According to new reports, the first quarter of 2019 saw Paris property prices still rising.
Every three months the real estate market looks to the Chamber of Notaries for the latest real estate figures. And the results augur well for owners and investors alike.
The latest from the notaries
Published last week, the notaries’ report examines the French real estate market from January to March 2019. The figures focus on the sale of apartments in period buildings.
Paris sits at the very top. The rate of growth in the capital came in at 6.4% compared to the same period last year.
This is double the growth of the remainder of the country. It is also a steady increase compared to the previous quarter: up from 5.7% at the close of 2018.
The rising prices continue the overall trend of last year which also showed strong growth, as reported in this blog.
Transactions remain stable in Paris
While property prices in Paris are rising, the number of individual transactions remains stable. This is largely due to the scarcity of inventory, meaning desirable properties sell quickly.
Compared to the first quarter of 2018, the number of sales in Paris remains stable. A total of 8,700 apartments sold in the capital.
Yet over the past 12 months, the greater Ile-de-France region surrounding Paris saw 30, 410 property sales in total. These volumes represent an 8% increase.
A new benchmark
Even more records are being broken. The average price per square meter in the capital reached 9,680€/m².
Not only that, but there is no longer a district where average prices are less than 8,000€/m². This is a new benchmark.
Notarial predictions that the bar of 10,000€/m² will be crossed this summer may fast be coming true. This would mean possible growth of 6.6% by July.
Around the arrondissements
The most expensive arrondissement (district) is the 6th. Here average property prices are 13,880€/m². Yet each district is divided into quarters, which vary in price. The average in the Saint-Germain-des-Prés quarter of the 6th rose to 16,390€.
However, some of the other affluent districts are also shining. Most notably the 7th, and 8th. Not only did prices in the 7th go up 2.9% this quarter, they went up 10.5% in 1 year and 18% in the last 5 years.
Desirable Take a look at this newly-renovated rue Cler apartment, which overlooks Paris’ favorite market street in the 7th district.
Or also in the sought after eastern portion of the 7th, this turnkey apartment located in a quiet cul de sac near the rue du Bac.
Finally, this beautiful Parc Monceau apartment in the 8th, an ideal pied-à-terre, primary residence or rental investment.
Reasons for Paris property prices still rising
Some notaries suggest a possible ‘Brexit effect.’
“We have seen the return of a wealthy clientele of expatriates who are looking for large apartments for their families,” says Thierry Delesalle, a Parisian notary.
He adds, “Paris is a user market, and not a market of speculators.”
To sum up, the notaries indicate that the Paris property market remains very dynamic. It’s a good start to 2019.
Your own Paris property investment
Whether you’re an experienced property investor or are yet to buy, 56Paris are here to help.
Our experts can offer free advice on all aspects of buying and selling in the French capital. With the current strength of the market, make sure you get in contact soon.
Photo: Tangopaso