Paris real estate prices continue to rise
For the latest information about trends in property prices in Paris, there is one place the world looks to: the Chambre des Notaires de Paris (Paris Chamber of Notaries).
The organization has just released its ‘interim’ figures for the period from November 2017 to January 2018. They show that prices for properties in period buildings have continued to increase.
For everyone investing in Paris real estate, or for those planning to, this news is extremely positive.
2018 prices reaching a record high
As reported in this blog last year, prices for period properties have shown strong growth. In fact, the figures show a new average price of 9,060€/m² – a 7.9% increase over the same period a year earlier.
This is just above the predicted figures published in 2017, and signals a new ceiling price for real estate in the city.
Trends in property prices in Paris
The new figures also reveal that some 8,900 properties changed hands during this period. This is an increase in volume of 5% compared to the same period last year, and shows that the price increase is not affecting transaction volume. In fact, transaction volume in this period is 25% higher than the average figure over the last 10 years. All in all, these figures are very good news for investors.
Looking ahead, based on promesses de vente (advance contracts), the notaries estimate an increased average price of 9,330€/m² by May 2018. This new overall Paris average would be an annual increase of 8.6% for real estate in the city.
The best time to invest
Of course, the most desirable properties command prices well above the average. Take for example, this fully renovated apartment in Paris’ central Marais area. Set in a landmark former private mansion, it’s currently on the market at 15,750€/m².
Such promising figures indicate that there has never been a better time to invest in this growing real estate market.
Many factors at play
The upward trend is likely to continue due to many factors. These include the lack of inventory, improved confidence in President Macron’s politics, and more buyers due to Brexit. Not to mention consistently high demand from both French and international buyers and continued low interest rates.
We at 56Paris are available to discuss the current market evolution, along with any aspect of buying or selling in Paris’ thriving real estate market. Please don’t hesitate to contact us.
Photo credit: Diliff