The Chambre des Notaires de Paris (Paris Chamber of Notaries) released figures showing the final Paris real estate prices in 2017. Final fourth quarter figures confirm the interim figures released earlier in the year. The average property price in Paris currently stands at 9,040€/m². This is an increase of 8.6% in one year, very similar to the interim figure of 8.5%.
In short, 2017 was undoubtedly an excellent year for Paris real estate.
The transaction volume for 2017 was up by 17% compared to 2016. 39,000 apartments were sold in 2017.
Moreover, the Notaries predict that by April, prices will reach 9,300€/m² – an increase of 9% in one year.
Paris real estate prices in 2017
The 6th arrondissement (district) is the most expensive, with an average price of 12,510€/m². Each district is further divided into 4 administrative quarters. The most expensive quarter in Paris is St Thomas d’Aquin in the 7 th district, where our agency is located. The average price here is 14,550€/m². This exceptional 2 bed apartment with a terrace is currently on the market in this area.
In fact, the record sale of the year was a duplex in the Invalides quarter of the 7th district. The property sold for almost 12 million €. At 38,700€/m², this was well above the average price there of 11,500€/m².
These promising figures suggest that there will be a further price increase or continued stability. Various factors are contributing to the success of the Paris real estate market. Confidence in the French President, Emmanuel Macron, and low interest rates both have a major part to play. Furthermore, Brexit continues to encourage investors to look elsewhere than London. In addition, demand perpetually continues to exceed supply.
We at 56Paris see all signs pointing to the trend continuing. Now is an optimal time to invest in the city. If you’re interested in finding a pied-à- terre, a primary residence or a rental investment, please contact us.
Photo credit: JLPC