Trend. These figures show us the recovery of the real estate market!

In March 2025, housing loan production reached 12 billion euros, up from 10.8 billion in February.

This is encouraging momentum in a market long plagued by historically high interest rates. The message is clear: the cost of borrowing is falling.

The average non-renegotiation lending rate fell to 3.20% in March, down from 3.27% the previous month. This gradual decline brings the rate back to mid-2023 levels and provides some breathing room for future buyers.

First-time buyers are taking back control, representing more than half of new loans for the purchase of a primary residence.

The favorable context created by the expansion of the PTZ (Zero Interest Rate Loan) across the country is an important factor in this return of first-time buyers, who have been largely absent from the French real estate market in recent years.

Faced with this recovery, banks are no longer hesitant to use the flexibility margin authorized by the HCSF (High Council for Financial Stability). It climbed to 16.2% in March, while remaining below the 20% ceiling.

On the consumer side, there are also signs of recovery: €5.6 billion in amortizable loans in March, and an annual growth rate accelerating to 3.9%.

Across the eurozone, France remains at the forefront of mortgage lending. With €131 billion in mortgage lending over the past 12 months, it is well ahead of Germany (€66 billion) and Italy (€52 billion), but still trails Spain (€180 billion).

Please note: the French rate of 3.20% is, however, in line with the average rates of other European countries.

Source: Bank of France