Paris property market prices continue to rise

Paris property market

Every quarter, Paris property market watchers, owners and investors alike, look to the Chambre des Notaires de Paris (Paris Chamber of Notaries) to see how it is performing.

The latest results have recently been published, and show that property prices are continuing to increase steadily. Very positive news for owners and investors alike.

The results build on the growth already experienced in quarter one of 2018, as reported in this blog a few months ago.

Paris property market prices in detail

Firstly, it should be noted that the average price of property in Paris has risen to an all-time high. At 9,300€/m², this represents a 7.1% increase over the same quarter last year.

The figures do show that the number of overall transactions is slightly down (-7% compared to the second quarter of 2017). However, this is due to the limited inventory of property for sale in the city. The notaries make it clear that Paris still has a hugely lucrative and buoyant property market.

Looking at all the arrondissements (districts) in Paris, the most expensive district is the 6th with prices now averaging 12,530€/m². At the other side of the scale, the most affordable is the 19th where prices average 7,630€/m².

In addition, prices can vary considerably within a district. Each district is divided into four quartiers (quarters). For example, prices in the 7th district are just behind those in the 6th district at 12,400€/m². Yet the St. Thomas d’Aquin quarter of the 7th district is the most expensive in the city at 16,360€/m².

On average in this period, 40% of apartments in Paris sold for more than 10,000€/m². This is up 12% compared to the same period last year, and is more than double the amount of properties compared to 2016.

Overall, these results suggest that the city’s property market is dynamic, and remains close to the record-breaking results seen in 2017.

Further growth expected

Of course, there is no way to know for certain what the future holds for the Paris property market. But we can make some assumptions, looking again at the latest figures.

The notaries’ expectations for the upcoming quarter indicate prices will rise to an average of 9,400€, a 4% increase. They also suggest that the market’s solid momentum will continue for the remainder of 2018.

Overall, we are expecting prices to rise between 5% and 7% each year, which is nothing but good news for those wanting to buy property for investment.

Your own Paris property

These encouraging results indicate now really is a fantastic time to invest in the Paris real estate market.

Examples of properties currently for sale include two lovely Art Deco apartments. One is a sunny two bedroom in a typically Parisian residential neighborhood. The other is a stunning two bedroom on the avenue Montaigne. This elegant avenue in the heart of the Golden Triangle is a microcosm where prices exceed 30,000€/m².

Whether you’re an experienced property investor, or are yet to buy, we at 56Paris are here to help.

For advice on any aspect of buying or selling in the city, don’t hesitate to get in touch with the team today.

 

Photo: Joseph Plotz

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