Europe 1 / Photo credit: Mathieu Thomasset / Hans Lucas / Hans Lucas via AFP 17:10 p.m., December 07, 2023

The PAP website looks at search trends and real estate sales for the year 2024. With the help of ChatGPT artificial intelligence, the company conducted a study on the future of the market for the coming year. And it should finally land, despite a decline that is set to continue.

Will the real estate market pick up again in 2024? After a slow 2023, the real estate website De Particulier à Particulier (PAP) is wondering about the trends in real estate searches and sales for the coming year. With the help of ChatGPT artificial intelligence, the company conducted a study on the future of the market for the coming year.

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As far as property searches are concerned, after a 25.4% drop in June, July and August 2023, this decline began to ease in September. According to PAP data, "while it is unlikely to see a remontada in 2024, [...] The decline is receding, and the market should therefore land," especially from mid-2024.

If the search for purchases stabilizes, but remains on the decline, the same should be true for sales volumes, at least until August 2024. According to figures from PAP with ChatGPT, the drop is expected to be 14%, or 804,000 sales.

Paris is attracting less and less, unlike the coast

However, if the decline continues, it will not be the same depending on the territory. The decline in Paris' attractiveness, which began after the health crisis, is expected to continue. Over one year, the drop in shopping searches in the capital is 23%, a figure that rises to 47% over five years. This is due to real estate prices, especially for families. For example, "to acquire a family apartment in Paris, with a loan of 750,000 euros, an annual income of 163,000 euros is necessary," notes the PAP website, which concludes that this "calls into question the residential attractiveness of Paris and its periphery."

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Other major French cities are holding up much better, with an annual decline of 16%, compared to 26% in Île-de-France. This is particularly the case for many coastal towns, such as La Rochelle, Antibes or Saint-Malo, which attract young people. Cities far from the big cities, but which offer all the amenities.