Interactive market model
The left chart shows the long-run steady state, linearized at 2025Q1; all arms are indexed to the latest quarter = 100 (hover the corners for natural units). The right chart shows roughly 1-year responses; curves are anchored at the latest quarter's (2025Q1) observed price and volume, same units as the case study below. Demand shifts with borrowing capacity (exact annuity channel) and unemployment; supply with seller lock-in.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; Eurostat; La Ressource Pro model.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; Eurostat; La Ressource Pro model.
Case study
The interactive model above is built to explain shocks to the market, such as the borrowing-capacity shock which took place between 2021Q4 and 2023Q4, when the mortgage rate went up from 1.12% to 3.54%; the unemployment rate remained relatively unchanged (7.4% to 7.6%) in the same time period. Outcome: prices -8.3%, volumes -22.5%. The left chart draws both states through observed stock, rent, price and construction, every arm indexed to 2021Q4 = 100. The right chart shows the estimated demand and supply curves in natural units, anchored on observed transactions (€/m² × thousand sales / quarter); dots mark each quarter's anchored equilibrium.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; Eurostat; La Ressource Pro model.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; Eurostat; La Ressource Pro model.
Between 2021Q4 and 2023Q4 borrowing capacity fell 19% adjusted for inflation while Paris prices fell 17%, so homes became 3% less affordable. Across 952 French local markets sales fall about 1.15% for each 1% loss of affordability, which implies −3% for Paris against the −22.5% recorded; the rule for France as a whole (0.46%) implies only −1%. Paris moves 1.2 times as much as the national tide, the price movement shared by 954 French local markets. With the statistical noise of small samples removed, 54% of its price movement is that tide, 43% is the rotation between expensive cities and resort markets and 3% is its own.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; INSEE; La Ressource Pro model.
Sources: DVF+ (DGFiP / DGALN–Cerema); INSEE-Notaires; La Ressource Pro calculations.
Market history & outlook
Median price €/m², existing apartments (DVF+ dept 75). Gray wash = provisional quarters after 2025Q1 (prices representative, volumes still being recorded). Statistical projection: 12-quarter drift on ln price, 80% band. Sales per quarter, thousands (DVF+ dept 75 apartments). Gray bars = provisional quarters (counts still being recorded, understated). Seasonal projection: 4-quarter log difference with 8-quarter drift, 80% band.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; Eurostat; La Ressource Pro model.
Sources: DVF+ (DGFiP / DGALN–Cerema); Banque de France; Eurostat; La Ressource Pro model.
Market structure
YoY change by arrondissement (2025Q1 vs 2024Q1). Prices: orange = rising, blue-gray = falling; hover for medians and sale counts, zoom in for the smaller areas. Sales: orange = more transactions than a year earlier, blue-gray = fewer. Aggregated medians only (DVF+ licence).
Go deeper
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Trust, but verify
How well the model tracks reality. The full equations, interpretation and other details are included in the report. Actual values against the level implied by the drivers alone; the France-wide slopes anchor the Paris curves. The demand and supply slopes are estimated (−0.46 / +1.51, national sample); the construction response in the four-quadrant chart is estimated for Paris (+3.77).
Sources: DGFiP / DGALN–Cerema, DVF+ open data; INSEE-Notaires; IGEDD (CGEDD); Banque de France via DBnomics; Eurostat; INSEE; SDES, Sitadel; ANIL/DGALN, Carte des loyers.