France Sees Record Low in New Housing Construction for 2024

New housing developments fell to 59,000 units, marking the worst year in over five decades due to rising costs and interest rates.

In 2024, only 59,014 new housing units were created in France, a 29% drop from 2023 and nearly half the average from 2017–2022.
The sharp decline is attributed to high construction costs and rising interest rates, which deterred homebuyers and stalled developments.
The number of housing reservations by individuals fell by 5% in 2024 compared to 2023, and was 40% lower than in 2022.
The stock of available housing remains high, but experts warn that a return to normal reservation levels could result in supply shortages.
Industry leaders predict it will take two to three years to recover, with potential price increases driven by labor shortages and competition for land.