New housing in the Île-de-France region: a market that deceives the eye

In the first three quarters of the year, developers in the Île-de-France region resumed commercial launches

CAPEM reports 11.500 homes put on the market during the first nine months of 2025, representing a 54% increase compared to the same period in 2024. While this year-on-year comparison is impressive, it's also because 2024 was a disastrous year for production, reaching the lowest level of new listings ever recorded by the observatory. In reality, the number of homes put on the market remains 37% below the ten-year average and has returned to the levels of 2023.

According to Bruno HALLUIN, President of DReAM and Co-President of FPI IDF: “It would be misleading to talk about a positive dynamic in production. Firstly, because some of the launches are fueled by 2024 projects readjusted to the market; secondly, because the approach of the municipal elections has pushed developers to accelerate the filing of building permits before the pre-election period; and finally, because marketing does not always translate into immediate construction. It is the achievement of pre-sales targets that triggers bank financing that truly secures the project and allows work to begin. And without a specific investor, these targets are very difficult to reach!”

And, indeed, while housing permits are actually on the rise (+19% over 12 rolling months to the end of September), construction starts remain stabilized at a low floor (-0,3% over the same period), far from the SDRIF production targets.

Sales remain hampered by uncertainty among individuals

With 10.675 homes reserved by individuals, sales are returning to their downward trend (-6% compared to the first nine months of 2024) after a few more encouraging quarters at the end of 2024. Individual investors continue their withdrawal (-39% in volume over one year, i.e. 1.450 homes reserved in the first 9 months) and now represent only 15% of reservations in Q3 2025.

Bulk sales are picking up again with 8.600 homes sold. That's 1.500 more homes than last year.

According to Julien PEMEZEC, Deputy Managing Director of Cogedim and Co-President of the FPI IDF: “While social housing providers and intermediaries are still represented in the figures at the start of this year – due to a slight delay between the signing and the declaration of the sale – they are nevertheless clearly less active on the ground. They are no longer able to handle the investment volumes made over the last three years under government impetus to compensate for the withdrawal of individual investors. It is therefore urgent to provide these investors with a secure and attractive framework, recognizing their contribution to supplying a rental market that is severely strained.”

Illustrative image of the article via Depositphotos.com.