The housing market in Marne-la-Vallée

Marne-la-Vallée remains one of the most dynamic and attractive areas in Ile-de-France in terms of housing.

The “Apollonia” housing complex in Bailly-Romainvilliers © Eric Morency / Architect: J.J. Julien
The fourth quarter of 2014 was characterised by a stable level of sales, stocks and the number of active programmes but with an upswing in withdrawals, all in a national context of a recovery that is a long time coming

After a recovery in sales at the end of June, the results at the end of December 2014 were similar to those at the end of the third quarter in terms of level of sales (269 against 265) and stocks (1,134 against 1,170). Sales were overwhelmingly in the apartment sector (+ 9%), with sales in the detached house sector down by 81%.

The average sales over a year, representing about 282 housing units per quarter, (against 269 over the period between the end of December 2012 and the end of December 2013) was up.

This quarter, Val de Bussy was again ahead of the others, but to a lesser extent with just over a third of the sales made, ahead of Portes de Paris and Val d'Europe joint runners-up both on 29%.

The second half of 2014 saw the confirmation in the rise in the share of T2s in sales that began in the previous quarter, with 41% of sales, at the expense of T3 sales, which represented only 33%.

In absolute terms, the number of T2s sold was slightly down(109 against 102) and the number of T3s slightly up, from 85 to 88, with the distribution between these two types remaining the same as at the end of September.

The share of T4s dropped significantly and continuously, with 10% against 15% at the end of the previous quarter, in other words from 40 to 27 sales in absolute terms.

The type distribution was the same between T1s and T2s(driven by T2s) which accounted for 51% of sales and T3+T4+T5/T6 sales totalling 49%.

Apartments remained the housing unit most sold in the new town with 9.9 sales out of 10, 60% of which was driven by the municipalities of Noisy-le-Grand, Noisiel and Montévrain.

The new programmes, only including apartments, were primarily driven by Portes de Paris

Supplies in new programmes were slightly down(-3.2%) with 1,134 against 1,170, with stocks by type lower for large family housing units.

47% of the supply was concentrated in Val de Bussy (against 53% at the end of September 2014), and 21% in Val Maubuée.

In absolute terms, supplies were down by -16% in Val de Bussy(528 against 625) and by -11 in Val d'Europe(185 against 207) compared with the previous quarter.

Sales in Portes de Paris were up by 50%(185 against 123) and those in Val Maubuée by 10%(236 against 215).

8 new programmes were put on sale in the fourth quarter of 2014 against 15 in the previous quarter. They came to a total of 284 housing units, all apartments and mostly located in Portes de Paris (which accommodated half of them, ahead of Val Maubuée with a third and none in area 4). The town of Villiers-sur-Marne alone picked up more than a third of the new housing units put on the market(105).

4.2 times more offers than sales between January and the end of December 2014: 1,134 housing units in stock for 269 sold in the fourth quarter, with sales stagnating and stocks down (-3.2%), resulting in a narrowing of the "scissor" effect.

With 1,134 housing units in stock at the end of December 2014, 2014 remained a seller's year with a total of 1,128 sales.

A supply side driven by Val de Bussy and stability in the spatial distribution of "products"

The supply side, broadly speaking, still mostly includes T3s(38%) especially in area 3, which has more than half of the stock and the gap is narrowing with Val Maubuée (22%).

The supply side in terms of apartments represents 92% of the stock(1042/1134) as at the end of September 2014, but is very slightly down in absolute terms. (1042 against 1074)

In the 50 active apartment programmes on 31 December 2014, 34%(17 out of 50)do not go beyond T3 units.

The supply side in terms of detached houses still corresponds to 8% of the stock, (92/1134), but has lost four houses in absolute terms compared to the end of September 2014 (96), half of which includes T5s & upwards(47/92) with 42% T4s.

As has been the case since mid-2013, the Val de Bussy area included, at the end of December 2014, both the largest number of apartment programmes(19) and the largest number of detached house programmes(6). It also represented almost half the supply of apartments(46%) and half the supply of detached houses.

In absolute terms, however, all types in this area are down and in particular the supply of T1s (-71%).

Portes de Paris have recorded a rise in T1 and T2 units, compared to the end of September 2014.

