The 2024 Olympics are holding back the recovery of the Versailles real estate market

A slow recovery. This is how he could describe the current state of the real estate market in Versailles (Yvelines). Although more transactions have been carried out since the decrease in property loan rates that began at the beginning of the year, many sellers refuse to lower their prices.

According to data from MeilleursAgents, real estate prices fell by 6.3% in one year in the city, but rose again by 1.3% in three months. prevent, “If the property has been online for more than six months, the sellers must accept a discount of 10% to 15% compared to the starting price, before negotiations. (to hopefully interest buyers) »says Nicolas Fels, director of the Century 21 agency in the Cathedral.

Even the neighborhoods of Saint-Louis and Notre-Dame, the most popular of the city, very rarely escape this kind of correction. The average square meter in this sector is now under 10,000 euros, except at the high end.

For the most affordable prices, you need to go to the Montreuil district, where properties are sold for around 6,500 euros per square meter. “The Versailles market is currently driven mainly by apartments, there are few houses for sale”, specifies the chamber of notaries of Paris – Ile-de-France. For these properties, it costs almost 1.2 million euros on average to obtain them, according to the notaries’ data.

Another phenomenon affects the local market, both for transactions and for rent: the imminence of the Olympic Games – Versailles will host in particular horse racing events from July 26 to August 11, in the castle grounds. Enough to push investors to temporarily return to seasonal rentals.

Above ground rates

“Some properties, from February and March, have not been rented again. The owners ask us if we can take care of the tourist management of their accommodation during the competition, which we do not do”, explains Nicolas Fels. An attitude of expectation that we also find among sellers who do not want to negotiate the price of their property on the floor. “It is very risky, the owners think they will make a lot of money, but there will be a disappointing effect”anticipates the real estate agent.

Above-ground rates that won’t find takers, according to Lexie David, head of communications for concierge service WeHost. “It is estimated that, compared to a normal year, people who rent will multiply their earnings by two, but not more. In addition, we have recently seen a series of cascading cancellations for landlords who have offered accommodation that is too expensive compared with the market.”she notices.

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