwellings price index - second quarter 2020
In Q2 2020, the rise in prices of second-hand dwellings in France (excluding Mayotte) continued: +1.5% compared to Q1 2020 (provisional seasonally adjusted results), after +1.9% in Q1 and +1.2% in Q4 2019.
Over a year, the rise in prices noticeably intensified: +5.7%, after +4.9%, and +3.7%. As observed since the end of 2016, this increase was more important for flats (+7.0% over the year) than for houses (+4.8%).
Given the context of the health crisis due to the Covid-19, the statistics published in this “Informations Rapides” are less accurate than usual as they are affected by additional delays in processing or administrative declarations. This quarter in particular, there was a significant decline in the quality of data for the Île-de-France region, including Paris, because data transmission was less complete than usual.
In Q2 2020, the rise in prices of second-hand dwellings in France (excluding Mayotte) continued: +1.5% compared to Q1 2020 (provisional seasonally adjusted results), after +1.9% in Q1 and +1.2% in Q4 2019.
Over a year, the rise in prices noticeably intensified: +5.7%, after +4.9%, and +3.7%. As observed since the end of 2016, this increase was more important for flats (+7.0% over the year) than for houses (+4.8%).
tableauVariation in prices of second-hand dwellings in France over a year
| France - flats | France | France - houses | |
|---|---|---|---|
| 2011-Q1 | 9.5 | 7.1 | 5.3 |
| 2011-Q2 | 10.0 | 7.1 | 4.9 |
| 2011-Q3 | 8.8 | 6.2 | 4.2 |
| 2011-Q4 | 6.2 | 3.7 | 1.8 |
| 2012-Q1 | 3.8 | 1.8 | 0.4 |
| 2012-Q2 | 1.0 | -0.3 | -1.2 |
| 2012-Q3 | -0.8 | -1.7 | -2.3 |
| 2012-Q4 | -1.4 | -2.1 | -2.6 |
| 2013-Q1 | -1.5 | -2.0 | -2.4 |
| 2013-Q2 | -1.9 | -2.2 | -2.5 |
| 2013-Q3 | -1.7 | -2.3 | -2.8 |
| 2013-Q4 | -1.8 | -1.9 | -2.0 |
| 2014-Q1 | -1.4 | -1.9 | -2.2 |
| 2014-Q2 | -1.3 | -1.4 | -1.4 |
| 2014-Q3 | -2.0 | -1.4 | -1.0 |
| 2014-Q4 | -2.4 | -2.5 | -2.6 |
| 2015-Q1 | -2.8 | -2.4 | -2.1 |
| 2015-Q2 | -3.0 | -2.6 | -2.4 |
| 2015-Q3 | -2.0 | -1.8 | -1.6 |
| 2015-Q4 | -1.1 | -0.4 | 0.2 |
| 2016-Q1 | -0.4 | 0.3 | 0.9 |
| 2016-Q2 | 0.5 | 0.6 | 0.7 |
| 2016-Q3 | 1.0 | 1.3 | 1.5 |
| 2016-Q4 | 1.6 | 1.5 | 1.4 |
| 2017-Q1 | 3.0 | 2.5 | 2.1 |
| 2017-Q2 | 3.7 | 3.1 | 2.6 |
| 2017-Q3 | 4.5 | 3.2 | 2.4 |
| 2017-Q4 | 4.3 | 3.3 | 2.5 |
| 2018-Q1 | 3.8 | 2.9 | 2.3 |
| 2018-Q2 | 3.3 | 2.8 | 2.5 |
| 2018-Q3 | 3.4 | 2.9 | 2.6 |
| 2018-Q4 | 3.4 | 3.2 | 3.1 |
| 2019-Q1 | 3.8 | 3.0 | 2.5 |
| 2019-Q2 | 4.3 | 3.1 | 2.3 |
| 2019-Q3 | 4.0 | 3.2 | 2.5 |
| 2019-Q4 | 5.3 | 3.7 | 2.6 |
| 2020-Q1 | 6.4 | 4.9 | 3.9 |
| 2020-Q2 | 7.0 | 5.7 | 4.8 |
graphiqueVariation in prices of second-hand dwellings in France over a year
- Scope: France (excluding Mayotte).
