Market Review: Luxury Real Estate in 2024
Who is Prestant?
Since its creation, PRESTANT Luxury Realty has specialized in luxury real estate in France.
With a network of experts located in the most sought-after locations – from the Côte d’Azur to Paris, Bordeaux, the Landaise Coast, and Basque Country – we support our French and international clients with excellent service and a tailor-made approach.
Our strength lies in local expertise combined with international openness. Our passionate and multilingual consultants have in-depth knowledge of their market.
We are also proud to support a demanding clientele, often expatriates or newly settled, in search of an exceptional living environment. Thanks to our extensive network and our mastery of high-end transactions, we continue to refine our unique model in luxury real estate.
Evolution of the luxury real estate market in 2024
The year 2024 marked a turning point for the luxury real estate market.
In 2023, the French market had already experienced a sharp decline, with 875,000 transactions, or -22% compared to 2022 (1,115,000 sales).
In 2024, the contraction continued with 770,000 transactions in the old property sector, down 17%. This slowdown is explained by difficulties in accessing credit and falling demand.
The real trend in 2024 is falling prices, the result of a prolonged drop in volumes.
Sellers forced to sell have had to adjust their prices.
In Paris, the average price per m² has fallen by 9.9% in two years, reaching €9,300 at the end of 2024. On the Côte d’Azur and the Basque Coast, the declines are more marked (-15%) in the hinterland and for properties requiring work, impacted by the sharp increase in their cost.
Positive aspects of 2024
After the market turnaround in 2023, 2024 confirmed the trend. Motivated sellers managed to sell by adjusting their prices.
The year was also marked by the return of high-end international buyers to the Basque Coast, seduced by its discreet luxury and authenticity.
The market has proven to be very sensitive to prices: as soon as they are adjusted, visits and sales increase. A property at the right price finds a buyer in 3 to 6 months, while an overestimated property generates little interest.
Hence the importance of a rigorous estimate and an adapted strategy.
Key transactions of the year
In 2024, we achieved remarkable sales, including off-market, such as in Biarritz with prestigious homes on the front line facing the ocean.
These results are the result of our unique network and our ability to anticipate the needs of buyers, particularly international ones. We have built a relationship of trust over the long term.
A notable example: our associate director, Alex Gaines, supported an English-speaking family for 18 months, mobilizing his network and expertise to carry out a smooth and successful transaction.
Investments in Marketing and Innovation
In 2024, we strengthened our digital presence with innovative initiatives:
Guided tours on social networks: immersive and authentic videos where our agents tell the story of the properties.
Innovative tools: 3D plans, 360° virtual tours, brightness certificates, home staging, guaranteeing total transparency to buyers.
FPV Drone: PRESTANT is the only agency in the region to offer immersive videos with an FPV drone piloted by our team. This drone allows dynamic shots, both inside and outside, revealing details from spectacular angles and enhancing the experience of luxury properties.
We have enriched our team with more than 10 new employees, bringing our workforce to 28 people spread between Biarritz, Bordeaux, Paris and the Côte d'Azur.
Our goal is to reach more than 50 employees in the coming years to strengthen our presence in the main luxury markets in France.
Specific trends
On the Côte d'Azur, Brittany and the Basque Coast, buyers prefer a lifestyle on foot in the city center or close to the beaches, sea views and the calm of the hinterland.
More isolated properties have seen their sales decline and their prices correct more sharply.
Some opportunities in historic areas remain attractive. For example, we sold a villa in Saint-Jean-de-Luz for more than €2 million in a single visit. Exceptional properties, well valued, are generating strong interest.
Prestigious properties with sea views, terraces, elevators and parking are highly sought after, but their rarity keeps prices high.
Overall performance of the agency
PRESTANT Luxury Realty has been able to adapt its strategy to the challenges of the market to maintain dynamic activity.
Key figures 2024 – Basque Coast:
Transactions: 25 sales (including 21 in the last 6 months)
Total value of nearly €30 million
Average price in Biarritz of €1.7 million
These performances include two record sales between €5 and €10 million, affirming our position among the leaders in luxury.
Outlook for 2025
We approach 2025 with confidence and ambition. Current trends suggest that transactions in the luxury sector will continue, particularly for expatriate clients seeking quality of life and asset security.
Our strategy remains focused on three essential pillars:
Fair valuation of properties to attract qualified buyers.
Responsiveness to market developments to adjust prices and strategies.
Transparency and personalized support, with constant priority given to the interests of our clients.
Although prices remain stable, we anticipate a slight increase in activity, supported by international demand and the unique nature of the properties available.
The year 2024 has strengthened our position as a leader in luxury real estate. By focusing on the excellence of our services, innovation and a human-centered approach, we have been able to build strong relationships and conclude exceptional transactions.
We remain determined to continue this momentum in 2025, by continuing to innovate and anticipate the expectations of our clients to offer them unique and personalized support.
Alex Gaines Luxury Real Estate Specialist | Partner at Prestant Luxury Realty, Biarritz
Alex’s expertise in luxury properties, coupled with Prestant’s international reach, makes us your trusted partner in high-value real estate transactions.
