A property market in transformation
The year 2025 confirms the profound transformations of the French property market. According to the latest figures published at the end of September, France recorded 20.8% fewer transactions compared with the previous year. Yet, despite this contraction in the number of transactions, the average price per m² for older properties continues to rise, a sign of a contrasting market where demand remains strong in the most sought-after areas.
At Althenor, we observe this paradox on a daily basis: quality properties, particularly in Haute-Savoie, on the shores of Lake Annecy or in the Alpine resorts, continue to appeal to a national and international clientele ready to invest in exceptional properties.
Falling property transactions: a national trend
A marked contraction in 2025
Transaction volumes slowed sharply in 2025, largely due to conditions for accessing credit, even though rates eased this autumn. The economic slowdown, combined with the wait-and-see approach of some buyers, contributed to this decline. Nevertheless, the notaires de France believe that the market is stabilising after several years of post-Covid hyperactivity.
Regions unevenly affected
Some metropolitan areas are recording very sharp falls in activity, notably Paris and Lyon, where the high price per m² combined with rising energy costs weighs on the decision to buy. Conversely, dynamic areas such as Haute-Savoie maintain high attractiveness thanks to their quality of life and their potential for capital appreciation. In Annecy, for example, despite falling sales volumes, properties with lake views or located in sought-after districts such as Albigny or the Triangle d'Or continue to find buyers quickly.
The price per m² for older properties continues to rise
A national increase despite the slowdown
While sales volumes are falling, the price per m² for older properties continues to rise. According to data from September 2025, there is an average increase of +1.8% year on year. In some tight regions, the increases are even more marked. This phenomenon is explained by the scarcity of supply, particularly in tourist areas and medium-sized towns where quality of life remains a major criterion.
Haute-Savoie: a resilient prestige market
In Haute-Savoie, the market remains particularly robust. In Annecy, the price per m² now exceeds €6,000 for an apartment and reaches more than €7,200 for a house. This trend is driven by constant demand from French and foreign buyers, attracted by the unique natural setting, the proximity of Geneva and long-term capital appreciation. For Althenor, this context confirms the importance of personalised advice and of local expertise in order to support buyers in a demanding and competitive market.
A polarised market: first-time buyers struggling, wealth investors taking action
First-time buyers facing financing constraints
Young households and first-time buyers are struggling to access home ownership in 2025. The rising cost of credit, despite a slight easing of rates this autumn (on average 3.10% over 15 years), makes property projects more complex to finance. This category of buyers is turning more towards the outskirts or opting for smaller properties.
Wealth investors remain active
Conversely, wealth investors, often financially better equipped, are continuing their acquisitions in premium areas. The shores of Lake Annecy, Megève, Chamonix and the hillsides of Talloires are among the most sought-after destinations. These investors favour properties offering views, rarity and quality of construction, and see high-end property as a safe haven in times of economic uncertainty.
2025 trend: the rise of sustainable property
Green value, a decisive criterion
Another strong trend in 2025 is the growing importance of energy performance. Properties with a good energy rating (A or B) sell more quickly and at higher prices, while those rated F or G find it harder to attract buyers. This polarisation is encouraging many owners to undertake renovations in order to enhance the value of their assets.
Haute-Savoie: increased environmental expectations
In Haute-Savoie, this requirement is even more marked. Buyers, often sensitive to preserving the natural setting, favour environmentally friendly homes: efficient insulation, renewable heating, landscape integration. Althenor supports its clients through this transition by highlighting properties aligned with these new expectations.
Outlook for the end of 2025
An expected stabilisation
Professionals expect a gradual stabilisation of the market by the end of the year. While transaction volumes are expected to remain below the record levels of 2021-2022, prices are not expected to fall significantly in tight areas such as Haute-Savoie.
A selective market
The French property market is entering a more selective phase: only properties meeting the criteria of location, quality and energy performance will continue to stand out. In this context, the role of agencies with local expertise such as Althenor becomes central in helping buyers to identify opportunities and secure their investment.
Conclusion: a contrasting market where local expertise is essential
The year 2025 clearly illustrates the paradox of the French property market: fewer transactions, but prices that are still rising in the most attractive areas. Buyers must now contend with a more demanding financial environment and a selective market.
In Haute-Savoie, and particularly in Annecy, exceptional properties remain a safe investment and continue to attract a demanding clientele. To navigate this complex market, surrounding yourself with a local expert and benefiting from personalised advice remains the best guarantee of success.