Accuracy’s review of the first half 2026 results reported by French property developers and real estate companies has just been published.
This latest edition illustrates both the sector’s vulnerabilities in 2026 and its areas of resilience, notably in retail and logistics. It also highlights the capacity of the industry’s leading players to rebound, despite diverging results. Ultimately, it identifies the various growth drivers available to a French real estate market at a crossroads, balancing persistent fragilities with mixed performance in a challenging economic and geopolitical environment.
Key figures at a glance in the first half of 2026:
- The Construction Cost Index (CCI) fell by 2.9% year on year at the end of March 2026, compared with annual inflation of 1.7% at the same date.
- Between 2018 and 2026 (based on March figures), the CCI increased by an average of 3.2% a year, compared with average annual inflation of 2.5%.
- New housing lending increased by 2.1% in H1 2026 compared with H1 2025. Despite this modest recovery, volumes remained well below the average levels recorded between 2017 and 2022.
- Monthly new housing lending stood at €13.2 billion in June 2026, continuing its recovery from the low of €6.9 billion recorded in February 2024.
- From July 2025 to June 2026, 376,241 homes were authorised in France, 8.0% below the average for the previous five years. Nevertheless, the average monthly number of permits issued in H1 2026 was 4.3% higher than the 2025 average. Over the same twelve-month period, an estimated 293,412 homes were started, 13.1% below the five-year average.
- After declining until Q1 2025, the supply of new-build housing for sale stabilised and rose slightly over the course of 2025, supported by an increase in new launches that partly replenished the market. Supply remained stable in H1 2026.
- Investment in French commercial real estate rose by 14% year on year to €8.0 billion in H1 2026, its highest first-half volume since 2022. However, this figure was significantly boosted by the sale of Proudreed’s industrial portfolio to Blackstone for more than €2.0 billion.
- Office investment reached only approximately €2.0 billion in H1 2026, down 20% year on year: €1.6 billion in the Paris region (-13%) and €0.3 billion in regional markets (-36%).
- In H1 2026, EPRA NRV per share continued to rise across most peer companies, confirming the recovery in asset values despite the decline reported by Gecina.
Read the full report here.