The real estate market in France in the first half of 2026 gives the impression of recovery. Prices are no longer falling, buyers are returning to agencies, and transaction volumes are slowly rising. However, this recovery remains fragile, uneven across cities, and conditioned by the cost of credit. Understanding current trends requires looking beyond the headlines to see what is actually happening in sales files, signing delays, and geographical disparities.
Cancelled agreements: the signal that sales figures do not show
You found a property, signed an agreement, and yet the sale does not go through. This scenario is affecting more and more buyers in 2026. Foncia indicates that one in ten sales files is cancelled in the first half of 2026, resulting in a cancellation rate of 11%.
The causes are twofold. On one side, refusals of bank financing due to interest rates that make monthly payments too burdensome. On the other, buyers who withdraw on their own, sometimes after finding something better, sometimes out of caution in the face of economic instability.
This phenomenon has a direct consequence: the transaction statistics published each quarter do not reflect the actual number of aborted projects. A signed agreement that is then cancelled does not count as a sale, but it ties up a seller, a notary, and a buyer for several weeks. For those seeking information on the France Immo Express website, this on-the-ground reality usefully complements the aggregated data on prices and volumes.
Real estate prices mid-2026: a near-stability that masks strong disparities between cities
According to the SeLoger / Meilleurs Agents barometer, real estate prices in France have increased by only 0.1% in the first half of 2026. This figure gives the illusion of a frozen market. The reality is much more contrasted.
Apartments: Toulouse and Marseille resist, Perpignan declines
Over the year, apartment prices have risen by 1.3% in Toulouse and 0.8% in Marseille. In Perpignan, they have fallen by 7.4%. The gap between the best and worst performance exceeds 8 points. In other words, talking about a unique “French market” no longer makes much sense.
Houses: even more marked corrections
The housing market amplifies these disparities. Nice shows a 1% increase while Bordeaux declines by 8.3%. Houses, often more expensive to maintain and more energy-consuming, are under greater pressure from energy performance certificates (DPE) and renovation costs.
The lesson for a buyer or seller is simple: the city and type of property matter more than the national trend. A well-located apartment in Marseille and a house in the Bordeaux suburbs are experiencing two distinct markets.
Mortgage credit: why the average rate becomes the central variable again
In May 2026, the average mortgage rate reaches 3.25%, with 3.34% for 20 years and 3.37% for 25 years. These levels remain significantly above the historically low rates of 2021-2022, which alters the purchasing power of most households.
Specifically, at the same monthly payment, a borrower can buy a property significantly cheaper than three years ago. This loss of purchasing power is not compensated by the modest decline in prices at the national level.
- 20-year rate at 3.34%: for a household with a median income, this reduces the borrowable amount by several tens of thousands of euros compared to 2022.
- Banks still apply the 35% maximum debt rule, which mechanically limits the accepted files.
- The Crédit Logement Observatory notes a gradual rise in rates since the beginning of the year, making the renegotiation window narrower.
For a first-time buyer, the question is no longer just “at what price to buy” but “at what rate can I borrow, and for how long”.
Sales timelines and a two-speed recovery: what on-the-ground indicators reveal
Another indicator often overlooked in quarterly analyses is the average sales timeline. It stands at around 101 days according to the Foncia barometer, an increase of about five days over the year.
Five additional days may seem trivial. In practice, it means that negotiations are taking longer, buyers are taking more time to compare, and sellers who refuse to adjust their prices remain on the market longer.
A recovery that does not benefit all segments
The UNIS (Union of Real Estate Unions) barometer confirms in the first quarter of 2026 a fragile recovery and a two-speed market. Properties with good DPE ratings located in dynamic metropolitan areas find buyers within reasonable timelines. Energy-inefficient properties and those in rural or peri-urban areas accumulate visits without firm offers.
This discrepancy creates a paradoxical situation: the overall volume of transactions is rising, but an increasing share of the stock remains unsold. Sellers of energy-consuming properties must factor in the estimated cost of renovations into their selling price, or risk having buyers turn away or negotiate heavily downwards.
Geopolitics and DPE: two factors influencing purchasing decisions
International geopolitical tensions and the evolution of energy prices indirectly but significantly influence the real estate market. When economic uncertainty increases, households postpone their projects. When oil prices fluctuate, heating costs for poorly insulated homes become a key criterion for choice.
The DPE (energy performance diagnosis) is gradually reshaping purchasing criteria. A property rated F or G loses attractiveness and resale value. Buyers are now incorporating the cost of energy renovation into their overall budget, which reduces the price they are willing to pay for the property itself.
The French real estate market in 2026 is neither undergoing a brutal crisis nor a strong rebound. The price correction that began in 2022 seems largely absorbed, but more expensive credit and energy requirements are hindering recovery. For a buyer, the priority remains to verify their actual borrowing capacity before considering a property. For a seller, setting a price consistent with local sales timelines avoids months of unnecessary waiting.