Why selling your apartment at its 2020 price is more difficult in 2026

A more active market, but buyers who are more selective when faced with the real cost of credit

For several months, the real estate market has been showing signs of recovery. Buyers are returning, banks are financing more applications, and viewings are more numerous than during 2023 and 2024.

However, this improvement does not mean that sellers can automatically return to 2020 or 2021 prices. The market is more active, but it remains more selective. Buyers exist, but their purchasing power is no longer the same.

The mechanics are simple: in 2020, mortgage rates were very low. In 2026, they are significantly higher. For the same purchase price, the final monthly payment borne by the buyer is therefore much higher. Fairway Luxury Real Estate, a specialist in high-end real estate in Paris, observes this tension every week between the price expected by sellers and the real acquisition cost for buyers.

In 2020, low rates strongly supported real estate prices

In 2020, a buyer could often borrow over 20 years at a rate between 0.8% and 1.5%, depending on their profile, down payment, bank and the quality of their application.

At these levels, credit had a very favorable effect on real estate purchasing power. A household could borrow more while keeping monthly payments under control. This directly supported prices, particularly in Paris, western Paris and the most sought-after neighborhoods in Île-de-France.

This period created a strong psychological benchmark for many owners. A property purchased in 2020 for €1,400,000, €2,000,000 or €2,400,000 may have seemed perfectly coherent at that price because financing conditions allowed buyers to absorb it.

The problem is that this price does not have the same meaning when the cost of credit changes.

In 2026, the asking price is no longer the only issue for buyers

A seller often looks at the price of their property through the lens of their ownership history: purchase price, notary fees, work carried out, attachment to the property, and comparison with prices observed in the building or neighborhood.

This logic is understandable.

The buyer, however, thinks differently. They look at the full cost of the transaction: purchase price, notary fees, possible renovation work, condominium charges, taxation, energy performance and mortgage payment.

This is precisely where the market has changed.

An apartment listed at the same price as in 2020 no longer costs the same to finance. Even if the nominal price is identical, the monthly effort required from the buyer is higher.

A concrete example of the cost of the same apartment with current rates

Let us take a deliberately simple assumption: a purchase financed over 20 years, with a 30% down payment, 7.5% notary fees and a mortgage covering 70% of the total cost.

These figures explain a large part of the current tension.

On a €2,000,000 property, the buyer must absorb around €1,359 in additional monthly payments compared with financing at 1.5%. On a €2,400,000 property, the difference is close to €1,630 per month.

At equivalent income levels, this mechanically changes purchasing capacity. The buyer may still want to buy. They may still like the property. But their bank application, debt ratio and level of financial comfort are no longer the same.

Why the 2020 price has become more difficult to defend

The 2020 price is not impossible to achieve again. It is simply more difficult to justify.

In 2020, very cheap credit made it possible to absorb high prices. In 2026, the price must be supported more by the property’s own qualities.

An apartment can still defend a very strong value if it combines several key criteria: a good address, a sought-after floor, elevator, light, efficient layout, outdoor space, open view, high ceilings, quality renovation, good energy performance rating, healthy condominium and coherent charges.

Conversely, a property requiring renovation, with an atypical layout, a less favorable floor, poor energy performance or major work must reflect these elements in its price. That is the difference: the market has not disappeared, but it no longer finances shortcomings as easily.

Buyers have returned, but they compare more

The current market is not a market without buyers. Serious projects exist. Banks are lending. Viewings are resuming. Some well-positioned properties are still selling quickly.

But buyers are more attentive.

They compare listings more. They monitor properties that remain online for several weeks. They look at price reductions. They factor in renovation work with greater caution. They check diagnostics, the condominium, charges, exposure, noise, floor level and the quality of the layout.

In Paris’s sought-after neighborhoods, this selectivity is very visible. Beautiful properties, well presented and correctly positioned, still generate interest. Overpriced properties, even in good addresses, may remain without a serious offer.

An overly ambitious price can damage the commercial launch

The first weeks of marketing are decisive.

This is the moment when the property benefits from its novelty, its best visibility on portals, the attention of active buyers and the effect of scarcity.

If the price is too high, the property does not create momentum. Buyers see it, compare it, then wait. Some do not even view it. Others view it but do not make an offer. The property then begins to settle into the market.

After several weeks without results, a price reduction may become necessary. But it often comes too late to recreate the initial launch effect. Buyers wonder why the property has not sold. Negotiation becomes harder.

A good listing price is therefore not a cautious price by default. It is a price that quickly triggers qualified viewings and, ideally, an offer within a coherent timeframe.

Why sellers must think in terms of buyer cost

To set a fair price in 2026, it is not enough to look at the price per square meter or the 2020 purchase price.

It is also necessary to ask what the buyer will actually pay each month.

An apartment priced at €1,400,000 does not represent only €1,400,000. With notary fees, the total cost reaches around €1,505,000. With a 30% down payment, the loan still represents more than €1,000,000. At 3.36% over 20 years, this gives a monthly payment of around €6,034 excluding insurance.

This reading is essential because it helps understand buyers’ psychology. They are not necessarily rejecting the property. They are arbitrating between the price, the cost of credit, the work to be carried out and other available properties.

Which properties can still defend a high price

Not all properties are affected in the same way.

Rare apartments can still defend high prices, particularly when they combine several qualities that are difficult to bring together: sought-after address, high floor, elevator, outdoor space, view, light, good layout, recent renovation, air conditioning, good energy performance rating and well-maintained condominium.

In the high-end Parisian market, certain criteria have even become more important: outdoor space, air conditioning, bicycle storage, ceiling height of at least 3 meters, good energy rating, electric heating for certain pied-à-terres and the absence of major short-term work. These elements reassure the buyer. They make it easier to picture living there. They reduce perceived risk. They therefore make it possible to better defend the price.

How to set a coherent sale price in 2026

A serious pricing strategy must combine several levels of analysis.

First, it is necessary to look at recent comparable sales, ideally in the same neighborhood, with similar surface area, floor level, building quality and condition.

It is then necessary to analyze current competition: how many similar properties are being offered at the same time, at what price, for how long, and with which characteristics.

Finally, the reality of financing must be taken into account. A price may seem coherent on paper, but become difficult to sustain if the final monthly payment places the buyer in a zone of excessive financial effort. The objective is not to sell the property cheaply. The objective is to position it at a price that creates a real market reaction.

Conclusion

The 2026 real estate market is not blocked. It is more demanding.

Buyers have returned, but they are no longer buying under the same conditions as in 2020. Higher mortgage rates have changed their purchasing capacity, their level of expectations and their relationship to price.

For a seller, this means that a 2020 price can still be defended, but only if the property objectively justifies it. The quality of the address, the condition of the apartment, light, layout, floor level, elevator, energy rating, renovation work and available competition have become decisive.

In this context, the valuation opinion must not only indicate a price. It must explain the strategy, anticipate buyers’ reactions and allow the seller to make an informed decision.

FAQ Selling your apartment in 2026