Housing Capital in France and Its Intergenerational Distribution Le Capital logement français et sa distribution intergénérationnelle

Raphaël Languillon (), Arnaud Simon () and Guillaume Toussaint
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Raphaël Languillon: AFD - Agence française de développement
Arnaud Simon: LAB'URBA - LAB'URBA - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel
Guillaume Toussaint: Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: Drawing on the DV3F housing transactions database and the Tax Files, we estimate the value of the housing capital stock in France to be around €8050 billion in 2022. Its structure is analyzed in terms of space, and insights are provided on capital ownership by categories. Individual ownership of residential real estate accounts for over 80% of the total stock's value. Social housing capital is more concentrated than total housing capital, reaching €930 billion, or 11,5% of the total housing wealth. Indirect ownership is estimated at around 6% in France. Compared to the value of housing used in the national accounts, we find an underestimation of 25%. Particular attention is then paid to the distribution of capital among age groups and how this distribution changed between 2012 and 2022. During this period, we observe a capital shift of 6.18% of total housing capital toward older age groups, resulting in a surplus of approximately €100 billion. This over-capture of capital is characterized demographically, spatially, and economically. It primarily consists of areas with an older population, although they are among the least rapidly aging. Secondarily, these areas are characterized by a large population, positive net migration, and low birth and mortality rates. Economic characteristics play a secondary role, including declining homeownership rates, a shrinking working-age population, fewer executives overall, but a higher inflow of executives. Thinking in terms of value rather than merely the number of properties per owner renews the study of socioeconomic optima, wealth distribution, and intergenerational competition and cooperation by providing a more accurate picture of how housing wealth is accumulated and distributed.

Keywords: Intergenerational Competition; Housing Surplus; Capital Shift; Intergenerational Sustainability; Housing Capital; Capital logement; Compétition intergénérationnelle; Soutenabilité intergénérationnelle; Glissement du Capital; Plus-value logement (search for similar items in EconPapers)
Date: 2026-10-01
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