Nexity: A Fabled French Real Estate Developer Cuts 502 Positions Amidst the Construction Crisis to Transform and Thrive
Nexity, a leading French real estate developer, is cutting 502 positions in response to the deep construction crisis. The deputy general director of the group, Jean-Claude Bassien, announced this decision on Thursday. The cost of this plan for the group is estimated at around 50 million euros.
The Promotion-construction division will be the most affected by the restructuring plan, with a 27% decrease in workforce compared to 2022. Nexity’s CEO, Véronique Bédague, emphasized the need for agility and cost reduction to navigate through the crisis. The company aims to achieve savings of 95 million euros by 2026.
As the construction sector grapples with rising costs and reduced demand, Nexity faces challenges in the market. To address these challenges, Nexity is diversifying into solar energy and savings products and focusing on transforming existing spaces to adapt to changing market conditions. Despite these difficulties, Nexity remains hopeful for the future citing positive indicators such as a slight decline in credit rates and an uptick in sales reservations.
