A whole building is like a cake: sold in one piece, it's simple; sold by the slice, it brings in more. You still need the time to cut it.
You own an entire apartment building, inherited or bought long ago. Two strategies are open to you: sell it in one go, or divide it to sell each flat separately. The choice has a major impact on the final price, the timescale and the work involved.
Selling as a whole: simple and quick
The building is sold in a single transaction, usually to an investor, a property company or a professional dealer. The advantages are real:
- one negotiation, one signature;
- no co-ownership to set up;
- sitting tenants stay in their homes, which appeals to investors;
- short timescales once the buyer is found.
The trade-off: the price per square metre is generally well below that of flats sold one by one. The buyer factors in their own margin, the cost of setting up the co-ownership and the marketing risk.
Selling flat by flat: more value, more steps
Selling unit by unit reaches private buyers, who pay the market price. But the building must first be turned into a co-ownership (copropriété):
- a land surveyor draws up the description of division (numbering of units, shares);
- the notary drafts the co-ownership regulations, registered with the land registry;
- for a building more than ten years old, a global technical survey is compulsory before the co-ownership is set up;
- a managing agent is appointed and the co-ownership registered in the national register;
- each unit sold needs its own surveys (energy rating, asbestos, lead, electricity, gas…) and the Carrez floor-area measurement.
Work is often needed too: individual meters, bringing common areas up to standard, refreshing empty flats to sell them at the best price.
The right decision is based on a net calculation, not on intuition.
The question of tenants
This is the most sensitive point. On the first sale of a flat after the building has been divided, the sitting tenant has a right of pre-emption: the owner must first offer them the purchase, at the price and on the terms of the offer (Act of 31 December 1975). Additional rules protect tenants when many flats in the same building are sold.
An occupied flat also sells for less than a vacant one, because an owner-occupier buyer cannot use it. Hence the value of planning: sell the vacant units first, wait for leases to end, or sell the occupied units to investors.
Compare the two scenarios with figures
The right decision is based on a net calculation, not on intuition:
- as a whole: price offered by investors, minus selling costs;
- flat by flat: sum of the unit prices, minus the surveyor, the notary for the co-ownership, the surveys, the work, the marketing costs, and taking into account the time (often one to two years) and the rents collected in the meantime.
Tax must also be reviewed with your notary or adviser: depending on how the operation is carried out, successive sales can be reclassified as a professional activity.
The middle way
You do not have to choose one or the other entirely. You can set up the co-ownership, sell a few vacant units individually and sell the rest to an investor. Or sell a mixed-use building as a whole while keeping a commercial unit. A preliminary study finds the most attractive combination.
Our approach
We review your building free of charge: division potential, value as a whole and flat by flat, tenancy constraints, work to plan. You get a clear comparison of the scenarios before making any decision.
Frequently asked questions
Do I need to set up a co-ownership to sell a flat in my building?
Yes. To sell a flat separately, the building must be divided into units: a description of division by a land surveyor and co-ownership regulations drafted by a notary.
Does the tenant have priority to buy their flat?
Yes, on the first sale following the division of the building: they have a right of pre-emption at the price and on the terms offered.
How long does a flat-by-flat sale take?
Often one to two years in total, between setting up the co-ownership, any work and marketing the units, compared with a few months for a sale as a whole.
Sources: Loi n° 75-1351 du 31 décembre 1975, article 10 (droit de préemption du locataire) · Code de la construction et de l’habitation, article L. 731-4 (diagnostic technique global avant mise en copropriété) · Loi n° 65-557 du 10 juillet 1965 (statut de la copropriété) · Loi n° 96-1107 du 18 décembre 1996, dite loi Carrez (mesurage des lots)
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