The VEFA market in 2025 is progressing in a mixed manner but remains solid. The first two quarters show stable and encouraging sales — 224 apartments sold in Q1 and 228 in Q2, mainly off-plan. This pace confirms that private buyers remain willing to purchase when projects are secure, well located, and fairly priced.


By contrast, the third quarter drops to 129 sales, reflecting a climate of uncertainty linked to financing conditions: interest rates around 3.5%, tighter requirements (20% equity contribution, Basel IV rules), and increasing difficulties in obtaining bridging loans.


The market continues to be dominated by owner-occupiers, while private investors are in clear decline and institutional investors remain marginal. Off-plan properties account for the majority of transactions, confirming that pure VEFA remains the driving force of the sector.


Overall, VEFA in 2025 is evolving in a cautious environment: demand is clearly present but highly dependent on access to credit, project reliability, and greater banking flexibility. Professionals are therefore calling for:


– reduced personal equity requirements,
– loan structures better aligned with the actual guarantees of projects,
– more flexible financing options starting from 20% pre-sales.


According to industry players, these adjustments could significantly revive residential investment.