The granting of new real estate loans reached its lowest level in eight years last year, at 129.5 billion euros. The rise in interest rates and the reluctance of banks to grant new loans have largely contributed to the drop in demand.
The French are on average in debt for 23 years when they buy their main residence, with first-time buyers - who represent half of borrowers - being in Debt for seven months more. The total outstanding amount of real estate. loans, however, remains significant at nearly 1,300 billion euros, twice as much as. fifteen years ago.