Emmanuel Macron, President of France. Credit: Shutterstock

A new report from France’s national statistics agency, INSEE, reveals that nearly one-third of property owners in the country have more than one home. This growing cohort of “multipropriétaires” now holds two-thirds of all residential properties in France — a figure that is raising questions about wealth inequality, housing availability, and the distribution of real estate assets.

Profile of the French multipropriétaire: older, wealthier, and increasingly common

As of 2022, around 10 million French citizens owned multiple residential properties reports Le Figaro. While 58% of them own just two homes, nearly one in ten owns between five and nine. A small yet significant 3% own ten or more.

Age plays a defining role in property accumulation: only 1.2% of multiproperty owners are under 25, but the share rises sharply with age — peaking between 55 and 65, when 30.1% of people are multipropriétaires. After 65, ownership levels decline as many older individuals begin to pass on their assets to heirs or liquidate holdings for health-related expenses.

Almost half of these owners are women (49%), but among those with ten or more homes, that number drops to 40%, suggesting a gender gap at the upper end of the property ladder.

A tale of income and inequality

The financial profile of France’s multipropriétaires reflects a significant gap with the wider population. With a median income of €30,700 per year (including rental income), multiproperty owners earn 25% more than single-property owners and over 50% more than non-owners, who average just €19,900 annually.

This wealth gap underscores growing concerns that property ownership, particularly of multiple homes, is becoming a defining marker of economic advantage in France.

Property clusters: Where are multiple homeowners investing?

Multipropriétaires typically concentrate in areas that are either economically prosperous or high in tourism value. The highest rates appear across the Paris region — where 68% of properties are held by at least one multipropriétaire — and in affluent areas such as Haute-Savoie, Alpes-de-Haute-Provence, and parts of the Massif Central like Ardèche. Other hot spots include parts of the south like Corsica and the Yvelines.

Conversely, areas with lower income levels, such as Seine-Saint-Denis, northern departments like Nord and Pas-de-Calais, and France’s overseas territories, show much lower rates of multi-ownership (12–13%).

What do these investors do with their properties?

Of the homes held by multipropriétaires, about 43% serve as the owners’ main residences. The remaining 57% are used for other purposes: 23% are secondary or holiday homes, 20% are vacant, and the rest are rented out.

Vacancy is a concern. Among the 2.1 million homes held by multipropriétaires that are not currently inhabited, more than half (55%) have been vacant for over a year. This has added fuel to criticism that property is being hoarded during a period of intense housing need.

Multipropriété under scrutiny: luxury or liability?

As housing shortages deepen in France — especially in major cities and popular tourist regions — the role of multipropriétaires is being criticised more openly. Advocates for greater housing equity argue that while many of these owners view additional homes as sound investments or long-term savings strategies, the broader societal effect is less benign.

The rise of multipropriété, especially when concentrated in a small segment of the population, potentially distorts market dynamics, inflates prices in tourist regions, and reduces availability for first-time buyers and renters.

Looking ahead: tax reform, regulation, or redistribution?

Whether France will take policy steps in response to these findings remains to be seen. Some experts are advocating for differentiated taxation on second homes, more stringent vacancy taxes, or incentives to increase the availability of rental housing.

What’s clear is that property ownership in France is more than a roof over one’s head — it has become a defining element of wealth-building, generational transfer, and inequality. And for policymakers, that reality is becoming increasingly difficult to ignore.