Paradoxical drop in new property prices this fall

The stabilization did not last

After a slight rebound observed in the spring, new property prices are falling again this fall in 2025. According to data from Trouver-un-logement-neuf.com, the average price of a new three-room apartment stands at €315.997, a decrease of -1,15% in six months. The persistent contraction in supply now appears to be the main factor of instability on the market.

For Céline Coletto, spokesperson for Trouver-unlogement-neuf.com: "The new-build market remains under pressure. Prices fluctuate across regions, but the decline in the number of available programs is accentuating the imbalances. While demand is picking up, the lack of supply risks causing price fluctuations."

New prices to support access!

Last March, signs suggested a stabilization, or even a gradual recovery, in prices. But the trend ultimately didn't last. Over the past six months, 51 cities have seen price declines, while 40 have seen increases. Another telling indicator: only 91 cities still have at least five new developments on the market, compared to 94 in the spring and 117 a year earlier. The scarcity of supply is confirmed semester after semester.

For Céline Coletto: "This tightening of supply automatically leads to a barometer increasingly focused on large cities. It's as if the suburbs and a large part of medium-sized towns are disappearing from the radar, due to a lack of new programs."

Significant drops in Nantes, Grenoble and Bordeaux

Some major cities are still undergoing real corrections. Agde has seen the most spectacular drop, with a 29% drop in six months, with its average price falling to €233.900 for a three-room apartment.

In Nantes, prices fell by 15,4% to €259.600. The city now has only 23 programs on the market, including several student residences or BRS (short-term rental housing schemes) and reduced VAT projects, which automatically pushes down the average price. Grenoble recorded a similar drop of around 15%. Bordeaux (-8,7%) and Montpellier (-8,6%) also continued their correction. In Bihorel, in the Rouen metropolitan area, the 9,4% drop primarily reflects a return to normal after an exceptional surge in 2024.

Spectacular increases in Bourg-en-Bresse and on the Côte d'Azur

Conversely, some cities are seeing their prices soar. Bourg-en-Bresse recorded the largest increase with +16,3% to reach €217.000, while remaining in the top 5 least expensive cities. In Île-de-France, around La Défense, Puteaux and Nanterre increased by +12,8% and +8.3% respectively; Nice by +12,6%, confirming the dynamism of high-end markets. Argelès-sur-Mer: +10,8% and Pornichet: +8,2% are benefiting from a renewed interest in coastal destinations.

Paris remains the most expensive city, La Roche-sur-Yon the least expensive

The ranking of the extremes is changing slightly. Paris still dominates the podium, with an average price of €903.400 for a three-room apartment. Note that Nice (€533.000 for a three-room apartment) and Annecy (€452.200) have entered this Top 5, knowing that cities in the Paris region, particularly in Hauts-de-Seine, are increasingly fewer in number to have at least five new developments on the market to be able to appear in this ranking.

At the other end of the scale, La Roche-sur-Yon is now the least expensive city at €200.400. With Challans at €220.500 for a three-room apartment, there are two Vendée cities in this Top 5 of the most affordable cities on the new build market. You can buy four new three-room apartments in La Roche-sur-Yon for just one in Paris.

Conclusion: towards a new phase of instability?

Between sharp declines in certain major cities and occasional surges in tight markets, the September barometer confirms a two-speed market. The continued contraction in supply could ultimately limit negotiation margins and risks increasing price volatility.

For Céline Coletto: "The market remains unpredictable. Some cities are correcting sharply, while others are soaring due to a scarce supply of a few high-end projects. This instability could last until new housing production picks up."

Investors' Corner: Two Avenues to Explore

For investors with greater geographical flexibility, it may be wise to look at developers' delivered inventory, known as "hard inventory." This has jumped to 12% according to the latest figures from the FPI, while the long-term average is closer to 5%. Such a level offers a rarely seen margin for negotiation, particularly on programs for immediate delivery, as some have been completed for several months.

Another opportunity: the LLI, intermediate rental housing, which is now open to individuals. With a VAT reduction of 10% and a property tax exemption, this scheme boosts rental profitability and constitutes an attractive alternative to the end of the Pinel scheme.

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Consult here the price of new real estate city by city

Methodology: a real-time calculation method

The current average price of new real estate in France was calculated on Monday, September 22, 2025 for a new three-room apartment, according to the prices indicated each day by advertisers on the Trouver-un-logement-neuf.com website: on a minimum basis of 5 different new real estate programs for each location, i.e. several dozen new housing prices compared.

Illustrative image of the article via Depositphotos.com.