- Sources: Insee, ADSN-BIEN-Grand Paris notaries, French notaries, Perval society.
tableauVariation in prices of second-hand dwellings in France
| change in | ||||||
|---|---|---|---|---|---|---|
| 3 months (S.A.) | 12 months | |||||
| 2019 Q4(d) | 2020 Q1(d) | 2020 Q2(p) | 2019 Q4(d) | 2020 Q1(d) | 2020 Q2(p) | |
| France | 1.2 | 1.9 | 1.5 | 3.7 | 4.9 | 5.7 |
| Flats | 1.7 | 2.2 | 1.8 | 5.3 | 6.4 | 7.0 |
| Houses | 0.8 | 1.7 | 1.3 | 2.6 | 3.9 | 4.8 |
- (p): provisional; (d): definitive.
- Scope: France (excluding Mayotte).
- Sources: Insee, ADSN – BIEN – Grand Paris notaries, French notaries, Perval society.
Prices of second-hand dwellings in Île-de-France were still rising
In Q2 2020, prices of second-hand dwellings in Île-de-France were again increasing: +1.8% compared to Q1 2020, after +2.0% and +1.3%.
Over a year, prices pursued their acceleration: +6.6% between Q2 2019 and Q2 2020, after +5.4% in Q1 2020 and +4.0% in Q4 2019. This increase remained mainly driven by flats’ prices, which increased by +7.3% over the year, while houses’ prices increased by +5.0%. In Paris, flats’ prices rose by +8.0% over a year in the second quarter of 2020, as in Q1 2020 and after +6.7% in Q4 2019. Excluding Paris, the annual increase in Île-de-France rose sharply: +5.9%, after +4.2% in Q1 2020 and +2.7% in Q4 2019.
The rise of prices of second-hand dwellings continues in provincial France too
In Q2 2020, prices of second-hand dwelling in provincial France kept increasing at a still sustained pace: +1.5% after +1.8%, and +1.2%.
Over a year, the rise in prices were still intensifying: +5.5% between Q2 2019 and Q2 2020, after +4.7% and +3.6%. Consistently to what was observed in Île-de-France, prices of flats were more dynamic (+6.8% y-o-y), even though prices of houses were also rising steadily (+4.9%).
tableauSecond-hand dwellings price index in metropolitan France
| Province - flats | Province - houses | Île-de-France - flats | Île-de-France - houses | |
|---|---|---|---|---|
| 2000-Q1 | 45.7 | 53.1 | 38.4 | 52.2 |
| 2000-Q2 | 46.4 | 54.0 | 39.4 | 52.9 |
| 2000-Q3 | 47.3 | 55.2 | 40.3 | 54.1 |
| 2000-Q4 | 47.8 | 56.1 | 40.9 | 54.8 |
