commercial real estate drives down activity

The real estate developer Nexity announced Wednesday a drop in its turnover in the first quarter, with a drop in its development activity in offices.

Nexity, which presents itself as an integrated operator covering all areas of real estate, from development to trustee management through the operation of residences, generated 895 million euros in turnover.

This is 21% less than a year earlier, 13% without taking into account the disposals last year of the Century 21 agency network and the manager of senior residences Aegide-Domitys.

A figure well in line with forecasts, according to the group which maintains its financial objectives for 2022.

A period of instability is crossing with confidence

Nexity is going through the current period of instability with confidence and has not observed any significant short-term impact of the global geopolitical context on its commercial activity or on the progress of its projects. (…) We are already in action to anticipate and absorb a potential deterioration in economic conditions in the coming months, assures the general manager, Vronique Bdague.

The group believes that it is able to cope with a more pronounced increase in the cost of building materials and a rise in interest rates.

The fall in turnover comes from its Promotion branch, which represents nearly 80% of its activity. In the residential sector, new housing reservations remain stable, but they bring in less because they have been made more by social landlords and institutional investors, whose orders are less profitable.