Skeptics warn that the narrative of a 'property price crash' driven by inheritance is largely overstated and ignores the realities of how families manage wealth. Many heirs are not under immediate pressure to sell; instead, they often view inherited real estate as a safe, long-term asset in an unpredictable financial climate. In many cases, families choose to hold onto these properties, using them as rental income sources or secondary homes, which keeps the supply from ever reaching the open market.
Furthermore, the tax implications of selling inherited property in France can be a significant deterrent. Inheritance taxes and capital gains levies often discourage quick liquidation, incentivizing heirs to retain ownership for longer periods. This 'lock-in' effect means that the expected surge in housing supply may never materialize to the extent that some analysts predict. If the supply does not increase significantly, the downward pressure on prices will be negligible, leaving the fundamental problem of high housing costs unresolved.
There is also the risk of social inequality being exacerbated by this process. Those who inherit property gain a massive financial advantage, while those who do not remain dependent on a rental market that is likely to remain expensive. Relying on an 'inheritance wave' to solve the housing crisis is a flawed strategy that ignores the need for structural policy changes, such as increased social housing construction and better urban planning. Expecting the market to fix itself through demographic turnover is a dangerous gamble that may leave many citizens behind.