A look back at Henry Buzy-Cazaux's lecture at The Land campus
The Land Campus recently hosted a conference on residential real estate, given by Henry Buzy-Cazaux, a renowned figure in the sector, as part of a series of events that has already featured presentations byAnaïs Vois Gilis, Pierre Micheletti, and Vincent Pons.
An inspiring and insightful lecture on a subject that is more than ever at the heart of economic, social, and environmental concerns.
A figure of authority engaged in public debate
Henry Buzy-Cazaux, president of Verbacta, member of the National Housing Council, and founder of the IMSI school, is not just an expert: he is a conveyor of ideas. His speech on campus was not that of a technician, but of a man of conviction.
"In 35 years in real estate, I have only ever felt enthusiasm for working in this sector. I believe that this sector can help you flourish."
A multifactorial crisis... but not a collapse
Henry Buzy-Cazaux is keen to distinguish between alertness and panic:
"The sector is not doing badly. There are things in the sector that are going badly."
It depicts a complex crisis caused by:
- sudden inflation, which led to higher interest rates (from 1% to 4.5%), skyrocketing material costs, and a loss of household solvency;
- global political and geopolitical instability that undermines confidence, which is essential in the sector;
- a public finance crisis, which significantly reduces housing subsidies, personal assistance, and tax incentives;
- a technological lag, particularly in the digitization of the sector.
Figures that reveal the scale of the problem
Henry Buzy-Cazaux illustrates his remarks with striking data:
- 258,000 homes built in 2024, compared to 400,000 a few years earlier;
- 4 to 5 million housing units missing in France;
- 780,000 real estate sales in 2024, while the structural need is around one million;
- 3% unpaid rent (compared to 2% previously) and 4% unpaid condominium fees;
- 2.8 million households waiting for social housing, a figure that has doubled in five years.
"In 1987, more housing was being built than today... with 18 million fewer French people," he points out.
A timid but very real recovery
For Henry Buzy-Cazaux, we must "take what we can get": the recovery is here, modest but visible.
"Housing starts rose by 12%, building permits by 6.9%. It's not a rocket ship, but it's a recovery."
The drivers of this recovery:
- the drop in interest rates (around 3% for first-time buyers),
- the reinstatement of zero-interest loans throughout the country, including for single-family homes,
- MaPrimeRénov’ and other incentives for renovation work,
- A measure in preparation: the status of private landlords, based on depreciation rather than tax exemption.
Four major challenges for reinventing residential real estate
1. Rethinking land use planning
He advocates for a rebalancing in favor of medium-sized cities and rural areas, to relieve congestion in metropolitan areas, lower prices, and bring supply closer to the aspirations of the French people. This is a vital issue for young people, who face ratios of 1 to 110 or 1 to 180 for a simple rental in certain university towns.
2. Closing the digital gap and embracing artificial intelligence
Digital technology should simplify procedures, reduce costs, and better manage risks (particularly water leaks, the main cause of damage to buildings), but it should also support people, not replace them.
"Only 5% of building permits are digitized. And 5% of programs are launched with a digital model. It's scandalous."
3. Making a successful environmental transition
"Buildings are very incompatible with climate change."
Heat waves, floods, coastal erosion, clay shrinkage and swelling... Real estate is on the front line. He also mentions the surge in comprehensive building insurance premiums, up 20% this year, with a three- or fourfold increase expected within five years.
Despite the reluctance of the profession, he calls for a change in stance:
"You are not experiencing this transition as torture. And you are the ones who will save this sector."
4. Changing public decision-making: simplifying, streamlining, and empowering
Henry Buzy-Cazaux points to unsustainable regulatory inflation:
"A developer must comply with 6,000 standards. That's 18% of the cost of a home."
He advocates:
- legislative and administrative simplification (e.g., law on co-ownership multiplied by 5),
- a review of taxation (property tax, transfer duties),
- better distribution of resources between the federal government and local authorities,
- targeted assistance
The future of real estate professions: between transformation and opportunity
Henry Buzy-Cazaux addresses students directly:
"Never give up on your plans. The industry isn't hiring left and right, but it is looking for people like you."
Production-related professions (promotion, development, negotiation) are suffering, but are reinventing themselves. He mentions:
- densification through elevation,
- the rehabilitation of brownfield sites,
- relocating projects to hypermarket parking lots,
- the concentration of the sector around better capitalized players.
"Nothing will ever be the same again. But now is precisely the right time to enter the sector."
He also recommends not neglecting social housing, a sector in demand for skills, well-funded, undergoing change, and meaningful.
Discover ESIM, the school that trains future real estate experts: https://www.the-land.bzh/campus/enseignement-superieur/esim/
Watch the entire conference on video