| 2001-Q1 | 48.9 | 57.3 | 41.9 | 55.8 |
| 2001-Q2 | 50.0 | 58.6 | 42.5 | 57.5 |
| 2001-Q3 | 50.5 | 59.6 | 43.5 | 58.0 |
| 2001-Q4 | 51.8 | 60.7 | 44.2 | 58.5 |
| 2002-Q1 | 52.8 | 62.0 | 44.8 | 58.8 |
| 2002-Q2 | 54.3 | 63.4 | 46.1 | 60.1 |
| 2002-Q3 | 56.2 | 65.2 | 47.4 | 61.4 |
| 2002-Q4 | 58.0 | 67.0 | 48.8 | 62.2 |
| 2003-Q1 | 59.7 | 68.5 | 50.3 | 63.5 |
| 2003-Q2 | 62.0 | 70.4 | 51.9 | 65.0 |
| 2003-Q3 | 64.4 | 72.3 | 53.3 | 66.8 |
| 2003-Q4 | 66.6 | 74.6 | 55.1 | 69.7 |
| 2004-Q1 | 70.3 | 77.1 | 57.2 | 72.0 |
| 2004-Q2 | 73.0 | 79.5 | 59.4 | 74.1 |
| 2004-Q3 | 76.2 | 82.2 | 61.4 | 77.0 |
| 2004-Q4 | 79.5 | 85.3 | 63.8 | 79.4 |
| 2005-Q1 | 82.5 | 88.4 | 66.2 | 82.1 |
| 2005-Q2 | 86.1 | 91.2 | 68.6 | 85.4 |
| 2005-Q3 | 89.0 | 94.3 | 71.5 | 88.4 |
| 2005-Q4 | 92.1 | 96.8 | 73.5 | 91.8 |
| 2006-Q1 | 95.3 | 99.5 | 75.8 | 95.0 |
| 2006-Q2 | 97.6 | 101.9 | 78.0 | 97.5 |
| 2006-Q3 | 100.0 | 103.8 | 79.5 | 99.5 |
| 2006-Q4 | 101.9 | 105.9 | 81.0 | 100.7 |
| 2007-Q1 | 102.7 | 107.2 | 82.6 | 103.5 |
| 2007-Q2 | 103.6 | 108.6 | 84.0 | 104.5 |
| 2007-Q3 | 104.8 | 109.6 | 85.4 | 105.0 |
| 2007-Q4 | 106.3 | 110.9 | 87.6 | 106.3 |
| 2008-Q1 | 106.7 | 111.3 | 88.4 | 105.9 |
| 2008-Q2 | 106.4 | 110.3 | 89.2 | 105.9 |
| 2008-Q3 | 104.8 | 108.9 | 89.0 | 104.4 |
| 2008-Q4 | 102.3 | 105.2 | 87.6 | 101.0 |
| 2009-Q1 | 99.5 | 101.9 | 84.7 | 95.8 |
| 2009-Q2 | 98.0 | 100.0 | 82.3 | 92.8 |
| 2009-Q3 | 98.3 | 99.9 | 82.7 | 93.2 |
| 2009-Q4 | 99.3 | 100.9 | 84.1 | 93.8 |
| 2010-Q1 | 101.0 | 102.4 | 86.8 | 97.2 |
| 2010-Q2 | 102.4 | 103.6 | 89.4 | 98.8 |
| 2010-Q3 | 103.9 | 104.7 | 92.0 | 100.0 |
| 2010-Q4 | 105.4 | 106.4 | 95.6 | 102.0 |
| 2011-Q1 | 106.1 | 107.2 | 99.2 | 103.8 |
| 2011-Q2 | 107.2 | 108.1 | 103.4 | 105.7 |
| 2011-Q3 | 108.0 | 108.4 | 105.0 | 107.0 |
| 2011-Q4 | 108.0 | 107.7 | 105.5 | 107.1 |
| 2012-Q1 | 107.8 | 107.1 | 105.1 | 106.9 |
| 2012-Q2 | 107.2 | 106.5 | 105.2 | 106.2 |
| 2012-Q3 | 106.1 | 105.9 | 105.2 | 105.0 |
| 2012-Q4 | 105.8 | 104.9 | 104.7 | 105.2 |
| 2013-Q1 | 105.0 | 104.4 | 104.6 | 104.9 |
| 2013-Q2 | 104.3 | 103.6 | 104.2 | 104.5 |
| 2013-Q3 | 104.1 | 102.7 | 103.5 | 103.4 |
