Real estate: In Ile-de-France, nine measures to support struggling developers

The best way to invite developers and investors to the breakfast series is Stéphane de Fay, director general of Grand Paris Aménagement (GPA), the main public developer in the Île-de-France region, and Jean-Philippe Duguan-Clément. Its president set out to take the pulse of professionals hit by the crisis announced two years ago and see how they could do their part to limit the damage.

The picture is not encouraging. In mid-January, Vinci Immobilier released a job protection plan. Sector leader Nexity followed suit a month and a half later. On April 8, it was Bouygues Immobilier’s turn to formalize workforce reductions after voluntary departures. The streak should not continue. In 2024, the public institution should triple the volume of land marketing compared to the average rate of previous years. Without a developer and investor, the promised neighborhoods will not see the light of day.

From these ten coffee-croissant meetings organized at the beginning of the year, welcomed by the fifty professionals who participated, Stephane de Fay kept nine measures that are now used for operations in three or four years. The board of directors of the institution received them on March 11, the day before Mipim, the high mass of real estate held annually in Cannes (Alpes-Maritimes). Some are about financial support, and others are about simplifying procedures. Everyone should allow it Housing prices for future residents should be reduced to 6.75%.without the need for state or community intervention.

“Reduce financial costs”

The most unique proposal for a public institution, according to Arno Anantharaman, Coffim’s director general, Emmanuel Wargon’s former chief of staff when he was housing minister, is the creation of a €40 million fund to support the GPA. promoters. Today, the operation is financed by equity and a bank loan. The riskier the project, the higher the amount to be paid. In the context – rising interest rates, fewer buyers, very low margins – most developers have lost financial opportunities. In order to restart the machine, GPA proposes to provide part of the equity capital – up to 50% – but no more than 10% of project management.