While the trend is still up compared to the end of June 2014, with only 19 offers in terms of T4s in and no T5/6s (i.e. 10% of its total supply), area 1 is still a targeted "small housing units" sector since T1 + T2 units represent 61% of the supply.

T5/6 apartments represent 44% of the T5/6 (37 of 84), but are still very poorly represented in Marne-la-Vallée, with 37 apartments in stock distributed in 14 operations, i.e. 3.6% of the apartment housing stock on 31 December 2014.

T3 detached houses have been available since the end of 2013 and there are still six in stock distributed in three operations in areas 2 and 3.

Average prices have remained higher per m² for apartments except in Val d'Europe which have varied little for apartments but have increased for detached houses in the east of the area
The average prices per m² rose in areas 1 (+5%), less so in Val Maubueé (+1.2%) and area 3 (+0.8%) compared to those charged at the end of September 2014 and decreased in Val d'Europe (-2%).

Area 1 remained the most expensive area per m² for apartments, followed jointly by Val de Bussy and Val d'Europe.

In the detached house sector, the average prices per m² were down in area 2 (-3.1%) and were up in area 3(+5%) and more especially area 4(+10.6%) compared to the prices charged at the end of September 2014.

Val d'Europe’s average prices were still above €4,000/m² at the end of the fourth quarter, while the other two areas were between €3,600/m² and €3,750/m².

Focus on T3 units: although still leading in terms of sales and supplies in 2014, they were closely followed by T2 units

T3 units represented 36% the total sales, i.e. 407 housing units. They accounted for 38% of the supply at the end of December 2014, i.e. 435 housing units with an average sale price of €263,654, i.e. €4,172/m² with the price per m² showing a difference of 30% from one extreme to another.

Main characteristics of the new housing market in Marne-la-Vallée in 2014: in a difficult context, the area remained attractive with a stable sales volume, an increase in the number of new programmes and new units placed on the market, but an unequal distribution between municipalities and Val de Bussy as the clear winner

The number of homes sold in the area remained above 1,000, with 1,128 sales compared with 1,127 in 2013, in keeping with a general trend upwards in the number of sales since the end of December 2012.

The largest number of sales were in the Val de Bussy area with more than four out of every ten sales and which accounted for half the sales of detached houses and 44% of the sales of apartments.

Val de Bussy was the leading area for sales of T2 to T4 units, with Portes de Paris dominating sales of T1s(55%) and Val d'Europe sales of T5s.

Val de Bussy was the leading area for T2s(50%), T3s with 40% of sales and T4s(44%): could "investor products" become a factor in the area in addition to "homes for families"?

T3s remained the best-selling type of unit in Marne la Vallée with 36% of sales, compared with 37% in 2013, but were closely followed by T2s (33%).

Val d'Europe included 44% of the T5s placed on the market: it already ranked first for this type in 2013, with 43% of the units placed on the market.

More new units were placed on the market(1,286 against 1,185) than in 2013 and 2012 (1,054) and there were more new programmes(35 against 30).

Compared to 2013, there were fewer new units placed on the market in areas 1, 2 and 4 than in Val de Bussy where the number increased from one third to a half of the total in 2014.

Four municipalities stood out with 62% of the new housing placed on the market and more than half the new programmes: Montévrain with 305 housing units (24%) in 9 programmes, Lagny-sur-Marne with 176 housing units (14%) in 3 programmes, Bussy-St-Georges with 158 units (12%) in 4 programmes and Chessy with 153 housing units (12%) in 3 programmes.

At the end of December 2014, there were 1,134 housing units in stock compared with 1,170 on 31 December 2013.

There was a steady rise in the number of detached houses in stock (+ 30%) between the end of December 2013 and the end of December 2014.

At the end of December 2014, the ratio between supplies and sales for 2014 and the rate of units being placed on the market in 2014 pointed to T4s as the type showing the largest difference with 15 months of sales in stock, followed by T3s with 13 months, and finally T2s and T5/6s with 11 months. T1s were the type with the smallest difference with 8 months of stock

In the apartment sector, the average prices which had stagnated for the previous 12 months in areas 3 and 4, began to rise again in areas 1 and 2.

In the detached house sector, the average prices over the previous 12 months dropped slightly in area 2 and increased in areas 3 and more especially 4.

You can view Marne-la-Vallée’s available housing on our interactive map