| 2013-Q4 | 104.0 | 102.8 | 102.9 | 103.3 |
| 2014-Q1 | 103.6 | 102.2 | 103.0 | 102.2 |
| 2014-Q2 | 103.2 | 102.4 | 102.6 | 101.6 |
| 2014-Q3 | 102.2 | 101.7 | 101.5 | 101.6 |
| 2014-Q4 | 100.9 | 100.2 | 101.2 | 100.3 |
| 2015-Q1 | 100.6 | 100.0 | 100.3 | 100.0 |
| 2015-Q2 | 99.9 | 99.9 | 99.8 | 99.7 |
| 2015-Q3 | 99.9 | 100.0 | 99.9 | 100.0 |
| 2015-Q4 | 99.8 | 100.4 | 100.1 | 99.9 |
| 2016-Q1 | 99.6 | 100.9 | 100.4 | 100.5 |
| 2016-Q2 | 99.5 | 100.6 | 101.4 | 100.9 |
| 2016-Q3 | 99.6 | 101.6 | 102.2 | 101.3 |
| 2016-Q4 | 100.2 | 101.7 | 103.0 | 101.6 |
| 2017-Q1 | 101.6 | 103.0 | 104.5 | 102.5 |
| 2017-Q2 | 102.3 | 103.3 | 106.1 | 103.1 |
| 2017-Q3 | 103.1 | 104.0 | 108.0 | 103.8 |
| 2017-Q4 | 103.3 | 104.2 | 108.8 | 104.4 |
| 2018-Q1 | 104.1 | 105.5 | 109.8 | 105.1 |
| 2018-Q2 | 104.4 | 106.1 | 111.1 | 105.8 |
| 2018-Q3 | 105.8 | 106.8 | 112.6 | 106.2 |
| 2018-Q4 | 105.9 | 107.6 | 113.7 | 107.1 |
| 2019-Q1 | 107.1 | 108.1 | 115.1 | 106.6 |
| 2019-Q2 | 108.3 | 108.8 | 116.8 | 107.0 |
| 2019-Q3 | 109.4 | 109.8 | 118.2 | 107.8 |
| 2019-Q4 | 111.1 | 110.8 | 120.4 | 108.0 |
| 2020-Q1 | 113.6 | 112.6 | 123.0 | 109.9 |
| 2020-Q2 | 115.6 | 114.1 | 125.1 | 112.1 |
graphiqueSecond-hand dwellings price index in metropolitan France
- Scope: France métropolitaine.
- Sources: Insee, ADSN-BIEN-Grand Paris notaries, French notaries, Perval society.
tableauVariation in prices of second-hand dwellings in metropolitan France
| Change in | ||||||
|---|---|---|---|---|---|---|
| 3 months (S.A.) | 12 months | |||||
| 2019 Q4(d) | 2020 Q1(d) | 2020 Q2(p) | 2019 Q4(d) | 2020 Q1(d) | 2020 Q2(p) | |
| Metropolitan France | 1.2 | 1.9 | 1.6 | 3.8 | 4.9 | 5.8 |
| Île-de-France | 1.3 | 2.0 | 1.8 | 4.0 | 5.4 | 6.6 |
| Provincial France | 1.2 | 1.8 | 1.5 | 3.6 | 4.7 | 5.5 |
| - Auvergne-Rhône-Alpes | 1.4 | 1.7 | 1.5 | 5.3 | 5.3 | 6.1 |
| - Hauts-de-France | 0.0 | 2.7 | * | 1.9 | 4.0 | * |
| - Provence-Alpes-Côte d'Azur | 1.3 | 1.1 | * | 3.0 | 4.0 | * |
| Flats | 1.7 | 2.2 | 1.8 | 5.3 | 6.4 | 7.0 |
| Île-de-France | 1.9 | 2.1 | 1.8 | 5.7 | 6.9 | 7.3 |
| - Paris | 2.0 | 2.7 | 1.5 | 6.7 | 8.0 | 8.0 |
