There are so many factors that affect Paris apartment prices – including which level of the building you’re on.
But there’s more to it than simply having extra light or a better view.
We take a look at the ups and downs of apartment pricing.
Understanding the ‘Floor Factor’
In the realm of real estate, the adage “location, location, location” holds immense sway. Not to mention the size of the apartment, along with its number of bedrooms and bathrooms.
But there's another crucial factor that significantly impacts a property’s value in Paris: elevation.
A general rule – as you ascend the floors of an apartment building in Paris, so does the price tag.
In some cases, a top-floor apartment’s value can rise as much as 25% compared to the ground floor.
This data comes from a new report by real estate website Meilleurs Agents. It examined 50,000 real estate transactions in Paris and the other nine largest cities in France.
This is the ‘Floor Factor.’ But what exactly are the reasons behind it?
Reasons for the variation in Paris apartment prices
The allure of a building’s higher floors is due to a few reasons. Clearly, views and natural light top the list.
Having a panoramic view looking out over Paris, unobstructed sunlight through the windows, and a sense of tranquility due to being farther away from street noise are all key features.
However, the price premium associated with higher floors extends beyond these benefits.
It can make your apartment a better financial investment too, increasing its salability.
French news website Les Échos quoted the study, using average prices as an illustration, “A 50m² apartment on the ground floor costs nearly €381,000 on average. Compare this to €452,700 for an apartment on the sixth and top floor of the same building.”
The biggest price difference – 9% – is between the ground floor and the first floor, according to the study. The gaps gradually smooth out as you go up the floors.
The price difference of up to 25% is particularly pronounced in maid's rooms, which are traditionally located on the top level. With their unique charm and character in the roof of the building, they often command premium prices due to there being no apartments above them to create noise disturbance.
Why avoid the ground floor?
While exceptional ground floor properties can offer gardens or large terraces, most are less desirable despite their lower price.
In addition to a lack of sunlight, proximity to the street makes these apartments less attractive. Privacy and security both play a role, as owners desire a greater sense of seclusion in their city home.
In addition to the hustle and bustle of traffic noise, passersby create a lack of privacy and a reduced sense of safety.
Disadvantages to the top floor
So are there any downsides to living higher up in Paris?
Beautiful views and less noise are certainly attractive. But it’s not always a simple task to insulate a 150-year-old period building in Paris, often making top floors much hotter than other levels.
Also, top floors are sometimes below mansard roofs, where curved or slanted walls can restrict the feeling of space.
But of course, these are factors that vary from property to property.
Elevators: a key variable
The demand for higher-floor apartments in Paris drives up their market value further, creating a price gradient that increases with each ascending floor.
This phenomenon is usually compounded in buildings with elevators, where the convenience and accessibility of reaching the higher floors make them even more desirable.
Take a look at this new listing from our portfolio – a third-floor apartment with an elevator on rue de Lille, close to the 56Paris agency.
If there is no elevator available, the climb to the upper levels can be a deterrent for some buyers, leading to lower price points for apartments on the top floors.
The study shows that in buildings without an elevator, the most expensive apartments are typically located on the fourth floor, rather than the top floor.
This is because the fourth floor offers a balance of accessibility and privacy, without the inconvenience of climbing all the stairs right to the top.
Striking a balance
The decision on the floor level of an apartment ultimately depends on your own preferences and priorities.
For those who value views, privacy, and accessibility, higher floors are a must.
But remember, it's not just the top-floor residents who benefit from sunlight. Even floors a few stories down could have apartments filled with light. It depends on the size of the windows, how big the rooms are, and the surrounding buildings and their height.
The key lies in striking a balance between your own ‘wish list’ for your apartment in Paris, and your budget.
Your Paris real estate experts
We hope this article helps you to understand the ‘Floor Factor’ that affects Paris apartment prices.
If you’d like to talk to a local real estate expert about buying, renting, or selling in our city, don’t hesitate to get in touch with us.
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