Century 21 boss declares end of real estate crisis but warns about new developments

On BFM Business, Charles Marinakis expressed his optimism for real estate, especially given the decline in interest rates. However, he remains cautious as the promotion zone remains in the red.

light at the end of the tunnel? after Experiencing the biggest decline in 50 years, the real estate market will be on the verge of taking off again. So believes Charles Marinakis, president of Century 21, who was invited on BFM Business this Tuesday and who notes the return of buyers with an increase of 10 to 30% depending on the region.

“These are the beginning,” he assured us, “the past is still -11% but the future has more visits, more requests to our website which is once again positive, including the rate cut – we are at 3.84. -3.98% – prices have fallen and inflation is under control.”

While property prices have generally fallen by 12 to 15% since the beginning of the crisis, Charles Marinakis is optimistic for the coming months. According to him, the crisis was cyclical and did not permanently shake the fundamentals of the region.

He said, “The appetite of the French for home ownership cannot be denied. It is spring, not summer, not yet summer (…) but we are very optimistic for the future.”

alert on new

Still down 11.2% in first quarter year-on-yearThe number of transactions may stabilize before increasing again when interest rates begin to fall.

“I dream of a market that will balance interest rates around 3% because let’s not dream, they will never return to around 1%,” estimates the boss of Century 21. On the potential by Christine Lagarde on June 6 A meeting is underway given the downward adjustment of rates by the ECB.”

However, optimism has been tempered by the new property market situation. While existing properties may move quickly again, the market for new real estate may be permanently disrupted by the weakness in construction in recent months.

“I have a little idea for the new home market which has been devastated and we must not forget that new construction supplies supply, today we have a shortage of this supply when the hype has broken down” “Apartments are being built on the market (…) and private rental stock is decreasing by 50%.”

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