| - Immediate suburbs | 1.8 | 1.8 | 2.1 | 5.4 | 6.5 | 7.4 |
| - Outer suburbs | 1.6 | 1.2 | 1.8 | 3.1 | 4.3 | 5.3 |
| Provincial France | 1.6 | 2.2 | 1.8 | 4.9 | 6.0 | 6.8 |
| - Conurbation > 10 000 inhabitants | 1.6 | 2.2 | 1.9 | 5.1 | 6.1 | 7.0 |
| * Central town | 1.9 | 2.5 | 2.1 | 5.7 | 6.9 | 7.8 |
| * Suburb | 1.2 | 1.8 | 1.6 | 4.1 | 4.8 | 5.6 |
| - Conurbation < 10 000 inhabitants | 1.3 | 2.4 | 0.8 | 3.1 | 5.0 | 5.2 |
| - Auvergne-Rhône-Alpes | 1.7 | 1.8 | 2.2 | 6.1 | 6.6 | 7.4 |
| * Lyon | 2.7 | 1.7 | 3.9 | 11.6 | 10.1 | 11.1 |
| - Hauts-de-France | 2.0 | 3.2 | * | 4.2 | 6.5 | * |
| - Provence-Alpes-Côte d'Azur | 1.2 | 2.2 | * | 3.2 | 4.1 | * |
| * Marseille | 1.3 | 3.8 | * | 3.6 | 7.7 | * |
| Houses | 0.8 | 1.6 | 1.4 | 2.6 | 3.9 | 4.9 |
| Île-de-France | 0.2 | 1.8 | 2.0 | 0.6 | 2.4 | 5.0 |
| - Immediate suburbs | 0.0 | 2.0 | 2.2 | 0.5 | 2.5 | 5.4 |
| - Outer suburbs | 0.2 | 1.7 | 1.9 | 0.6 | 2.3 | 4.8 |
| Provincial France | 1.0 | 1.6 | 1.3 | 3.0 | 4.2 | 4.9 |
| - Auvergne-Rhône-Alpes | 1.1 | 1.7 | 0.8 | 4.6 | 4.1 | 5.1 |
| - Hauts-de-France | -0.3 | 2.6 | * | 1.6 | 3.6 | * |
| * Conurbation of Lille | -0.1 | 4.5 | * | 0.8 | 4.9 | * |
| - Provence-Alpes-Côte d'Azur | 1.3 | 0.1 | * | 2.9 | 4.0 | * |
- *: The 2020Q2 indexes for Hauts-de-France and Provence-Alpes-Côte d'Azur are not published this Thursday 10th September.
- Additional data (for example by department in Île-de-France) are available on the web page of the indicator.
- (p): provisional; (d): definitive.
- Scope: Metropolitan France.
- Sources: Insee. ADSN – BIEN – Grand Paris notaries. French notaries. Perval society.
Still more than a million of annual transactions at the end of June 2020
In Q2 2020, the decrease in the annual number of transactions that began in Q1 2020 continued: in June, this number was 1,009,000 on a yearly basis, after 1,040,000 at the end of March and 1,068,000 at the end of December 2019. Compared to the stock of available dwellings which increases by around 1% a year, the proportion of transactions was, since the beginning of 2019, higher to the high level observed in the early 2000s, despite the slight decline observed this quarter.
