Investor Presentaiton
French residential real estate market (2/2)
...with some adjustments to be expected
THE MARKET IS NOT OVERVALUED
Existing properties' prices
New flats' prices - whole France
2,5
2,0
8,0 130
(%)
2,2
12%
1,8
1,8 1,9
7,0 120
1,7 1,7
10%
110
6,0
1,5
1,4
1,4 1,4
8%
1,5
1,3
1,0
1,0
0,9
0,7
1.4
0,5
0,4
0,0
-0,5
2016
100
1,2
5,0
1,0
0,7 0,6 0,6
|
1,1
0,9
90
6%
4,0
0,7
80
4%
3,0
70
2%
0,0
2,0
60
T 1,0
50
IT
0%
-0,1
0,0
40
-2%
2017
2018
2019
Quarterly trend (LHS)
2020
2021
Annual trend (RHS)
2022
Source: IHS; La Banque Postale
1997 1999 2001 2003 2005 2007 2009 2011
Evolution YoY (RHS)
Source: Ministry of housing; La Banque Postale
HIGHER HOME LOAN RATES MAY LEAD TO A LIMITED CORRECTION
Home loan interest rate (excluding fees and insurance) and 10Y OAT
2013 2015 2017 2019 2021 2023
Index (2015-100) (LHS)
5,5%
5,0%
4,5%
4,0%
3,5%
3,0%
2,5%
2,0%
1,5%
1,0%
0,5%
0,0%
-0,5%
06
07
08
09
10
11
12
Home loan interest rate
13
14
15 16
17
18
19
20
21
22
23
10Y OAT
Sources: Crédit Logement/CSA; Banque de France; La Banque Postale
INVESTOR PRESENTATION - SEPTEMBER 2023
38
LA
BANQUE
POSTALEView entire presentation