Transaction volumes increased in 2020, driven by the dynamism of old apartments, according to the latest real estate situation note from the Chamber of Notaries of Reunion which relates more precisely to sales concluded between 1is February 2020 and January 31, 2021. More than 8,000 transactions were recorded over the period, the highest level in the last ten years.
The 12% increase in the volume of sales transactions for old apartments alone explains the overall increase and has made it possible to support a market where all other segments are in decline..
The median price of old apartments stands at 2,110 euros per m2 (+3,4%). Growth in the old apartment segment is concentrated on small areas, due to the numerous tax exemptions and the predominance of this category of housing in promotions. 42% of sales of old apartments concern transactions of less than 95,000 euros. The median price of old apartments has fallen by 13% in ten years and has stabilized for five years at around 2,000 €/m2. Likewise, the purchase of new small apartments is not weakening and their median prices in Saint-Denis and Saint-Paul have fallen sharply in one year (respectively 17% and 20%). The growth in median prices of 20% in ten years for old houses and building land also shows a tension in supply in these segments.. Prices of building land have notably increased by 12% in one year, the share of sales of old houses over 300,000 euros increased from less than 20% in 2016 to more than 27% in 2020.