tableauVolume of transactions of second-hand dwellings over the last 12 months
| Volume of transactions of second-hand dwellings over the last 12 months | |
|---|---|
| 2000-Q1 | 755 |
| 2000-Q2 | 768 |
| 2000-Q3 | 780 |
| 2000-Q4 | 793 |
| 2001-Q1 | 785 |
| 2001-Q2 | 789 |
| 2001-Q3 | 791 |
| 2001-Q4 | 784 |
| 2002-Q1 | 793 |
| 2002-Q2 | 799 |
| 2002-Q3 | 802 |
| 2002-Q4 | 811 |
| 2003-Q1 | 797 |
| 2003-Q2 | 793 |
| 2003-Q3 | 805 |
| 2003-Q4 | 813 |
| 2004-Q1 | 823 |
| 2004-Q2 | 835 |
| 2004-Q3 | 827 |
| 2004-Q4 | 822 |
| 2005-Q1 | 825 |
| 2005-Q2 | 815 |
| 2005-Q3 | 820 |
| 2005-Q4 | 828 |
| 2006-Q1 | 833 |
| 2006-Q2 | 835 |
| 2006-Q3 | 831 |
| 2006-Q4 | 820 |
| 2007-Q1 | 812 |
| 2007-Q2 | 821 |
| 2007-Q3 | 821 |
| 2007-Q4 | 810 |
| 2008-Q1 | 796 |
| 2008-Q2 | 758 |
| 2008-Q3 | 717 |
| 2008-Q4 | 674 |
| 2009-Q1 | 610 |
| 2009-Q2 | 578 |
| 2009-Q3 | 568 |
| 2009-Q4 | 595 |
| 2010-Q1 | 656 |
| 2010-Q2 | 699 |
| 2010-Q3 | 737 |
| 2010-Q4 | 776 |
| 2011-Q1 | 796 |
| 2011-Q2 | 807 |
| 2011-Q3 | 821 |
| 2011-Q4 | 801 |
| 2012-Q1 | 816 |
| 2012-Q2 | 781 |
| 2012-Q3 | 734 |
| 2012-Q4 | 708 |
| 2013-Q1 | 661 |
| 2013-Q2 | 677 |
| 2013-Q3 | 691 |
| 2013-Q4 | 721 |
| 2014-Q1 | 738 |
| 2014-Q2 | 737 |
| 2014-Q3 | 727 |
| 2014-Q4 | 696 |
| 2015-Q1 | 699 |
| 2015-Q2 | 717 |
| 2015-Q3 | 756 |
| 2015-Q4 | 800 |
| 2016-Q1 | 812 |
| 2016-Q2 | 822 |
| 2016-Q3 | 829 |
| 2016-Q4 | 849 |
| 2017-Q1 | 881 |
| 2017-Q2 | 923 |
| 2017-Q3 | 954 |
| 2017-Q4 | 970 |
| 2018-Q1 | 967 |
| 2018-Q2 | 964 |
| 2018-Q3 | 967 |
| 2018-Q4 | 973 |
| 2019-Q1 | 989 |
| 2019-Q2 | 1016 |
| 2019-Q3 | 1043 |
| 2019-Q4 | 1068 |
| 2020-Q1 | 1040 |
| 2020-Q2 | 1009 |
graphiqueVolume 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 in order to include observations recorded after the previous publication.
In comparison with the results released on 6 July 2020, the change in prices in Q1 2020 in France (excluding Mayotte) was not revised. The overall change in prices in Q1 2020 stood at +1.9% compared to Q4 2019, i.e. the same estimate as the one published on 6 July 2020.
For further information
The calculation of indexes is based on the transactions completed during the quarter. The methodology is based on models explaining the price of housing according to its characteristics. The current value of a reference housing stock is estimated thanks to these models. Methodological principles of calculation of indexes may be found in « Les indices Notaires-Insee de prix des logements anciens », Insee Méthodes n° 132 released in June 2019 (in French only).
At the time for publication of this Informations Rapides, around 30 indexes for big cities are not yet available. Between two publications, at the middle-quarter, the Insee Macro-economic database (BDM) and the historical data available on the web page of the index are updated so as to incorporate this information and update the data previously released.
Next issue: 26 November 2020, 8:45 AM.
Pour en savoir plus
The calculation of indexes is based on the transactions completed during the quarter. The methodology is based on models explaining the price of housing according to its characteristics. The current value of a reference housing stock is estimated thanks to these models. Methodological principles of calculation of indexes may be found in « Les indices Notaires-Insee de prix des logements anciens », Insee Méthodes n° 132 released in June 2019 (in French only).
At the time for publication of this Informations Rapides, around 30 indexes for big cities are not yet available. Between two publications, at the middle-quarter, the Insee Macro-economic database (BDM) and the historical data available on the web page of the index are updated so as to incorporate this information and update the data previously released.
Next issue: 26 November 2020, 8:45 AM.
