Property trend in 2023 in Provence
This is borne out by the latest sales figures, which show that purchase prices are almost 10% lower than when they were first put on the market.
In the high-end market, only the prime 'spots' such as the Luberon, the Alpilles and the Mediterranean coast are holding their own, although buyers are becoming rarer and the number of transactions is therefore falling.
It is likely that some will sell as prices, which had reached record levels over the last two years, are readjusted.
The Chamber of Notaries states, and I quote: " after an extremely concentrated and exceptional period of growth, the volume of transactions had entered a downward phase of around 5.5% since the summer of 2022, and was now down 8.1% year-on-year at the end of February. The decline has suddenly accelerated, reflecting the notaries' feeling that the start of the year was profoundly calm. It is customary to believe that the property year begins in the spring. This assertion could well prove to be wrong, given the inflationary context and rising interest rates that are impacting the property market”.
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